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Wed,22Nov2017

Muhammadu Buhari

Niger Delta militants call ceasefire after weekend losses

File photo©George Osodi/AP/SIPAA Nigerian militant group has announced a unilateral ceasefire in the Niger Delta after government forces killed five of its fighters and arrested 23 at the weekend.

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Nigeria central bank suspends nine banks from foreign exchange market

Photo©Sunday Alamba/AP/SIPANigeria's central bank has suspended nine banks from the interbank currency market for failing to remit money owed to the government, according to banking sources.

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Nigeria's Buhari to ask for emergency powers to revive economy - source

Nigerian President Muhammadu Buhari. Photo©Frank Augstein/AP/SIPANigerian President Muhammadu Buhari will ask parliament for extra powers for one year allowing him to take "emergency" decisions to revive the flagging economy, a government source said on Monday.

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Nigeria plans capital spending of $312 million in coming days

Yemi Osinbajo710Afolabi Sotunde/ReutersNigeria will spend 100 billion naira ($312.50 million) on capital projects in the coming days as part of the 2016 budget, Vice President Yemi Osinbajo said on Thursday, as the country tries to inject life into an economy facing recession.

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Nigeria's oil minister, Emmanuel Ibe Kachikwu replaced as state oil company boss

Emmanuel Ibi Kachikwu. Photo©Reuters/Heinz-Peter BaderNigerian President Muhammadu Buhari has replaced Oil Minister Emmanuel Ibe Kachikwu as group managing director of state oil company NNPC as part of a wider board overhaul.

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Nigeria's Buhari questions benefit of currency float amid weakened naira

President Muhammadu Buhari. Photo©Afolabi Sotunde/ReutersNigeria's President Muhammadu Buhari on Monday told a gathering of business leaders that he did not see the benefit of the naira's currency peg against the U.S. dollar being removed.

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Nigeria: U.S. fund to raise $2 bn for infrastructure

U.S. fund manager Pecora Capital said on Tuesday it will raise $2 billion over the next 18 months for Nigerian infrastructure projects, a rare show of investor confidence during a period of deep crisis in Africa's largest economy.

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Nigeria's Buhari backs more flexible foreign exchange policy

Nigeria's President Buhari. Photo©Frank Augstein/AP/SIPAA more flexible foreign exchange policy will help Nigeria's economy, which has been hit by a slump in oil revenues, President Muhammadu Buhari said, backing a recent move by the central bank.

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Finance: Nigeria plans to put up to $1.7 billion into capital projects in coming days

Nigeria's budget minister Udoma Udo Udoma said the impact of the move would be seen by the third quarterNigeria's government will next week pump much of the $1.76 billion earmarked for capital projects this quarter into Africa's biggest economy, the budget minister said on Wednesday.

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Nigeria foreign exchange conundrum, damaging investor, business sentiment

Nigerian currency, Naira. Photo©Sunday Alamba/AP/SIPAA two-week silence from Nigeria's government and central bank on further details or even a timescale for naira liberalisation has left international investors and domestic firms anxious about whether a gameplan has been even formulated or agreed.

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Nigeria's central bank governor and finance minister to explain foreign exchange shift to Senate

File Photo©ReutersNigeria's Senate on Wednesday passed a motion to invite Central bank governer, Godwin Emefiele and Finance Minister, Kemi Adeosun to explain how a shift to a more flexible foreign exchange policy could help the economy to contend with its worst crisis in decades.

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Nigeria: Ex-militants, MEND call for end to Niger Delta pipeline attacks

MEND, the defunct group of former militants, previously targeted Nigeria's oil-rich region. Photo©George Osodi/AP/SIPAFormer militants have called for a halt to a resurgence of attacks on oil and gas facilities in Nigeria's Niger Delta, saying it is an unnecessary distraction for President Muhammadu Buhari's administration.

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Nigeria: ENI gas pipeline in Niger Delta attacked

Unknown attackers have blown up a gas pipeline belonging to Italy's ENI in Nigeria's Niger Delta, residents and the company said on Wednesday, the latest in a string of attacks on oil and gas facilities in the impoverished region.

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Nigeria still in talks for foreign loans to fund deficit

Nigeria's Budget Minister Udoma Udo Udoma. Photo©ScreenShotNigeria is still in talks to obtain foreign loans to help fund a record $31 billion budget for this year, aimed at helping Africa's biggest economy cope with a slump in oil prices, its budget minister said on Thursday.

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Finance: Nigeria's Economic and Financial Crimes Commission investigates banking deals

Photo©Sunday Alamba/AP/SIPANigeria's central bank and its financial crimes agency have launched an investigation into banking deals after allegations of illegal transactions and has interrogated three top banking executives, officials and bankers said on Tuesday.

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Nigeria: President Muhammadu Buhari signs delayed 2016 record budget into law

File Photo©ReutersNigeria's President Muhammadu Buhari signed the delayed 2016 budget into law on Friday, ending weeks of wrangling with lawmakers and tripling capital expenditure as Africa's biggest economy contends with its worst crisis in years.

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World Bank and Nigerian president discuss economic crisis and former president's loot

Swiss authorities are holding $320 million in stolen money by former military leader Sani Abacha. Photo©ReutersThe World Bank's managing director and Nigeria's president on Wednesday discussed how the multilateral lender could help Nigeria overcome its economic crisis and repatriate more than $300 million stolen by a former military ruler.

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Buhari, National Assembly resolve 2016 budget impasse

President Muhammadu Buhari. Photo©ReutersNigerian President Muhammadu Buhari has agreed to set up a committee to resolve differences with the National Assembly over the 2016 budget following a month long impasse.

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Nigeria: World Bank and Buhari discuss the country's economic crisis

President Muhammadu Buhari. Photo©Vahid Salemi/AP/SIPAThe World Bank held talks with the Nigerian president on Wednesday on how it could help Nigeria overcome an economic crisis caused mainly by a sharp fall in crude prices eating into its oil revenues.

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Nigeria: I'm still asking to be convinced on the benefits of devaluation - President Buhari

Photo©ReutersPresident Muhammadu Buhari said last Friday he is yet to be convinced that Nigeria would benefit from a devaluation of the naira, despite its sharp fall against the dollar on the black market and rising inflation.

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