In spite of the gloom on the country’s economy, investor confidence in Nigeria remains high as the $1 billion Eurobond issued by the federal government on Thursday was over-subscribed by almost eight times. The over-subscription was with orders in excess of $7.8 billion compared to a pre-issuance target of $1 billion. The bond, issued under Nigeria’s newly established Global Medium …

The Lagos Chamber of Commerce and Industry (LCCI) yesterday resounded the alarm over the damage to investor confidence and Foreign Direct Investment flow being done by the security problems in the country. Troubled by the elevated rate of violent crimes and inseurity, LCCI stressed the need for Nigeria to address the challenge speedily to make the business environment more secure …

The naira tumbled against the United States dollar on the parallel market to 503 on Thursday, down from the 500 recorded on Wednesday. The local currency had closed at 499 and 498 on Tuesday and Monday, respectively. This came almost two weeks after the naira touched 500/dollar briefly and returned to 498/dollar. The local currency had been stable against the …