Anthony Osae-Brown

Nigeria’s banking ranks are set to shrink as lenders merge in order to meet tough new capital rules.

(Bloomberg) -- Nigeria's banking ranks are set to shrink as lenders merge in order to meet tough new capital rules.

Nigeria’s central bank offered to sell dollars to Bureaux de Change operators in the West African nation at a rate of 1,101 naira, according to a statement on its website, amid ongoing measures to stabilize the local currency.

Nigeria's naira could extend gains that have already made it the best-performing currency in the world this month, said a Goldman Sachs Group Inc. economist — provided policymakers stay on track.

Nigeria’s naira could extend gains that have already made it the best-performing currency in the world this month, said a Goldman Sachs Group Inc. economist — provided policymakers stay on track.

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Nigeria is burning through foreign-exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely.

Nigeria is burning through foreign-exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely.

(Bloomberg) -- Heineken NV's Nigerian unit temporarily shut two factories in the West African nation, plagued by the depreciation of the currency that increased costs and impaired the purchasing power of consumers.

Heineken NV’s Nigerian unit temporarily shut two factories in the West African nation, plagued by the depreciation of the currency that increased costs and impaired the purchasing power of consumers.