LAGOS, Oct 1 (Reuters) – President Muhammadu Buhari said on
Thursday he had submitted a cabinet list to parliament for
approval but asked Nigerians to be patient with his four-month
search for a government to tackle the country’s worst economic
crisis for decades.
Foreign investors and Nigerian firms have criticised Buhari,
a 72-year old former military ruler, for waiting until late
September to nominate cabinet members when Africa’s largest
economy is taking a hammering from a plunge in oil revenues.
LAGOS, Sept 30 (Reuters) – Nigeria’s central bank believes
there is sufficient liquidity in the country’s banking system
although it is concerned that Africa’s biggest economy is
slowing, its monetary policy director said on Wednesday.
Moses Tule said the bank’s decision last week to cut the
cash reserve ratio to 25 percent from 31 percent
had injected 300 billion naira ($1.51 billion) into the
LAGOS, Sept 29 (Reuters) – Nigerian beautician Rasheedat
Lawal has seen sales at her cosmetics salon plunge since
President Muhammadu Buhari came to power but she still thinks
the 72-year-old former dictator is the right person to fix
Africa’s largest economy.
The ascetic, sandal-wearing general’s first four months in
power have coincided with a renewed slide in global oil prices,
which has slowed economic growth in Africa’s top crude producer
and weakened the naira currency.
ABUJA (Reuters) – Nigerian central bank Governor Godwin Emefiele ruled out on Thursday a naira devaluation and told people not to panic about the government shifting its bank accounts to the central bank, a move that drains billions of dollars from the financial system.
In an interview with Reuters, Emefiele said he was ready to inject liquidity if needed into the interbank market, which dried up this week following a directive to government departments to move their accounts into a “Treasury Single Account” at the central bank.
ABUJA, Sept 17 (Reuters) – Nigerian central bank Governor
Godwin Emefiele ruled out on Thursday a naira devaluation and
told people not to panic about the government shifting its bank
accounts to the central bank, a move that drains billions of
dollars from the financial system.
In an interview with Reuters, Emefiele said he was ready to
inject liquidity if needed into the interbank market, which
dried up this week following a directive to government
departments to move their accounts into a “Treasury Single
Account” at the central bank.
CAIRO (Reuters) – Libya’s official government is struggling to woo oil majors in a bid to control oil revenue and force a rival Tripoli government into a U.N. peace deal because foreign clients are wary of breaking with the established state energy firm in the capital.
The battle over Libya’s oil resources is at the heart of a conflict between two governments and parliaments allied to a host of armed groups fighting for power four years after an uprising ousted leader Muammar Gaddafi.
CAIRO, Aug 23 (Reuters) – A state oil firm loyal to Libya’s
official government based in the east of the country has invited
foreign oil firms to discuss existing oil purchase contracts at
a conference in Dubai next month, it said in a statement.
The move is a fresh attempt by Libya’s internationally
recognised government to control state oil firm NOC, which is at
the centre of a conflict between two rival administrations four
years after the ousting of Muammar Gaddafi.
CAIRO (Reuters) – U.S. Secretary of State John Kerry said on Sunday he would seek greater backing for a U.N. peace plan for Libya which has been spurned by some key players in a country where two rival governments are vying for power.
Some warring factions signed an initial United Nations-sponsored deal on July 12 to form a unity government and end fighting, but the parliament in Tripoli – set up to rival the official assembly which was pushed out of the capital – rejected the agreement.
LONDON/CAIRO, July 31 (Reuters) – Imports of food, including
wheat, are dropping sharply to Libya, which has the highest per
capita bread consumption in the world, as foreign shippers run
scared of making direct deliveries due to worsening turmoil.
The country is in chaos, with two governments fighting one
another and armed groups roaming uncontrolled, among them
Islamic State militants who have attacked oilfields.
Islamic State jihadists have exploited widespread chaos to gain a foothold in Libya, but their ejection from an eastern city suggests they may not achieve a Iraq-style takeover due to strong local rivals and the absence of sectarian divisions.