Nigeria’s oil faces threat as Saudi Arabia cut prices

Saudi Arabia, the world’s largest crude oil exporter, has cut all official selling prices for its crude sales to Asian and the United States clients in August, signalling mounting competition for Nigeria and others.

The country’s state-owned oil company, Saudi Aramco, lowered the pricing terms for Arab Light sold to Asia by the most in 10 months as refineries grapple with falling margins and oversupply.

Naira to weaken further on dollar shortage

The naira is expected to continue to weaken this week on limited dollar supply as foreign portfolio investors stay on the sidelines until the Nigeria economy shows signs of recovering from the impact of currency controls, foreign exchange traders have said.

The naira had hit an all-time low of 334.50 per dollar on Wednesday, a day after the Central Bank of Nigeria hiked interest rates to try to lure foreign investors back into local assets, Reuters reported.

Obanikoro’s aide: we took N1.2b to Fayose in Ekiti

Former Minister of Defence (State) Musiliu Obanikoro’s head of security has told the Economic and Financial Crimes Commission (EFCC) how his principal moved funds to Ekiti State for the June 21, 2014 governorship election.

Lt. Commander A. O. Adewale gave a blow-by-blow account of the cash movement when he was grilled by some EFCC operatives.

The EFCC is investigating the N1.299billion cash taken to Governor Ayodele Fayose by Obanikoro in chartered flight before the election.

Naira hits all time-low at 334.50/dollar

The naira fell against the dollar at the interbank foreign exchange market to an all-time low of 334.50 on Wednesday, a day after the Central Bank of Nigeria’s Monetary Policy Committee hiked interest rates to lure foreign investors back into local assets.

The naira had closed at 310 against the interbank market on Tuesday.

About $10m was traded at the new record low, Reuters reported.

Speech: Michelle Obama steals show at Democratic convention

When her husband first ran for president in 2008, Michelle Obama cautiously entered the political arena, fully supportive of his candidacy yet wary of the country’s partisan battles.

Two terms later, the first lady known for her wit, style and tact has emerged as a political force, and on Monday she electrified the Democratic National Convention with an impassioned endorsement for Hillary Clinton that brought the crowd to its feet.

Read Michelle Obama’s speech:

CBN pegs interest rate at 14% to promote savings

The Federal Government yesterday got a wake-up call on the budget.

Its implementation should be sped up to stimulate economic activities to bridge the output gap and create jobs, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) said yesterday.

The MPC offered to work with the fiscal authorities to quickly mitigate the economic pains in the country, particularly the discomfort of inflation.

It raised interest rate from 12 to 14 per cent to encourage savings and investment.

Naira at 378/dollar as analysts expect MPC action

The naira fell to 378 against the dollar at the parallel market on Monday, down from 375 on Friday as scarcity of the greenback continued to weigh on the local currency at both the interbank and black markets.

The dollar liquidity crisis at the interbank market has led to a continued pressure on the naira, causing consistent drops on the value of the naira at both the interbank and parallel markets.

At the interbank market on Monday, the naira slipped by 2.5 per cent to a new closing low of 310 per dollar.

Industrialisation is Nigeria’s future, not agriculture

The most popular claim today about the Nigerian economy is that since the price of crude petroleum in the international market crashed, agriculture is Nigeria’s future; economic diversification is achieved by investing in agriculture. Consequently, leaders of federal and state governments are urging all youths to return to agriculture. But industrialisation is the future of Nigeria, not agriculture.

Industrialisation is Nigeria’s future, not agriculture

The most popular claim today about the Nigerian economy is that since the price of crude petroleum in the international market crashed, agriculture is Nigeria’s future; economic diversification is achieved by investing in agriculture. Consequently, leaders of federal and state governments are urging all youths to return to agriculture. But industrialisation is the future of Nigeria, not agriculture.

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