Stocks traded higher for a second straight day on hopes the Federal Reserve chief will confirm expectations of easier monetary policy at a central banking summit this week.US Marketsread more
"My sense was we've added accommodation, and it wasn't required in my view," George tells CNBC's Steve Liesman.Investingread more
Apple plans to unveil three new iPhones in September, including two new "Pro" models and a successor to the iPhone XR, Bloomberg reported Thursday.Technologyread more
Corporate profits posted modest growth in the second quarter as companies brace for slowing global growth.Retailread more
Kraft has filed a contempt motion against the CFTC over a press release announcing the $16 million fine to settle claims of manipulating wheat prices.Food & Beverageread more
Former Prudent Bear Fund manager David Tice is urging investors to brace for a massive downturn.Trading Nationread more
A ruling against J&J could mean more big payouts in similar cases across the country.Health and Scienceread more
Democratic candidates face a Wednesday deadline to qualify for the September debate.2020 Electionsread more
German Chancellor Angela Merkel said a solution to the Irish "backstop" is possible before the October 31 Brexit deadline.Europe Economyread more
Target shares closed Wednesday up more than 20%, after the retailer reported impressive profit growth and a spike in traffic that surpassed analysts' expectations.Retailread more
"If I could borrow without paying any interest, or ever pay the money back, I would borrow as much as I could, too," the 'Trumponomics' co-author says.Economyread more
parliament@ (Adds context, analyst quote)
ABUJA, May 9 (Reuters) - Nigeria's President Muhammadu Buhari has nominated Central Bank Governor Godwin Emefiele for a second five-year term, according to a letter read on the floor of the senate.
Emefiele has overseen an interventionist currency policy at the behest of the presidency, propping up the local naira by pumping billions of dollars into the foreign exchange market.
The upper house of parliament must approve his nomination and is expected to do so. If it is confirmed, Emefiele will the first central bank governor to serve a second term since Nigeria's return to democracy in 1999.
A central bank spokesman was not immediately available for comment.
Anthony Simond at Standard Aberdeen Asset Management in London said he expected a continuation of the current currency policy.
"Whether it will be good for the country in the long run is a different question. But for now high carry and stable FX will continue," he said.
Nigeria entered and exited its first recession in a quarter of a century under Emefiele's tenure, as global oil prices plummeted and then gradually partially rebounded. Some economists have argued that the currency policy exacerbated the downturn. (Reporting by Camillus Eboh; Additional reporting by Chijioke Ohuocha and Alexis Akwagyiram in Lagos, Karin Strohecker in London and Paul Carsten in Abuja Editing by Gareth Jones and John Stonestreet)