No fewer than 2,780 of the total of 2,990 Bureau De Change Operators (BDCs) in Nigeria have been discovered to be unable to meet the foreign exchange requirement on Know Your Customer (KYC) stipulated by the Central Bank of Nigeria (CBN), investigations have revealed. Consequently, the affected 2,780 BDCs were denied access to the new […]
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Nigeria imported $227 million worth of sugar in the first seven months of this year, a report by the Central Bank of Nigeria (CBN) has revealed. According to the CBN’s compilation of funds used for sugar imports reported by Bloomberg yesterday, the highest monthly value of imports of $79.1 million was recorded in June. The […]
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The Naira on Wednesday depreciated further against the dollar, amid last minute perfection of documentation by Bureau De Change (BDC) operators, the News Agency of Nigeria reports. The Nigerian currency lost one point to exchange at N394 to the dollar at the parallel market; while it traded at N505 and N440 against the Pound Sterling […]
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The FMDQ OTC Securities Exchange recorded 36.13 per cent growth in fixed income and currency markets transactions in July. The company posted transactions worth ₦12.74 trillion in July compared with ₦9.36 trillion recorded in the preceding month, indicating a growth of 30.60 per cent or ₦3.38 trillion. A breakdown of the report indicated that foreign […]
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Vice-President Yemi Osinbajo has said that the deregulation in the petroleum sector and the flexible exchange rate would lead to an increase in the Foreign Direct Investment. Osinbajo was said to have stated this while answering reporters’ questions after participating in the Lagos Chamber of Commerce and Industry’s Presidential Policy Dialogue in Lagos. His Senior […]
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The Nigeria Sovereign Investment Authority (NSIA), manager of Nigeria’s sovereign wealth fund, has signed a $700 million (about N224.17 billion) real estate and agriculture deal with South Africa’s Old Mutual Investment Group (OMIG). Under the deal, signed in Abuja at the weekend, NSIA will partner with South Africa’s OMIG UFF Agri-Fund to establish a $500 […]
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This came some months after the group was reacquired from Tiger Branded Consumers Goods Plc. The group posted a profit before tax of N2.64bn in the half-year ended June 30, 2016, compared to a loss of N9.55bn posted in the corresponding period of 2015. Dangote Flour Mills consist of Dangote Flour, Dangote Pasta, and Dangote […]
Read More The reason Nigeria Naira is on a free fall was explained by Godwin Emefiele, the CBN Governor. He said the country’s currency depreciated against the Dollar because the nation has nothing to export except oil. Emefiele disclosed this during a career talk organised for the teenagers of Redeemed Christian Church of God (RCCG) at TEAP school, Abuja. He […]
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The Abuja-Kaduna train service recorded N5 million revenue within the first two weeks of operation, Mr Fidet Ikhiria, Acting Managing Director of Nigerian Railway Corporation (NRC), has said. Ikhiria made this known to reporters while travelling on the train from Abuja to Kaduna on Saturday. The Managing Director of News Agency of Nigeria (NAN), Mr […]
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First Bank of Nigeria at the weekend absolves itself of any involvement in the alleged N11.2 billion fraud at Nigerian Ports Authority (NPA). This came as a response to an online medium, PREMIUM TIMES’s report on Saturday that the new management of the NPA has uncovered an alleged fraud totalling N11.23 billion involving the foremost […]
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By: Dele Adelaja, At about N13.595bn which belongs to the Nigerian Ports Authority (NPA) is held in three commercial banks and the Treasury Single Account (TSA) in the Central Bank of Nigeria (CBN). According to report, Of which about $24.1million (N9.399billion at N390 to a dollar) of the sum was lodged with Heritage Bank. Nothing was said […]
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By: Bisola Adeola, Mr. Demola Banu, a Kwara State Commissioner for Finance, has said the continued depreciation of Naira is negatively affecting banks, other financial institutions and the whole economy at large. He also said it was increasing loan default by bank customers, adding that many micro-finance banks in Nigeria that did not attach loans with securities […]
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