• Forex: Cement price skyrockets nationwide

    Forex: Cement price skyrockets nationwide

    A bag which hitherto sold for about N1, 600, now sells for N2,200 and above.

    2nd Vice President, Nigeria Institute of Building (NIOB), Mr. Kunle Awobodu attributed the increase to the cost of production and the devaluation of the naira.

    He noted that the cost of construction would increase, while many would avoid embarking on new projects.

    Awobodu said: “Clients, contractors and quantity surveyors may have disagreements due to price variations. New price on old contracts in a competitive bidding may eventually lead […]

  • Nigeria economy got $15.3bn, spent $6.6bn on import in 3 months

    Nigeria economy got $15.3bn, spent $6.6bn on import in 3 months

    The Central Bank of Nigeria has disclosed that total foreign exchange inflow into the economy in the second quarter of 2016 was $15.33billion. This it said represented an increase of 3.7 per cent above the level at the end of the first quarter but, showed a decline of 35.3 per cent relative to the level at the end of the corresponding period of 2015.

    The development the CBN said was driven by increase in oil and non-oil receipts. Oil sector receipts […]