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Nigeria

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  • LAGOS, Feb 13- Nigeria's central bank banned banks on Friday from reselling dollars bought at a currency auction to other banks, dealers said, a move aimed at curbing speculation in the beleaguered naira currency. The naira has crashed through the psychologically important level of 200 to the dollar this week in a rout triggered by weak oil prices and escalating...

  • LAGOS, Feb 12- Nigeria's central bank chief said on Thursday there was "no need to panic" about a slide in the currency, after figures showed the bank had been burning through more than $110 million a day in a vain attempt to defend it. The naira has crashed through the key level of 200 to the dollar this week in a rout sparked by weak oil prices and escalating tension over...

  • LAGOS, Feb 12- Nigeria's central bank chief said on Thursday there was "no need to panic" over the slide of the currency, after figures showed the bank had spent over $110 million a day over nine recent trading sessions in a vain attempt to defend it. He said the bank's Monetary Policy Committee did not need to hold an emergency meeting, and ruled out a float of the...

  • LAGOS, Feb 11- Nigerian dealers pulled the plug on electronic trading in the naira on Wednesday after the currency slid past 200 to the dollar on fears the postponement of this week's election could trigger a constitutional crisis in Africa's biggest economy. Deploying for the first time a' circuit-breaker' agreed among themselves last month, leading banks in...

  • LONDON, Feb 11- The naira fell 2 percent on Wednesday and currency forwards priced in more devaluation to come as Nigeria's political and security crisis escalates, while other emerging markets also retreated in face of a stronger dollar. , "Renaissance Capital's head of research, Charles Robertson, said. On stocks and bonds, the Lagos equity index, one of the main...

  • ABUJA, Feb 9- Nigeria's agreement to delay this week's election on the advice of security forces creates a worrying echo for some of the annulment of 1993' s democratic vote by a military government. The election this Saturday in Africa's biggest economy was set to be the closest fought since the end of military dictatorship in 1999. President Goodluck Jonathan...

  • LAGOS, Feb 9- The Nigerian naira slid to a record low on Monday after a six-week delay to the Feb. 14 presidential election that is stirring concerns about political stability and the central bank's ability to manage a currency hammered by weak oil prices. The currency of Africa's biggest economy and top oil producer was quoted at 196.22 against the dollar at 1234...

  • LAGOS, Feb 9- The naira opened at a record low on Monday after Nigeria delayed its presidential election by six weeks, citing security concerns due to an Islamist insurgency in the north. The poll will pit incumbent President Goodluck Jonathan of the People's Democratic Party against former military ruler Muhammadu Buhari of the All Progressives Congress in...

  • *Burberry, Louis Vuitton have Africa collections. *World has changing attitude towards Africa. Global fashion designers like Yves Saint Laurent took inspiration from Africa decades ago and more recently brands like Burberry, Louis Vuitton and Christian Dior have embraced the continent's style and broadened its appeal.

  • ABUJA, Nigeria Feb 6- In late 2013, Nigeria's then central bank governor Lamido Sanusi wrote to President Goodluck Jonathan claiming that the state oil company had failed to remit tens of billions of oil revenues it owed the state. Before he was sacked, though, the central banker submitted to Nigeria's parliament more than 300 pages of documentation in support...

  • Nigerian elections: Who could win  Thursday, 29 Jan 2015 | 5:00 AM ET

    Osita Benjamin Chidoka, minister of aviation in Nigeria, talks to CNBC about the upcoming presidential elections and the impact of oil prices on the economy.

  • JOHANNESBURG, Jan 27- Wrapping up a monetary policy speech last week, Nigerian central bank governor Godwin Emefiele declared that the naira, which has crumpled to 190 to the dollar with the drop in oil prices, was "appropriately priced". However, when currency dealers in Lagos and other financial centres in Africa and Europe got to work the next morning and turned...

  • Suspected Boko Haram militants attack Nigeria city Sunday, 25 Jan 2015 | 8:14 AM ET

    Suspected Boko Haram militants attacked Nigeria's major northeastern city of Maiduguri and the town of Monguno on Sunday, sources said.

  • Nigerian banks: Top pick for emerging markets?  Friday, 16 Jan 2015 | 2:15 AM ET

    Ronak Gadhia, Africa equities analyst at Exotix, says Nigerian banks have great growth prospects and could be a good investment for people looking at the African market.

  • Cramer: What's behind the meltdown of commodities Wednesday, 14 Jan 2015 | 6:24 PM ET

    Jim Cramer sees three major themes that account for the collapse in commodity prices.

  • Recolonizing Africa: A modern Chinese story? Tuesday, 30 Dec 2014 | 5:57 PM ET

    China, one of the world's largest "emerging" investors, is ramping up investment in Sub Saharan Africa as it searches for resources, but whether the benefits are mutual isn't clear.

  • Keep an eye on these emerging market cities Monday, 22 Dec 2014 | 12:00 PM ET
    Vehicle light trails pass the Kingdom Tower on King Fahad Road in Riyadh, Saudi Arabia.

    The fastest growth is not in megacities like Tokyo, but second-tier ones that many Americans have never heard of.

  • Oil price slide hits exporter currencies Friday, 19 Dec 2014 | 1:24 PM ET
    This Feb. 5, 2008 photo shows shift supervisor Ojerinde Kanoru aboard the FPSO Bonga (Floating, Production, Storage and Offloading) facility 75 miles off the coast of Lagos, Nigeria.

    As oil prices have fallen, currencies of developing countries that rely heavily on exports have been sliding.

  • *Brent, U.S. crude fall over $2 a barrel after Wednesday rally. Benchmark Brent and U.S. crude tumbled $2 a barrel each in late trading after initially extending Wednesday's short-covering, which lifted oil prices by more than $3. Some cited a Bloomberg report about a Nigerian port workers union suspending a strike, although workers in that dock union were only...

  • NEW YORK, Dec 18- Global crude prices fell again on Thursday, a day after a short-covering rally, as traders placed new bets that the market would resume a six-month rout on worries about a supply glut. But in late morning trade in New York, benchmark Brent and U.S. crude fell more than $1 a barrel to session lows. "We're continuing to search for a bottom, and might even see...