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☆ Nigerian Supreme Court upholds President Tinubu's election win
▼ + stars: | 2023-10-26 | by ( Camillus Eboh | ) www.reuters.com time to read: +2 min

Nigeria's President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo Acquire Licensing RightsABUJA, Oct 26 (Reuters) - Nigeria's Supreme Court on Thursday upheld President Bola Tinubu's election win, bringing to an end a legal challenge brought by his two main rivals, who argued that his victory was marred by irregularities. The judgment by seven Supreme Court judges, which is final, follows a pattern seen in previous presidential elections that have been challenged in court. "There is no merit in this appeal, and it is hereby dismissed," said Supreme Court judge John Okoro. The court also rejected Atiku's bid to introduce new evidence that alleged Tinubu had submitted a forged university certificate to the electoral agency.

Persons: Bola Tinubu, Temilade, Bola Tinubu's, Atiku Abubakar, Peter Obi of, Tinubu's, Tinubu, John Okoro, Camillus Eboh, MacDonald Dzirutwe, Estelle Shirbon, Sharon Singleton Organizations: REUTERS, Rights, People's Democratic Party, Labour Party, Thomson Locations: Abuja, Nigeria, Rights ABUJA, Africa's

☆ Nigerian naira hits record black market low -abokiFx
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

ABUJA, Oct 26 (Reuters) - Nigeria's naira hit a record low of 1,300 per dollar on the black market on Thursday, online platform abokiFX showed, driven by thin trading volumes on the parallel market and dollar shortages on the official market. The naira has been in free fall on the unofficial market, where it trades freely, after currency restrictions were lifted on the official market. Last month, the currency slid past 1,000 naira per dollar on the black market and has continued to weaken. On the official market, the naira recovered to 775 to the dollar from a record low of 999 it touched last week. It kept losing ground, however, on the black market due to thin trading.

Persons: naira, Yemi Cardoso, Wale Edun, Chijioke, Tomasz Janowski Organizations: Finance, Thomson Locations: ABUJA, Nigeria

☆ CAB Payments: One of London's biggest IPOs this year has crashed 82%
▼ + stars: | 2023-10-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Three months ago, CAB Payments stumbled when it went public on the London Stock Exchange, its shares falling nearly 10% on their first day of trading on a market that has been starved recently of new listings. The mood went from bad to worse Tuesday, however, when the fintech firm’s shares crashed nearly 74% after it issued a stark warning on revenues. The stock has now lost 82% of its value since listing. In a statement on Tuesday, CAB Payments said that it expects revenue this year would likely come in 17% below its previous guidance but still 20% up on 2022. CAB Payments’ stock was trading at almost 59 pence (72 cents) by 09.01 a.m.

Persons: Merlin Midco Organizations: London CNN —, London Stock Exchange, Payments, Central, West African, Reuters, CAB, Helios Investment Partners, BlackRock Locations: Nigerian, Nigeria, Africa

☆ Nigeria expects $10 bln in forex inflows in weeks - finance minister
▼ + stars: | 2023-10-23 | by ( Chijioke Ohuocha | ) www.reuters.com time to read: +2 min

ABUJA, Oct 23 (Reuters) - Nigeria expects $10 billion in foreign currency inflows in the next few weeks to ease liquidity in a foreign exchange market that has cramped growth in Africa's biggest economy, finance minister Wale Edun said on Monday. The West African country has faced chronic dollar shortages after foreign investors exited local assets during a period of low oil prices. Since then, investors are yet to return and the central bank has not yet settled outstanding demand for dollars from foreign investors seeking to repatriate funds or airlines seeking to send money from ticket sales abroad. Edun said President Bola Tinubu on Thursday signed two executive orders to allow domestic issuance of instruments in foreign currency and also allow all cash outside the banking system to be brought into the banks. He added that liquidity would also come from state-oil firm crude sales and foreign investment firms willing to invest in Nigeria.

