News - Business and Economy

Central Bank Chief Highlights Benefits Of Movable Assets, Credit Reporting Acts

3 months ago /

Central Bank of Nigeria (CBN) Governor, Mr. Godwin Ifeanyi Emefiele, at the weekend expressed satisfaction with the Secured Transactions in Movable Assets Act (otherwise known as National Collateral Registry Act) and the Credit Reporting Act, that were recently signed into law by acting President Yemi Osinbajo, saying they would help...

Senate Moves Against CBN Over Financial Recklessness

3 months ago /

The Senate has made a bold move at checkmating alleged recklessness of the Central Bank of Nigeria (CBN) on intervention fund spending on yearly basis.This is as it frowns at the N1.23trillion spent by the Apex Bank in 2015 far exceeding the totality of 5% of CBN total revenue in...

Senate Reads Riot Act To Milk Producers

3 months ago /

The Nigerian Senate President,  Bukola Saraki, has decried the failure of dairy companies in the country to produce milk locally for their operations, warning that the situation where they resort to importation is no longer acceptable.Saraki gave the warning on Wednesday when a delegation from Friesland Campina Group, manufacturers of...

SEC Threatens To De-Register 400 Capital Market Operators

3 months ago /

The Securities and Exchange Commission (SEC) has threatened to revoke the registration of about 400 capital market experts and professionals if they failed to comply with the directive to provide updated information of their companies by July 31, 2017. This was made known in a circular issued by the commission yesterday...

NSE Market Capitalization Increases By ₦76 Billion

3 months ago /

The upward trend continued on the Nigerian Stock Exchange on Wednesday for the second consecutive day with the market capitalisation increasing by N76 billion. The News Agency of Nigeria reports that the market capitalisation which opened at N10.121 trillion, rose by N76 billion or 0.75 per cent, to close at N10.197...

Lagos State Govt To Use Environmental Plan For Job Creation

3 months ago /

The Lagos State Government has announced that its desire to ensure a cleaner environment will also be an avenue of job creation for unemployed youths. The Commissioner for the Environment, Dr Babatunde Adejare, stated this during an interactive meeting organised by the Ministry of Local Government and Community Affairs for Community...

PIGB: APC, Stakeholders In Oil Industry Commend Senate

4 months ago /

The All Progressives Congress (APC) and other stakeholders in the oil industry have commended the Senate on the passage of the Petroleum Industry Governance Bill (PIGB). In a statement by the APC National Publicity Secretary, Mallam Bolaji Abdullahi, on Thursday in Abuja, the party said the Bill aimed to reform the...

NNPC To Invest In Telecoms, Shipping Sectors

4 months ago /

The Nigerian National Petroleum Corporation, NNPC, on Wednesday said it would invest in the telecommunications and shipping sectors. A statement released by the Group General Manager, Group Public Affairs Division, NNPC, Ndu Ughamadu, stated that the NNPC already had investments in the health sector, adding that its desire to expand to...

DBN Plans 20,000 Credit Facilities To SMEs In First Year

4 months ago /

Development Bank of Nigeria plans to give out up to 20,000 new loans to small businesses within its first year of operation as part of efforts to help unlock credit to the economy. Small scale enterprises make up 60 percent of Nigeria’s economy.  Chief Executive Officer of DBN, Tony Okpanachi, told...

Nigeria’ll Not Recover From Foreign Currency Shortage Soon – Moody’s

4 months ago /

Moody’s Investors Service says it may take a while for Nigeria and other sub-Saharan countries to recover from the foreign currency shortage at the forex market. In a report titled, 'Foreign Currency Shortages are Subsiding But Will Take Time To Overcome', the agency said although foreign currency shortages in Nigeria and...

MPC Meeting To Review Developments In Global, Domestic Market

4 months 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

4 months 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

4 months 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

4 months 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

4 months 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%

4 months 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

4 months 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

4 months 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

4 months 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

4 months 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...