Speaking at a news briefing in Washington on Wednesday, Gene Leon, the International Monetary Fund (IMF) chief for Nigeria, says the Nigerian naira is overvalued by about 10 percent to 20 percent. “The Nigerian economy has been hit by lower oil prices and lower production and the need for adjustment is recognised by the government,” […]
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The Federal Executive Council (FEC)has approved a $1.3 billion loan credit facility for the commencement of the Development Bank of Nigeria. The approval came on the heels of a memo submitted by the Finance Minister, Kemi Adeosun seeking council’s ratification on the loan’s request. Adeosun, who briefed State House correspondents on the outcome of FEC […]
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The National Union of Petroleum and Natural Gas Workers, NUPENG, has suspended its nationwide strike which began on April 2. The suspension followed the intervention of the Group Managing Director of the Nigerian National Petroleum Corporation( NNPC), Dr Maikanti Baru. According to Mr Ndu Ughamadu, NNPC group General Manager, Group Public Affairs Division on Monday […]
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…Tony Elumelu states “Transcorp will light up Nigeria”. At the 11th Annual General Meeting of Transnational Corporation of Nigeria Plc (“Transcorp”), the Board of Directors confirmed their confidence in Transcorp’s growth trajectory and affirmed the Company’s commitment to increasing yield and returns to shareholders, while continuing its significant capital investment strategy. Despite the difficult economic climate, revenue grew by 46% in 2017 (N59.42bn). Transcorp is Nigeria’s leading listed conglomerate, active in the power, […]
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Nigeria Customs Service (NCS) has decided to adopt electronic platform to conduct the auction of seized goods to ensure transparency. Mr Joseph Attah, NCS spokesman, told the News Agency of Nigeria (NAN) on Friday in Abuja that the platform was presently undergoing user acceptability test. “What that means is that in the very near future […]
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MTN has made a payment of N30 billion ($98 million) to the Nigerian government in part settlement of a N330 billion fine imposed on the telecoms group for not disconnecting unregistered SIM cards, an MTN source told Reuters on Thursday. Africa’s largest telecoms company has already paid 80 billion naira of the total amount owed, […]
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The Central Bank of Nigeria (CBN), on Tuesday slashed the rate at which it sells forex to Bureaux De Change (BDCs) in Nigeria to N360 and directed the BDCs to sell to end users at not more than N362 to a dollar, the News Agency of Nigeria, NAN, reports.. This is coming barely 24 hours […]
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The Central bank of Nigeria, CBN, on Monday directed all deposit money banks to immediately commence the sale of foreign exchange to their customers at not more than N360 to the dollar. The spokesperson of the CBN, Isaac Okarafor, said all customers requesting forex for their basic transport allowance and personal transport allowance, tuition and […]
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United Bank for Africa (UBA) Plc, the pan-African financial services group, operating in 19 African countries, has released its audited 2016 full year results, showing significant growth in gross earnings and profits, an attestation to its resilience, enhanced productivity and geographic diversification, evident in the impressive contribution from its African subsidiaries. The Group recorded an […]
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The Senate Committee on Customs, Excise and Tariff, has commenced investigation into alleged N4 trillion revenue leakage in the Nigeria Customs Service between 2006 and 2016. The Chairman of the committee, Hope Uzodinma, made this known in an interview with journalists on Sunday in Abuja. He said that the committee would stop at nothing in […]
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