Persons: Wale Edun, Edun, Bola Tinubu, Tinubu, Chijioke, MacDonald Dzirutwe, Bernadette Baum, Mark Potter Organizations: Thomson Locations: ABUJA, Nigeria, Africa's

ABUJA, Nigeria (AP) — A nurse was identified on Friday as the “principal suspect” in the mysterious death of a Nigerian Afrobeat star, which triggered dayslong protests by thousands demanding justice. Investigations into the death of Ilerioluwa Aloba, better known as MohBad, in the commercial hub of Lagos have pointed to the nurse who treated the late singer before his death, Lagos police chief Idowu Owohunwa told reporters on Friday. Questions about the cause of his death prompted protests, rallies and grief spilling onto the streets across the West African nation. The outrage over the singer's death was also directed at Naira Marley, his former boss and controversial musician currently on trial in Nigeria for alleged internet fraud. “She acknowledged that it was the injections that she administered on the deceased that triggered the reactions which eventually led to Mohbad’s death.”

Persons: ”, Ilerioluwa, Idowu Owohunwa, “, ” Owohunwa, Aloba, Naira Marley, Marley, maltreating, wasn't, Owohunwa Locations: ABUJA, Nigeria, Nigerian, Lagos, West African, Aloba

ABUJA, Nigeria (AP) — Nigerian government workers on Tuesday continued working after last-minute efforts by authorities averted a nationwide strike to protest growing hardship that could have shut down government services in Africa's most populous country. The indefinite strike by Nigerian labor unions scheduled to start Tuesday is being suspended for 30 days, while meetings and talks with the government will be held over the coming days, said Joe Ajaero, president of the Nigeria Labour Congress, or NLC, which is the umbrella body of the unions. Talks with the labor unions have stalled and a slow start to several intervention efforts resulted in last week’s announcement of the strike. One major source of concern has been intervention efforts, which the labor unions said have been slow. “But the adverse outcomes of the measures, the hardship, were much higher than what many of us expected.”

Persons: Joe Ajaero, Bola, ”, Muda Yusuf Organizations: Nigeria Labour Congress, NLC, Lagos Chamber of Commerce, Industry, Private Enterprise Locations: ABUJA, Nigeria, Africa's, Lagos

ABUJA, Nigeria (AP) — Nigeria’s leader increased the wages of some government workers in last-minute efforts to appease labor unions whose planned strike this week could shut down government offices in all sectors of Africa’s largest economy. The increase expected to take effect this month takes the minimum wage to 55,000 naira ($71), still far below the 200,000 naira ($258) the unions had requested. The labor unions did not immediately comment on Tinubu’s announcement. The unions representing Nigeria’s government workers announced they will go on an indefinite strike starting Tuesday to protest the government's austerity measures. Talks with the labor unions have stalled and a slow start to several intervention efforts resulted in last week's announcement of the indefinite strike.

Persons: —, Bola Tinubu, Tinubu, ” Locations: ABUJA, Nigeria

☆ Nigeria's Tinubu offers wage increase ahead of labour strike
▼ + stars: | 2023-10-01 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Tinubu scrapped a decades-old subsidy during his inauguration in May and ended foreign exchange restrictions, which has led to soaring cost of living and angered unions. In a national broadcast marking 63 years of independence, Tinubu defended the reforms as necessary to put Africa's biggest economy on the path to recovery. That would take the minimum wage in Nigeria to 55,000 naira ($71) from 30,000 naira. But labour unions want Tinubu to reinstate the fuel subsidy and had previously demanded a minimum wage of 200,000 naira.

