Investor sentiment towards the Nigerian
economy was dealt a blow after Moody’s changed the outlook on the government of
Nigeria’s ratings to negative from stable.
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The Rand has fallen out of favour with
investors today, tumbling roughly 1.0% against the Dollar to hit 14.68
following the abysmal announcement that the South African economy contracted by
0.6% during the third quarter of 2019.
The Nigerian economy continues to
display resilience against heightened geopolitical risks in the form of trade
uncertainty, Brexit, volatile oil prices and global growth fears.
Sequel to an agreement reached between
the Suenu Chieftaincy family and its tenant, United African Company (UAC), a land measuring about 6.531 acres in
Abebe village in Surulere Local Government Area, Lagos State has been taken
over by the family.
Contractors and professionals handling
construction and related tasks at Lagos homes Sangotedo Scheme 1 in Eti-Osa
local government area of Lagos State have been urged to return to the site to
effect the delivery of the houses in the estate within the next three months.
The Naira may struggle to maintain
stability against the Dollar after Nigeria’s foreign exchange reserves
decreased to $39.83 billion in November from $40.55 billion in October of 2019.