Business News in Brief

The Nigerian Federal Capital Territory Administration, FCTA, says it has lost more than fifty percent revenue accruing from outdoor advertisement and signages as a result of the dreaded Coronavirus pandemic.

The Director, Department of Outdoors Advertisement and Signages in the FCT, Dr Babagana Adam revealed this to journalists in Abuja Nigeria’s capital.

The Presidential Task Force on COVID19 has announced reopening of schools in Nigeria  for graduating classes which are Primary six, J.S.3, and SS3.

The National Cordinator of the Presidential Task Force on COVID 19 , Dr Sani Aliyu, made this known while announcing the extension of the eased lockdown which now comes with some modifications.

According to Aliyu,Schools will reopen nationwide only for graduating classes which are Primary Six, JS3, and SS3.

He added that all primary and daycare centers remain closed until further evaluation.

Nigeria’s naira opened 6.2% lower against the U.S. dollar on the official market on Wednesday as traders quoted the currency close to the over-the-counter spot market rate on indications the government would move to conserve dwindling reserves.

In a finance ministry document seen by Reuters on Wednesday, the Minister of Finance Zainab Ahmed said the government would seek to unify the exchange rates to generate more naira from its foreign inflows and manage the rate in a sustainable manner.

The Organisation of Petroleum Exporting Countries (OPEC), Russia and allies have agreed to extend oil production cuts until the end of July, 2020.

The agreement which was made during the 11th OPEC & non-OPEC Ministerial Meeting under the chairmanship of Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy was held via video conference to assess developments in the global oil market.