Persons: Bola Tinubu, Lewis Joly, Tinubu, Tinubu's, Felix Onuah, MacDonald Dzirutwe, Daniel Wallis Organizations: New Global Financial, Rights, Sunday, Thomson Locations: Nigeria, Paris, France, Rights ABUJA

☆ Gunmen Kill 14, Kidnap 60 in Attacks in Northern Nigeria
▼ + stars: | 2023-09-24 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

By Ahmed KingimiMAIDUGURI, Nigeria (Reuters) -Gunmen in Nigeria killed eight people on Sunday and abducted at least 60 others in two communities of northwest Zamfara state, residents and a local traditional leader said, two days after armed men kidnapped dozens from a university in the state. The attackers set fire to five vehicles and drove off with one truck, the witness said. Residents said gunmen early on Sunday tried to attack a forward army base in a rural Magami community of Zamfara, but were repelled. Zamfara is one of the states worst affected by kidnappings for ransom by armed gangs known locally as bandits. Attacks in the northwest are part of widespread insecurity in Nigeria.

Persons: Ahmed Kingimi MAIDUGURI, Bola Tinubu, Shuaibu Haruna, Haruna, Isa Mohd, Ahmed Kingimi, MacDonald Dzirutwe, David Holmes Organizations: Reuters, Gunmen, Residents, Sunday, Police Locations: Nigeria, Zamfara, Magami, Kabasa, Maiduguri

☆ Nigeria frees on bail 69 arrested over alleged gay wedding
▼ + stars: | 2023-09-19 | by ( Tife Owolabi | ) www.reuters.com time to read: +1 min

Some of the men charged with public displays of affection with members of the same sex are seen gathered outside a court in Lagos, Nigeria October 27, 2020. REUTERS/Temilade Adelaja/File Photo Acquire Licensing RightsYENAGOA, Nigeria, Sept 19 (Reuters) - A court in Nigeria has released on bail 69 people who were arrested last month in connection with an alleged gay wedding, which is illegal in the country, their lawyer said on Tuesday. So, the 69 suspects have been granted bail and I am processing their paperwork," Ohimor said. State prosecutors had opposed bail but the court ruled that the suspects should be released because they were not facing a capital offence, said Ohimor. The anti-gay law in Africa's most populous nation includes a prison term of up to 14 years for those convicted, and bans gay marriage, same-sex relationships, and membership of gay rights groups.

Persons: Temilade, Ochuko Ohimor, Ohimor, Tife Owolabi, MacDonald Dzirutwe, Jon Boyle, Hugh Lawson, Christina Fincher Organizations: REUTERS, Thomson Locations: Lagos, Nigeria, Africa, Warri, Africa's

Emirates airliners are seen on the tarmac in a general view of Dubai International Airport in Dubai, United Arab Emirates January 13, 2021. REUTERS/Abdel Hadi Ramah/File Photo Acquire Licensing RightsABUJA, Sept 11 (Reuters) - Emirates Airlines will resume immediate flight schedules to Nigeria and lift a visa ban on Nigerian travellers, following a meeting between the leaders of the two countries, the Nigerian presidency said on Monday. Tinubu stopped in Abu Dhabi on his way from G20 summit in India, where he wooed investors to Nigeria. Last month Tinubu said he wanted an immediate resolution to the disagreements with Emirates Airlines and visa issues by the Arab country. The UAE stopped issuing visas to Nigerians last year after Dubai's Emirates suspended flights due to an inability to repatriate funds from Nigeria.

Persons: Abdel Hadi Ramah, Bola Ahmed Tinubu, Emirates Mohamed bin Zayed Al Nahyan, Tinubu, Ajuri Ngelale, Ngelale, Chijioke Ohuocha, Felix Onuah, David Evans, Peter Graff, Richard Chang Organizations: Emirates, Dubai International, United Arab Emirates, Rights, Emirates Airlines, United, UAE, Dubai's Emirates, Etihad Airlines, Thomson Locations: Dubai, United Arab, Rights ABUJA, Nigeria, Emirates, Abu Dhabi, India, State, Nigerian

☆ Fact Check-Nigerian report on President Tinubu switching the naira for dollars is fake
▼ + stars: | 2023-09-07 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A digitally altered Nigerian news broadcast that says President Bola Tinubu is planning to ditch the country’s currency for the dollar is being circulated online. Responding to circulation of the video, Arise News said in a statement on messaging platform X, formerly known as Twitter, that it’s a fake report. “ARISE News totally dissociates itself from a DEEP FAKE VIDEO making the rounds on social media mimicking the What's Trending segment's anchor Ojy Okpe,” the outlet said. “The digitally-altered video which claims that President Bola Tinubu plans to abolish the naira in favour of the dollar is the handiwork of Fake News peddlers” (here). The clip of Tinubu was taken from a press conference in 2022 where he announced his intention to run for president (here) (here).

