BUSINESS

EXCESS FOREX: Banks seek customers for excess forex

Commercial banks in Nigeria are seeking customers to buy surplus foreign currencies they hold following the flooding of the banks with dollars by the Central Bank of Nigeria (CBN). In an effort to support and shore-up the value of Naira, ...

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Telecoms operators seek direct FOREX allocation

The Association of Licensed Telecommunications Operators of Nigeria (ALTON) said in Lagos on Saturday that the sector deserved to be supported with direct Foreign Exchange (FX) allocation. ALTON Chairman, Mr Gbenga Adebayo who said  this in a statement added that ...

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N541b debt: NCC, CBN avert takeover of Etisalat

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have got reprieve for Etisalat on the loan default crisis facing the company. In a statement on Saturday, Tony Ojobo, director of public affairs of NCC, said the ...

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Oil prices sink to 3-month low

Oil price is rapidly declining, this time, it has fallen to a three-month low. West Texas Intermediate is trading below $50, while Brent crude, the global benchmark for oil is hovering around $52 per barrel, its lowest price levels since ...

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FG finally releases three-year economic recovery plan

The Federal Government has released the Economic Recovery and Growth Plan (ERGP) which unveils a road map for Nigeria’s economic recovery growth and sustainable development. James Akpnadem, Media Adviser to Senator Udoma Udo Udoma, the Minister of Budget and National Planning, ...

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CBN injects additional $100m into market to ease FOREX

The Central Bank of Nigeria (CBN) on Tuesday injected another sum of 100 million dollars into the interbank foreign exchange market, its acting Director, Corporate Communications, Isaac Okorafor has said. Okorafor said the measure became necessary as part of the ...

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Shell shuts Bonga, cuts Nigeria’s production to 1.88m barrels

Shell Nigeria Exploration and Production Company Limited (SNEPCo) has announced the shutdown of its Bonga oil field, for necessary maintenance. This singular action by Shell has cut Nigeria’s daily oil production levels from 2.1 million barrels to 1.875 million barrels. ...

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NCC insists on quality service, queries Airtel, Etisalat and MTN

Worried by the degenerating Quality of Service (QoS) provided by Mobile Network Operators (MNOs) and other service providers, the Nigerian Communications Commission (NCC) has declared a state of emergency on the Quality of Service. As part of measures to cushion ...

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Naira gains against the dollar at parallel market

The dollar on Monday crashed against the Naira, as the Nigerian currency gained 5 points at the parallel market against the greenback. The Naira traded at N460 to a dollar, after speculators had forced it 3 points down amid liquidity ...

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CBN orders banks to meet dollar demands in 48 hours

The Central Bank of Nigeria (CBN) has directed commercial banks  to henceforth process and meet the demand for dollars and other foreign currencies within 48 hours. In a circular made available to journalists, on Sunday in Abuja, the Director, Financial ...

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