News - Business and Economy

Nigeria needs reform to avoid future forex crisis – World Bank

3 months 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

3 months 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

3 months 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

3 months 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...

Reps Set Up Committee To Probe Shell Deal, To Summon Ex-President Jonathan Over Malabu Oil Scandal

3 months ago /

Nigeria’s lower house of parliament has set up a committee to investigate the circumstances surrounding the award of oil prospecting licence (OPL) 245, the committee chairman said on Wednesday.

BDCs Seek N10/$ Margin To Check Sharp Practices

3 months ago /

The Association of Bureau De Change Operators of Nigeria (ABCON) has asked for a N10 margin per dollar from the Central Bank of Nigeria (CBN). Granted, ABCON said, it could check operators’ tendency for round tripping. The group resolved to self-regulate to expose erring members, even as they have already set...

Stakeholders Task NDDC On Niger Delta Development

3 months ago /

Stakeholders, including traditional rulers, community representatives, opinion and women leaders have resolved that contractors and individuals must put the development of the region over personal needs. They urged the contractors to be contented with profit element in their contracts and use the large amount provided for projects to execute good jobs. The...

BDC Directors Move To Narrow Exchange Rate Gaps

3 months ago /

Directors of over 3,000 Bureaux De Change (BDCs) will be meeting today in Lagos, to take strategic decisions on ways to force down dollar rates and narrow the gaps between official and parallel market rates. The emergency meeting became exigent following last week’s sudden depreciation of the naira against dollar, which...

SEC, NSE revoke 21 stockbrokers’ licences for fraud, others

3 months ago /

THE Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE)  have revoked the licences of 21 firms for various infractions, including inability to meet minimum capital requirement, fraud and inactivity. With the deregistration of the firms and revocation of their licences, the firms have been expelled from the market. Besides, all former top officials of the firms would have to go through a special screening and approval before they could be employed by any operator.

CBN Sell-Off $418m To Aviation, Oil, Agric Sectors

3 months ago /

The Central Bank of Nigeria (CBN) has  auctioned $418 million  at a marginal rate of N310 to a dollar, to airlines, agriculture, petroleum and raw materials sub sectors.   The CBN acting Director, Corporate Communications, Mr Isaac Okorafor said in Abuja that the $480m offered last week was  in addition to the...

Adesina: Buhari’s Economic Programme Will Work

3 months ago /

Ongoing efforts to diversify the Nigerian economy will yield positive results, unlike previous years of promises and experimentation, said Mr. Femi Adesina, Special Adviser to President Muhammadu Buhari on Media and Publicity, Thursday in Abuja.   Adesina told a delegation led by the Grand Patron of National Association of Nigerian Students, Amb....

IMF says Naira is overvalued, hints at fresh devaluation

3 months ago /

The International Monetary Fund, IMF, Wednesday, said the Nigerian currency, the Naira, is overvalued to the tune of 10 to 20 per cent. Gene Leon, IMF mission chief for Nigeria, made this known in a separate telephone media briefing Wednesday afternoon. Reuters news agency quoted Mr. Leon as saying that the naira overvaluation is “somewhere...

Buhari: I’ll tackle economic problems the same way I’m fighting corruption

3 months ago /

President Muhammadu Buhari says he will deploy the measures used in fighting corruption to the economic challenges facing the country.

President Buhari launches economic recovery, growth plan

3 months ago /

Nigeria has unveiled its Economic Recovery and Growth Plan (ERGP) containing strategies to bail the country out of recession and spur growth and prosperity. President Muhammadu Buhari launched the document in Abuja on Wednesday almost two years after he assumed office as new President of Nigeria. The plan which is the brainchild...

Ghana, Japan Sign $58.4m Grant Agreements For Road And Health Infrastructure

3 months ago /

Ghana and Japan on Friday signed two grant agreements totalling $58.4 million, geared towards the improvement of international corridor roads and sector budget support to promote health service delivery. The signing of the agreements was initialled for Ghana by Madam Shirley Ayorkor Botchwey, Minister for Foreign Affairs and Regional Integration, while...

Forex Intervention: CBN Accuses Banks Of Sabotage, Warns CEOs

3 months ago /

The Central Bank of Nigeria (CBN) says Nigerians should put a call through to the apex bank, if any commercial bank does not give foreign exchange for genuine demand in 24 hours.

VP OSINBAJO IN PARIS: CALLS FOR COLLABORATION TO RECOVER STOLEN FUNDS.

3 months ago /

Vice President Yemi Osinbajo has called for more robust collaboration to facilitate the recovery of stolen assets. Professor Osinbajo who made the call at the 2017 OECD global anti- corruption and integrity forum in Paris on Thursday, highlighted Nigeria's difficulty in recovering stolen assets from banks abroad. The vice president noted that...

Naira Gains Against Dollar

4 months ago /

The continuous intervention by the CBN in foreign exchange (forex), has caused the Naira to hit the dollar again on Wednesday. The currency traded N400 to a dollar at the black market on Wednesday in Abuja. The News Agency of Nigeria reports that the Naira has also appreciated against the Pound Sterling...

Niger Delta militants cut Nigeria’s revenue – Kemi Adeosun

4 months ago /

The Federation Account Allocation Committee (FAAC) on Tuesday shared N429.1 billion, about N36 billion less than what the three tiers of government shared as revenue for January. And the shortfall, according to the Finance Minister, Kemi Adeosun was caused by the unrelenting sabotage of oil pipelines by Niger Delta militants and...

Central Bank of Nigeria Floods Banks With Dollars

4 months ago /

In an effort to support and shore-up the value of Naira, the (CBN) has flooded commercial banks dollars. The banks are reported to be holding excess forex and were seeking customers to buy foreign the currencies. The banks have cleared the backlog of requests for foreign currencies for basic travel allowance, school...


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