Persons: Bola Tinubu, Ojy, Ajuri Ngelale, Okpe, Read Organizations: Reuters, Fake

ABUJA, Nigeria (AP) — Some employees in government offices in Nigeria walked off their jobs Tuesday in protest of the growing cost of living due to the removal of gas subsidies, threatening to “shut down” Africa’s largest economy if their demands for improved welfare are not met. Made up of hundreds of thousands of members, the Nigeria Labor Congress workers association began a two-day “warning strike," their second in over a month. Last-minute efforts to avert the strike failed on Monday evening after labor unions' leaders shunned a meeting called by the Labor Ministry. After he ended the yearslong subsidies for gas on his first day in office, the price of petrol more than doubled, resulting in a similar hike in the price of other commodities. But workers have said such steps are not enough with their wages still the same.

Persons: Bola Tinubu, Joe Ajaero, Tinubu’s, Tinubu, Ajaero, Simon Lalong Organizations: Nigeria Labor Congress, Local, Labor Ministry, ” Labor Locations: ABUJA, Nigeria

☆ Nigeria's Tinubu to attend G20 summit in India to promote investment
▼ + stars: | 2023-09-01 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo Acquire Licensing RightsABUJA, Sept 1 (Reuters) - Nigeria's President Bola Tinubu plans to attend the G20 summit in India this month to try to promote foreign investment in Africa's largest economy and mobilize global capital to develop infrastructure, his spokesman said on Friday. The summit in India will hold on Sept 9 and 10. Ngelale said Tinubu will meet leaders from Brazil, India, South Korea and Germany on the sidelines of the G20. Tinubu also plans to meet Indian executives, including Jindal Steel and Power Company, among others, Ngelale said.

Persons: Bola Tinubu, Lewis Joly, Tinubu, Ajuri Ngelale, Ngelale, India's Bharti, Joe Biden, Felix Onuah, Chijioke Ohuocha, Cynthia Osterman Organizations: New Global Financial, Rights, Jindal Steel, Power Company, India's, India's Bharti Airtel, U.S, United Nations General Assembly, Thomson Locations: Nigeria, Paris, France, Rights ABUJA, India, West African, Brazil, South Korea, Germany, Africa, New York

☆ Boko Haram frees 49 women kidnapped in Nigeria's Borno state
▼ + stars: | 2023-08-25 | by ( Ahmed Kingimi | ) www.reuters.com time to read: +2 min

Bukar Isa, from the Mines Advisory Group (MAG), shows displaced victims of the Boko Haram insurgence how to identify marked objects of danger on the street, during a safety training at the Gubio camp in Maiduguri, Nigeria May 6, 2022. REUTERS/Afolabi Sotunde/File Photo Acquire Licensing RightsMAIDUGURI, Nigeria, Aug 25 (Reuters) - Forty-nine women kidnapped by Boko Haram earlier in the week near Maiduguri, in Nigeria's northeastern Borno state, regained their freedom early on Friday after a state official paid a ransom for their release, two of the victims and a local leader said. "We were all released at midnight after Boko Haram said our families secured our release after meeting their demands," one of the victims said. Borno commissioner for youth and police spokesman Sani Kamilu Shatambaya didn't immediately respond to calls for comment. ($1 = 770.8400 naira)Reporting by Ahmed Kingimi; Editing Elisha Bala-Gbogbo and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Bukar Isa, Afolabi, Boko Haram, wasn't, Sani Kamilu Shatambaya didn't, Ahmed Kingimi, Elisha Bala, Gbogbo, Sandra Maler Organizations: Mines Advisory, REUTERS, Reuters, Thomson Locations: Maiduguri, Nigeria, Nigeria's, Borno, Shuwaei Kawuri, Chad, Niger, Cameroon

