By Peter OBIORA InvestAdvocate Lagos (INVESTADVOCATE) – The International Monetary Fund (IMF) Wednesday said it has proposed a three-year SDR891 million (about €1 billion; or US$1.34 billion) loan for Cyprus; representing about 563 percent (563%) quota under the Extended Fund Facility (EFF) expected to be approved in May 2013. Christine […]
Author: InvestAdvocate
Naira Advances to Week High as Central Bank Bolsters Reserves
The naira climbed the most in more than a week against the dollar on speculation that the central bank will continue to support the currency by dipping into its rising foreign reserves. The currency of Africa’s biggest oil producer advanced as much as 0.2 percent, before trading 0.1 percent stronger […]
Cypriot finance minister resigns amid crisis probe
Finance minister Michalis Sarris resigned Tuesday after less than five weeks in the job, as the government begins an investigation into how the country’s economy nearly collapsed last month. President Nicos Anastasiades accepted Sarris’ resignation, which came as Cyprus finalized the details of its bailout with international creditors. Harris Georgiades, […]