Exchange Rate: Naira stays strong against dollar, Pound

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Lagos – The Nigerian currency, the Naira, on Friday traded on a stable platform against two major international currencies, the dollar and the pound sterling, as transactions ended for the week.

The dollar and the pound sterling were sold at ₦155.72 and ₦170, respectively, at the official and bureau de change since Jan. 6.

At the black market, the Naira was exchanged for the dollar at ₦170, while the pound sterling went for ₦270.

Dangote signs multibillion dollar deal with Banks to build oil refinery in Nigeria

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Veteran Fatai Rolling Dollar buried (Photos)

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The veteran high life musician, who died on Wednesday June 12th, was buried yesterday June 13th at his building site at Ikorodu, Lagos. May his soul rest in peace

SEE How South Africans hijack $20billion Dollar ship bunkering business in Nigeria

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The Nigerian Licensed Ship Chandlers Association a week ago took a swipe at the Directorate of Petroleum Resources DPR, apex regulatory organ of the downstream segment of the Nigerian petroleum industry over hitches connected with ship bunkering regulation in Nigeria, which gives South African firms a benefit over their Nigerian counterparts.

Secretary Board of Trustees of the association, Dr. Emeka Enebeli, who spoke in an interview, disclosed that the bunkering business in Nigeria is worthover $20bn, but regretted this segment of the maritime industry has become an exclusive preserved for South African firms.

In accordance with him, till date, no Nigerian individual or corporate has a ship bunkering license, saying that the stringent conditions listed by the DPR makes it almost impossible for almost any Nigerian individual or corporate has a bunkering license.

R.I.P: Veteran highlife musician Fatai Rolling Dollar dies at 85

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Nigeria's oldest practicing musician, Pa Fatai Olayiwola Olagunju, popularly known as Fatai Rolling Dollar has passed on. He died this morning at Marritol Hospital,   Sam Sonibare Street in Surulere after a brief illness. One of his wives, Funmulayo Olagunju, confirmed his death. He was 85 year old.  He is survived by three wives, including a German and 16 children. May his soul rest in peace

Veteran musician Fatai Rolling Dollar seriously ill

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Nigeria’s oldest practicing musician, Fatai Rolling Dollar is seriously sick and in hospital. The 85 year old was rushed to the hospital by his wife more than a week ago where he still remains. Family sources say his condition was so bad that he couldn’t move his legs but is getting better. He is presently receiving treatment at Ahmadiyya Hospital in Igbado/Ijaiye in Lagos. Fatai has asked Nigerians to remember him in their prayers.

Dollar may lose status as the world’s currency

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Though the US dollar continues to reign as the foreign reserve currency of choice, a new International Monetary Fund analysis shows that the currency has slumped to a 15-year low, heightening concerns that it may lose that status.

While the dollar currently constitutes 62 percent of the $6 trillion in foreign holdings by the world’s central banks, when a historical view is taken into account, Dick Bove, vice president of equity research at Rafferty Capital Markets says the dollar’s actual percentage of total money supply worldwide has gone from 90 percent in 1952 to about 15 percent today.
Bove, like many other analysts, believes that the rise of the Chinese currency, the yuan, is at the expense of the US dollar’s dominance as a safe haven.

House Committee Orders Arrest Of 3 Top NNPC Staff Over Missing Funds Running Into Billions Of Dollar

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House of Representatives Committee on Public Account has ordered the Inspector General of Police, Mr Mohammed Abubakar, to arrest and bring before the committee, the Group Managing Director of Nigeria National Petroleum Corporation (NNPC), Engineer Andrew Yakubu, the Executive secretary, Petroleum Products Price regulatory Agency (PPPRA), Mr Reginald Stanley, and the Director Department of Petroleum Resources, Mr Augustine Olorunsola.

This is as a result the refusal of the trio to appear before the committee to defend the multi-billion dollar Auditor-General of the Federation query dated back to 2007. The IGP has therefore been given an ultimatum to ensure that the three individuals were brought before the committee in person by 1.00pm today.

Dangote Plans To Build 2 Billion Dollar Fertilizer Plant In Edo State

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The Dangote Group and Nigeria’s Edo State government have concluded plans to set up one of Africa’s largest fertilizer plants in Africa valued at $2 billion. To this end, the groundbreaking ceremony of the fertilizer plant has been slated to take place before the end of January next year.

President of Dangote Group, Alhaji Aliko Dangote announced this at a reception for guests shortly after the swearing-in of Governor Adams Oshiomhole for his second term of office. He said the fertilizer plant to be sited at Agenebode, Etsako East local government area of Edo state would employ more than 10, 000 people directly and indirectly when completed in three years’ time.