☆ SingTel Q1 profit slumps 23% on unfavourable currency move, high costs
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Edgar Su/File Photo Acquire Licensing RightsAug 21 (Reuters) - Singapore Telecommunications (STEL.SI) reported on Monday a 23% decline in first-quarter net profit, citing the one-off impact at Bharti Airtel (BRTI.NS) in Nigeria as the naira depreciated sharply against the U.S. dollar, as well as high costs. Singapore Telecommunications (SingTel), Southeast Asia's largest telecoms company, owns an effective 29.5% stake in India's Bharti Airtel. SingTel said in a statement net profit for the quarter ended June 30 was S$483 million ($355.91 million), compared with S$628 million a year earlier. On an underlying basis, net profit for the quarter gained 14.5% to S$571 million. SingTel also recorded a 2.7% decline in its first-quarter operating revenue to S$3.49 billion, hurt by currency exchange headwinds and competition.

Persons: Edgar Su, SingTel, Yuen Kuan, Sameer Manekar, Upasana Singh, Muralikumar Organizations: REUTERS, Singapore Telecommunications, Bharti Airtel, U.S ., Optus, Thomson Locations: Singapore, Nigeria, Nigerian, Australia, Bengaluru

☆ Nigeria's suspended cenbank governor to face fraud charges on Thursday
▼ + stars: | 2023-08-16 | by ( Camillus Eboh | ) www.reuters.com time to read: +2 min

Nigeria's Central Bank Governor Godwin Emefiele briefs the media during the MPC meeting in Abuja, Nigeria January 24, 2020. REUTERS/Afolabi Sotunde/File Photo Acquire Licensing RightsABUJA, Aug 16 (Reuters) - Nigeria's suspended central bank governor Godwin Emefiele will appear in a high court in Abuja on Thursday, when he is expected to enter a plea in a 20-count indictment, a government lawyer said on Wednesday. Government lawyers, on Tuesday, said they had filed additional graft charges against the governor, including allegedly "conferring unlawful advantages" and "unlawful procurement". Local papers said the central bank employee was a director in the private company. Emefiele, suspended by President Bola Tinubu in June, had already pleaded not guilty to charges of possessing a firearm illegally, which were subsequently withdrawn.

Persons: Nigeria's Central Bank Governor Godwin Emefiele, Afolabi, Godwin Emefiele, Emefiele, Bola Tinubu, Tinubu, Camillus Eboh, Chijioke, Sharon Singleton Organizations: Nigeria's Central Bank Governor, MPC, REUTERS, Rights, Government, Thomson Locations: Abuja, Nigeria, Rights ABUJA, Lagos, Africa's

☆ Google to train 20,000 Nigerians in digital skills
▼ + stars: | 2023-08-15 | by ( Felix Onuah | ) www.reuters.com time to read: +1 min

The logo of Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies Google Inc FollowAlphabet Inc FollowABUJA, Aug 15 (Reuters) - Google plans to train 20,000 Nigerian women and youth in digital skills and provide a grant of 1.2 billion naira ($1.6 million) to help the government's create one million digital jobs in the country, its Africa executives said on Tuesday. Nigeria plans to create digital jobs for its teeming youth population, Vice President Kashim Shettima told Google Africa executives during a meeting in Abuja. Google Africa executives said a grant from its philanthropic arm in partnership with Data Science Nigeria and the Creative Industry Initiative for Africa will facilitate the programme. Google director for West Africa Olumide Balogun said the company would commit funds and provide digital skills to women and young people in Nigeria and also enable startups to grow, which will create jobs.

