Nigerian producers want the central bank to set a trading band for naira to help stem weakness in the currency and reduce the impact on manufacturing costs. Manufacturers Association of Nigeria, a industry body, said limited dollar liquidity and high exchange rate costs had weakened industrial production since currency reforms were announced in June. “Despite the recent reform to unify all forex windows, the exorbitant premium that persists between the official and parallel exchange rates have further stalled manufacturing operations,” it said in emailed report on Wednesday. “The short-term remedy will require managing the floating exchange rate system.” The government…

There are a number of ways you can build wealth, from founding a successful start-up to receiving a hefty inheritance. For the everyday consumer, though, becoming wealthy usually requires a longer-term strategy. That can include a number of components, such as budgeting, investing and managing your money well. The most important factor in building wealth: your salary, according to 67% of both millennials and Gen Zers, a recent survey from financial services company Empower found. The younger generations chose salary above other wealth-building factors such as being debt-free, job stability and living below your means. While earning a high salary…

Foreign investment in Nigerian stocks fell last month to its lowest level since President Bola Tinubu’s reforms that sparked a massive rally in the equities market, new data from the nation’s bourse show. The total amount of stocks bought by foreign investors plunged to N9.45 billion from N22.72 billion in June, according to data from the Nigerian Exchange Limited (NGX). Stocks worth N31.09 billion were offloaded by foreigners in July, compared to an outflow of N23.02 billion in the previous month. Foreign inflow into Nigerian stocks had jumped more than seven-fold in May to N27.51 billion, its highest level since…

Flour Mills of Nigeria Plc, the West African nation’s biggest miller, reported its first loss in about four years as naira’s depreciation increased the company’s cost of servicing overseas loans. The Lagos-based company reported a loss of 10.2 billion naira ($13.2 million) in the three months to June 30, compared with a profit of 5.63 billion naira a year ago, according to a regulatory filing. The firm posted a foreign-exchange loss of 22.5 billion naira. “Without the devaluation of the exchange rate, the operating profit would have increased by 52%,” Flour Mills said. Six of the nation’s biggest companies announced…