The Central Bank of Nigeria (CBN) has injected another $262.5m into the foreign exchange market. Nigeria’s apex bank announced this on Friday. The intervention is targeted at the agricultural, airlines, petroleum products and raw materials and machinery sectors. Isaac Okorafor, the Acting Director in charge of Corporate Communications of the CBN, said the fund will […]
Continue Reading
Data obtained by FBNQuest Research has shown that gross inflows into the Federation Account have amounted to N6.14tn in 12 months. In the 12 months through to September 2017, the gross flows into the Federation Account amounted to N3.51tn from oil revenue and N2.63tn from non-oil revenue, a report by the research firm stated. FBNQuest […]
Continue Reading
Flour Mills of Nigeria will market a share sale to existing investors on Jan. 15 to raise N39.86 billion (130 million dollars). The Nigeria Stock Exchange has granted the approval for the right issue. The flour and pasta maker will offer 1.47 billion shares at 27 naira a piece, an 18.2 per cent discount to […]
Continue Reading
The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria, have set a Jan. 16 deadline for receipt of binding offers from prospective bidders to acquire debt-laden telecom firm 9mobile. The telecoms company stated that Barclays Africa will review bids submitted before the deadline and make recommendations to 9mobile. Nigerian lenders picked Barclays Africa […]
Continue Reading
The World Bank forecasts that economic growth in Nigeria would edge up to at least 2.5 per cent in 2018, as the country benefits from improved commodity prices, investments and trade. The Bank om its January 2018 Global Economic Prospect report launched on Tuesday in Washington DC noted that Nigeria’s Gross Domestic Product (GDP) is […]
Continue Reading
Nigeria’s external reserves has hit $40.4 billion – its highest level since October 2014. This represents an increase of about $1 billion between December 2017 and January 2018. Isaac Okorafor, spokesman of the Central Bank of Nigeria (CBN), disclosed this in a statement on Monday. He said the new figure makes true, the projection which […]
Continue Reading
The federal government has said it is targeting to export about 480 tonnes of yam, equivalent to 20 container monthly in 2018. The Technical Committee on Nigeria Yam Export Programme revealed this on Monday in Abuja. Simon Irtwange, the chairman of the committee, told newsmen that the target would be achieved if all the challenges, which […]
Continue Reading
The Nigeria Customs Service (NCS) has expressed the hope to exceed 2017 record of revenue collection performance in 2018, appealing for support from all Nigerians. The Public Relations Officer, Mr Joseph Attah, told newsmen on Friday in Abuja that the NCS received Federal Government support in 2017 “and this would translate to more patrol vehicles […]
Continue Reading
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru said 4501 petrol trucks were simply untraceable, vanishing from the Nigerian radar, during the biting fuel supply crisis. “Due to massive diversion, hoarding, panic buying and smuggling, coupled with the information that three Direct Sales Direct Purchase Consortia had rejected October cargoes, […]
Continue Reading
Depot and Petroleum Products Marketers Association (DAPMAN) on Wednesday agreed with the Federal Government to allow the pump price of petrol remain at N145 per litre, reversing their previous stance on the pricing of the commodity. The Chairman of DAPMAN, Dapo Abiodun, had on Tuesday, stated that the marketers could no longer import petrol at […]
Continue Reading