Persons: Andrew Kelly, Kashim Shettima, Shettima, West Africa Olumide Balogun, Charles Murito, Felix Onuah, Chijioke Ohuocha, Josie Kao Organizations: Google, Chelsea, REUTERS, Google Africa, Data Science, Creative Industry Initiative, West Africa, Thomson Locations: Manhattan , New York City, U.S, ABUJA, Africa, Nigeria, Abuja, Data Science Nigeria

☆ Russian Ruble at Weakest Level Since Early Days of Ukraine War
▼ + stars: | 2023-08-14 | by ( Chelsey Dulaney | Georgi Kantchev | ) www.wsj.com time to read: 1 min

Russia’s central bank raised interest rates last month but it wasn’t enough to stop a slide in the ruble. Photo: Sergei Bobylev/Zuma PressThe ruble’s decline picked up pace in recent weeks, and on Monday the currency fell below 100 to the U.S. dollar for the first time since the weeks after Russia invaded Ukraine. So far this year, the ruble has lost almost 30% of its value against the dollar. Only a handful of currencies including the Turkish lira, Nigerian naira and Argentine peso are having a worse year.

Persons: Sergei Bobylev Organizations: Zuma, U.S, Argentine Locations: Russia, Ukraine

☆ Nigeria's president says central bank undergoing forensic audit
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

ABUJA, Aug 4 (Reuters) - Nigerian President Bola Tinubu said on Friday the central bank was undergoing a comprehensive forensic audit as part of reforms following the suspension of the bank's governor in June. Tinubu has embarked on the country's boldest reforms in years, ending the central bank's currency controls that kept the naira currency artificially strong and scrapping a petrol subsidy that cost the government $10 billion last year. "A comprehensive forensic audit is on-going at the Central Bank (of Nigeria)," a presidency statement quoted Tinubu as telling World Bank head Ajay Banga at a meeting in Abuja. Tinubu, who was sworn into office on May 29, inherited an economy grappling with anaemic growth, record debt, shrinking oil production and widespread insecurity. Reporting by Felix Onuah, writing by MacDonald Dzirutwe; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Bola Tinubu, Tinubu, Ajay Banga, Felix Onuah, MacDonald Dzirutwe, David Gregorio Our Organizations: Central Bank, World Bank, Thomson Locations: ABUJA, Nigeria, Abuja

☆ GSK Nigeria calls an end to its business, to return cash
▼ + stars: | 2023-08-03 | by ( Chijioke Ohuocha | ) www.reuters.com time to read: +2 min

ABUJA, Aug 3 (Reuters) - GlaxoSmithKline (GSK) Nigeria (GLAXOSM.LG) said on Thursday it plans to stop doing business after evaluating the options for moving to a third-party distribution model for its drugs and consumer healthcare goods. GSK Nigeria, which has faced increased competition from local companies and imports from India and China, said its half-year sales had dropped to 7.75 billion naira ($9.82 million), from 14.8 billion naira in the same period a year ago. GSK Nigeria said it is working with advisers to agree next steps and plans to submit a scheme of arrangement to Nigeria's Securities and Exchange Commission, which if approved will see it return cash to shareholders except its parent GSK. "For the above reasons, and having, together with GSK UK, evaluated various other options, the Board of GlaxoSmithKline Consumer Nigeria Plc has concluded that there is no alternative but to cease operations," GSK Nigeria said in a statement. Shares in GSK Nigeria, in which British drugmaker GSK has a 46.4% stake and Nigerian shareholders the remaining 53.6%, closed at 8.10 naira, down from a peak of 42.24 naira in 2014.

Persons: Bola Tinubu, Tinubu, Chijioke Ohuocha, Alexander Smith Organizations: GlaxoSmithKline, GSK, Nigeria's Securities, Exchange Commission, Haleon, GlaxoSmithKline Consumer Nigeria Plc, British, Thomson Locations: ABUJA, Nigeria, GSK Nigeria, India, China, British, Africa

Meanwhile, the black market for smuggled subsidised Nigerian fuel in Togo and neighbouring Benin and Cameroon has collapsed, further reducing demand for shipments via Nigeria. Average monthly West African (WAF) gasoline imports fell by 56% in the second quarter compared with the first, according to Refinitiv Eikon data. "The key point is demand from West Africa is drying up," said Refinitiv Lead Oil Analyst Raj Rajendran. There may simply be a baseline decrease in demand," said Sparta Commodities gasoline market analyst Philip Jones-Lux. The challenge is coming from the new refineries in the Middle East that are expanding from their traditional East Africa market to now include West Africa and beyond even to the Americas," Rajendran said.

