Nigeria: Naira Extends Gain Against Dollar
Naira yesterday started the week positively as it appreciated by about 4 percent at the street market. The local currency exchanged at 430 to a dollar in Abuja while it traded in Lagos at 435…
Finance
Nigeria: Trade balance turns positive in Q4 as exports jump
LAGOS (Reuters) – Nigeria’s trade balance turned positive in the fourth quarter of 2016 after exports rose by more than half, the national bureau of statistics said on Saturday, the first positive reading since the…
Nigeria: Risk of Devaluing Naira Rising
Nigeria’s central bank auctioned $230 million in forward contracts on the official market on Thursday after selling $370 million earlier in the week to boost dollar liquidity and help narrow the gap between the official…
CBN Orders Major Forex Market Overhaul as Naira Depreciates Further
LAGOS — The Central Bank of Nigeria, CBN, has rolled out a new foreign exchange window to stem the tide of demand pressures which had battered the Naira in the unofficial foreign exchange market. But…
Nigeria: MMM Scheme Boss Ugorji, Wife Flee Nigeria
Social media is currently awash with reports that top MMM Guider in Nigeria, Chuddy Ugorji, and his wife, Amaka, have fled to the Philippines following the imminent collapse of the Ponzi scheme. Several Nigerian news…
World Economic Forum 2017: Africa is Left Aside in Davos
“There are some African countries I’d write off for 15 years, there are 9-10 countries that won’t go anywhere but the rest are going to advance.” – Charles Robertson, global chief economist at Renaissance Capital…
Ghana: MMM Ponzi Scheme Blamed for Financial Misery
Ghana’s financial sector is currently struggling to recover from a major financial crisis involving Ponzi investment schemes. Millions of Ghanaians have been denied access to their savings after investing in microfinance companies. They had been…
Nigeria: How A Convicted Criminal, Sergey Mavrodi, Perfected His Ponzi Scheme on Russians
Back in 2011, huge financial pyramid collapsed in Russia, leaving thousands of families penniless. This is no surprise – the man running it is the Russian Bernie Madoff – Sergey Mavrodi – an infamous criminal……
Nigeria: Leave Us Alone – MMM Founder, Sergey Mavrodi Writes Nigerian Bloggers, Journalists
Irked by what he described as bad press against the wonder-bank, Mavrodi Mundial Movement, MMM, its founder, Sergey Mavrodi, has written an open letter to Nigerian journalists, “analysts” and all kinds of “experts” who according…
Nigeria: Estimated 3 Million Victims Affected By MMM Scam
Also read Nigeria: How A Convicted Criminal, Sergey Mavrodi, Perfected His Ponzi Scheme on Russians The Mavrodi, Melnikova, Mavrodi (MMM) international scam known in Nigeria as the Mavrodi Mondial Moneybox, has from all intents and…