News - Business and Economy

MPC Meeting To Review Developments In Global, Domestic Market

1 day ago /

The Monetary Policy Committee (MPC) of the Central Bank will be meeting on Monday and Tuesday to review major developments in the global and domestic space. The third meeting of the committee in the year is coming at a time when the global economy is viewed to be in a sweet...

Oando Re-strategizes To Cushion Effect Of FX volatilities

1 week ago /

Oando Nigeria Plc has announced that it has adopted a holistic strategy that would help mitigate impairments resulting from foreign exchange (FX) volatilities in its operations. To this effect, the company disclosed that 90 per cent of its earning would subsequently focus on dollar denomination to cushion the effect of volatilities...

Nigeria’s Public Finance Broken, Recurrent Expenditure In Excess Of Total Revenue - Soludo

1 week ago /

Former Governor of Central Bank of Nigeria, CBN, Professor Chukwuma Soludo,​ has expressed worry over the public finance system, lamenting that recurrent expenditure was in excess of total revenue.   Soludo also accused the current leadership of the apex bank​ of ​playing politics with foreign exchange and monetary policy​, which has negatively...

Forex: NACCIMA Lauds Central Bank’s Sanction Against Banks

1 week ago /

‎The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has commended the Central Bank of Nigeria (CBN’s) decision to stop some banks from participating in the SME wholesale window of the forex market following series of complaints that some of the banks were deliberately frustrating efforts by...

Central Bank Offers $81.2m, As Parallel Market Remains ₦391

2 weeks ago /

The Central Bank of Nigeria (CBN) yesterday, intervened in the foreign exchange market with $81.2 million, covering invisibles and Small and Medium Enterprises (SMEs) segments. Meanwhile, the parallel market rate has remained steady at N391 per dollar, the level it was throughout last week, as a result of the persistent interventions...

Nigerian Government Offers Two-Year Savings Bonds At 13.1%

2 weeks ago /

The Federal Government on Monday offered for subscription two-year savings bond at 13.18 per cent and three-year savings bond at 14.18 per cent, the Debt Management Office (DMO) has said. According to the offer circular derived from the DMO website, the two-year bond will be due in May 2019 while the...

Nigeria Seeks $5.2 Billion From World Bank for Electricity

2 weeks ago /

Nigeria is seeking $5.2 billion from the World Bank to expand electricity generation and help the economy recover from its first contraction in 25 years.   The bank’s private-sector lending arm, the International Finance Corporation, may invest about $1.3 billion in power projects and electricity distribution companies. Its political-risk insurer, the Multilateral...

Dangote To Invest $450m In Sugar Production In Niger State

2 weeks ago /

Industrial giant, Dangote Group, is to invest over $450million in the agricultural sector of Niger State. The amount is for the establishment of a sugar refinery in the state. The Managing Director of Dangote Sugar Refinery Company, Alhaji Abdullahi Sule, disclosed this   in Minna, the Niger State capital  yesterday after...

Experts Call On Central Bank To Publish Forex Allocations To Banks

2 weeks ago /

Some financial experts have commended the CBN for suspending some banks from the foreign exchange market due to some infractions. They advised the apex bank to henceforth publish foreign exchange allocations to banks weekly. The experts, who spoke to the News Agency of Nigeria (NAN) in separate interviews in Lagos on Thursday,...

Ecobank CEO Defends CBN’s Foreign Exchange Policies

2 weeks ago /

The Group Chief Executive Officer of Pan-African lender, Ecobank Group, Mr. Ade Ayeyemi, on Thursday defended the foreign exchange policies and actions of the Central Bank of Nigeria. According to him, the regulator is on course in addressing the challenges of the market. In an interview on Bloomberg Television from the World...

CBN Disburses ₦33 Billion To Farmers Via Anchor Borrowers Programme

2 weeks ago /

The Central Bank of Nigeria, CBN, yesterday, said it had disbursed N33.34 billion to 146,557 farmers under the Anchor Borrowers Programme, ABP. The apex bank also said contrary to speculations, farmers on the scheme have commenced repayment of the loans. The CBN disclosed this in a statement issued, yesterday, saying: “Details of...

Nigeria Can Fund 2017 Budget With Recovered Loot - Reps, NLC

3 weeks ago /

The Nigeria Labour Congress, NLC, and some concerned members of the House of Representatives have expressed optimism that with the revelation so far made on recovered money, the country could fund its annual budget without recourse to external borrowing.    Some members of the House, specifically, argued that if necessary policy measures...

World Bank, Others To Support Nigeria’s Power Sector

4 weeks ago /

The Nigerian Government has come into an agreement with the World Bank group to scale up disbursements for critical projects in the country. Finance Minister, Mrs Kemi Adeosun told journalists in Washington at the end of the World Bank/IMF Spring Meetings that the power sector in particular, has received the backing...

IMF endorses Nigeria’s Economic Recovery Plan

1 month ago /

The International Monetary Fund (IMF) wednesday endorsed the Economic Recovery Growth Plan (ERGP) 2017-2020, launched recently by the federal government applauding it as “how fiscal policy should be thought in developing countries.” The Fund’s Director, Fiscal Affairs Department, Mr. Vitor Gaspar, conveyed its position on the plan while responding to a...

CBN Pumps $100m Into Forex Market

1 month ago /

The Central Bank of Nigeria (CBN) has pumped an additional $100 million into the foreign exchange market, after releasing $280 million on Tuesday. The bank has offered additional $100 million to authorised dealers to meet the 7 to 15-day forwards requests of customers. Isaac Okorafor, the bank’s spokesperson said the authorised dealers...

Nigeria’s Revenue Can’t Sustain Interest Payment On Debt – World Bank

1 month ago /

Although, Nigeria’s total current debt is relatively low compared to the Gross Domestic Product, the interest rate payment is not sustainable by current revenues, the World Bank has said. Senior Economist at World Bank office in Nigeria, Yue Man Lee, said this in Abuja on Wednesday on the sideline of the...

Nigeria needs reform to avoid future forex crisis – World Bank

1 month ago /

The World Bank, Wednesday, said Nigeria needs to reform its finance to avoid any future foreign exchange crisis. According to the World Bank Chief Economist for Africa, Albert Zeufack, exchange rate adjustments could lead to higher inflation. Reuters news agency quoted Mr. Zeufack as saying that making fiscal adjustments in the country’s...

World Bank Plans Equipment Centre For Plateau Farmers

1 month ago /

In its continuous efforts to support Nigerian farmers under the FADAMA project, the World Bank is to establish Agricultural Equipment Hiring Enterprise (AERE), in Garkawa, Pankshin and Jos. The National FADAMA Coordinator, Mr. Tayo Adewunmi, made this revelation at the flag-off ceremony for dry season rice production at Kalong, Shendam Local...

Presidency Plans Chamber Of Commerce For Niger Delta Youths

1 month ago /

The Vice President, Prof. Yemi Osinbajo, has said that the Presidency would sustain the ongoing anti-corruption fight and ensure that the system is cleaned up so that government business was done the right way. He said this in Abuja during a courtesy visit by the Nigerian Association of Law Teachers (NALT)...

Cross River Partners South Africa In Agriculture, Tourism Development

1 month ago /

The Cross River State government has announced its partnership with the North West Province of South Africa to develop agriculture and tourism sectors. Governor Ben Ayade disclosed this yesterday in Calabar, while addressing the Mafikeng delegation that was in the state for a three-day working visit. He explained that the partnership would...


‹ Prev 1 2 3 4 5 ... 50 Next ›