Persons: Bola Tinubu, Jeremy Parker, Raj, naira, Philip Jones, Jones, Lux, Rajendran, Shadia, Barbara Lewis Organizations: Nigeria's, West, ARA, Reuters Graphics, Sparta Commodities, Thomson Locations: Africa, Nigeria, North America, West Africa, Europe, United States, Asia, Ukraine, Togo, Benin, Cameroon, Amsterdam, Rotterdam, Antwerp, Sparta, Mideast, Russia, European, East Africa

Many investors think that will only happen if interest rates go to levels just too high for investors to pass up. "You wonder whether they have left it too late" said Mikhail Volodchenko at one of Europe's largest fund managers AXA IM. Reuters Graphics4/LOCAL PROBLEMSIn contrast to the dollar bonds, Turkey's 'local' lira-denominated bonds have had a shocker. Even if the lira is taken out of the equation the bonds are still down around 13% since Erdogan's election win. Reuters Graphics($1 = 0.8920 euros)Reporting by Marc Jones and Canan Sevgili Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Erdogan, Mehmet Şimşek, Hafize Gaye Erkan, Mikhail Volodchenko, Enver Erkan, Yatirim, Treasuries, COVID, Wednesday Erdogan, Simon Lue, Fong, Vontobel, Turkey's, Jeff, Michael Metcalfe, Metcalfe, Marc Jones, Shri Navaratnam Organizations: LONDON, AXA, Reuters, JPMorgan EMBI Global, NATO, Investment, Wednesday, United Arab Emirates, JPMorgan GBI, Street Global Markets, Reuters Graphics, Thomson Locations: Central, Turkish, Nigeria, Argentina, Turkey, U.S, Arab, Swiss, Lira

☆ Nigeria to distribute grains, fertiliser to soften impact of rising fuel prices
▼ + stars: | 2023-07-20 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

The grain and fertiliser distribution will be through the central bank, the vice president's office said in a statement, adding that state governors have backed the plan. Last week, the Senate approved a request by President Bola Tinubu to borrow $800 million from the World Bank to help address rising fuel prices after stopping a popular but costly petrol subsidy in May. Nigerian petrol prices reached 617 naira ($0.78) per litre on Tuesday, the highest ever. Labour unions have criticised government's ending of the fuel subsidy without measures to mitigate rising prices. Nigeria, Africa's largest oil producer, imports almost all its refined fuel due to inadequate refining capacity and neglect of existing refineries.

Persons: Bola Tinubu, Tinubu, Felix Onuah, Chijioke Ohuocha, Cynthia Osterman Organizations: World Bank, Thomson Locations: ABUJA, Nigeria, Africa's

ABUJA, July 20 (Reuters) - Nigeria's naira traded at a record low of 860 per dollar on the black market on Thursday, according to traders, weakening below its official rate a month after the country devalued the currency and ahead of a central bank policy meeting next week. The naira has been swinging widely on the official market since the devaluation. It touched a new low of 853 naira per dollar on Wednesday, according to OTC market regulator, FMDQ Exchange. The currency closed at 742 naira against the dollar on the official market on Thursday, Refinitiv data showed. Dollar shortages on the official market have seen customers turning to the black market, helping to widen the gap between the spot rate and the black market, one trader said.

Persons: Nigeria's naira, Bola Tinubu, Elisha Bala, Andrew Cawthorne, John Stonestreet, Tomasz Janowski Organizations: FMDQ Exchange, Thomson Locations: ABUJA, Nigeria

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