Money

Naira falls to 361 as dollar demand rises

The Nigeria Naira, which has come under pressure in recent days, fell to 361 against the United States dollar at the parallel market on Tuesday, as traders and investors continued to await details of the proposed flexible foreign exchange policy from the Central Bank of Nigeria. The value of the local currency dipped further as […]

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Oil closes high above $50 on Nigeria supply disruptions

The global oil benchmark, Brent crude, extended its gains on Tuesday, trading above the $50 per barrel mark for the first time since October last year. In a report by Punchng, The further rise in Brent comes as expectations the United States’ crude draws underpinned a market already worried about potential supply shortages from attacks […]

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Adeosun to meets bond investors in London

Indications have emerged that Nigeria may issue another Eurobond any time soon as a Federal Government delegation led by the Minister of Finance, Mrs. Kemi Adeosun, meets bond investors in London on Tuesday, Punchng report. The Federal Government has hinted of plans to borrow from multilateral agencies and the international capital market to fund its […]

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Oando secures N94.6b loan from local banks

Oando Plc yesterday secured a N94.6 billion facility from nine local banks to enable it restructure its debt positions and improve earnings, The Nation report. The financing, coordinated by the mandated Lead Arranger, Access Bank Plc, is a five-year Medium Term Note (MTN) given at the Nigeria Interbank Offered Rate (NIBOR) plus 200 basis points, […]

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Planned forex policy uncertainty pushes Naira to 357 against Dollar

The Nigeria Naira dropped against the United States dollar at the parallel market from 355 on Friday to 357 on Monday, according to foreign exchange traders, reported by Punchng. Analysts and traders linked the drop to the mounting fears among traders and investors over the flexible exchange rate policy proposed by the Central Bank of […]

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Lagos pays N1bn to 257 retirees

The Lagos State Government has issued retirement benefit bond certificates to the tune of N1.002bn to a set of 275 retirees from the Mainstream, Local Government, Lagos State Universal Basic Education Board, Teachers Establishment and Pension Office and parastatals of government, under the Contributory Pension Scheme for the month of May. A statement from the […]

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New forex policy’ll keep naira at 350/dollar – Experts

The Nigeria Naira is expected to trade around 350 per dollar in the coming days as uncertainty over the implementation of the Central Bank of Nigeria’s planned new flexible exchange rate policy persists. The local currency retreated to 350 to the dollar on the parallel market on Thursday from 360 a dollar last week, Punchng report. […]

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$3.5bn MTN fine: Reps gives go ahead for talks

The House of Representatives yesterday said the Nigerian Communications Commission (NCC) can resume talks with MTN Group over the $3.9 billion fine imposed on it while the lawmakers continue an investigation into the penalty. In October last year, NCC fined the telco. The chairman, House Communications Committee, Saheed Fijabi said the NCC should lead the […]

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LASG disburses N147.7m loans to workers

The Lagos State Government says it has so far disbursed a total sum of N147,686,764.77 as housing loan to 667 civil servants in the state to purchase land, build houses and renovate existing accommodation. The Head of Service, Mrs. Olabowale Ademola, stated this during a press briefing in Alausa, Ikeja, on Tuesday, adding that the […]

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FG saves N220bn through integrated payroll system

The Federal Government on Tuesday said it had recorded savings of about N220bn since April 2007 when it commenced the implementation of the Integrated Personnel Payroll Information System. A statement from the Office of the Accountant-General of the Federation said that the amount was expected to increase when other agencies of government would enrol onto […]

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