FG: Solid Minerals Can Save Nigeria from Dwindling Oil Fortune

As crude oil price continues to nose-dive, the federal government has said the much-needed diversification of the economy from oil can be achieved with deliberate commitment to utilising the mass deposit of solid minerals in virtually every state in the country.

Speaking during his opening remarks at a three-day professional development workshop for mining engineers in Nigeria taking place in Jos, Plateau State capital, the Minister of Mines and Steels Development, Musa Mohammed Sada, said

Foreign reserves fall to six-month low of $36.7 bn

Nigeria’s foreign reserves fell to a six-month low of $36.7 billion by December 1, down 4.5 percent from the previous month as the central bank stepped up its defence of the naira currency, figures on the bank’s website showed.

The reserves of Africa’s biggest economy and top oil producer stood at the same level as in June this year and were down from $38.45 billion on Nov. 2, the data showed on Wednesday.

The naira has

Australia's economic growth slower than expected

Australia has reported weaker-than-expected economic growth between July and September, due largely to a drop off in mining investment.

Its economy grew 0.3% in the third quarter, compared to the previous quarter, and was up 2.7% year-on-year, according to official numbers.

Economists had expected quarterly growth of 0.7% for the period and year-on-year growth of 3.1%.

The Australian dollar fell to

Oil steadies below $73 after hitting five-year low

Brent crude oil steadied below $73 a barrel yesterday, although Russian and Nigerian currencies remained under pressure on persistent doubts over their central banks’ ability to provide support.

With Brent crude trading at about $72, breaking a five-day losing streak, the rouble staged a brief rally but headed lower again, losing 1.4 percent against the dollar.

naira-Dollar

Unease is growing about the Russian central bank’s absence from

Japan's Nikkei hits fresh seven-year high

Japan's Nikkei closed at a fresh seven-year high on Tuesday as investor sentiment was buoyed by talk of the Bank of Japan (BoJ) buying stocks.

The benchmark Nikkei 225 closed up 0.4% at 17,663.22 points.

Earlier, the index had fallen after Moody's Investment Service cut Japan's credit rating by one notch to A1 from Aa3.

Moody's move underlined concerns over Japan's economy after an increase in the national sales tax was delayed.

But analysts said the

Naira depreciation persists in interbank, parallel market

The Naira fell to an all time low against the dollar at the interbank and parallel exchange markets despite measures announced by the Central Bank of Nigeria (CBN).

At the interbank market, the Naira lost another 160 kobo against the dollar as the interbank rate rose to an all time high of N178.70 per dollar. Consequently, the naira depreciated by N13.05 or 7.87 percent against the dollar in November.

Similarly at the parallel market, the Naira lost N17 against the British Pounds Sterling, as N190 exchanged for one pound as at the end of Friday from N173 the previous week.

Foreign exchange dealers attributed the continued depreciation of the dollar to inadequate supply in the market. The inadequate supply it was gathered is being a