Business News

CBN re-admits eight suspended banks into forex market

 By Abimbola Fashakin, Lagos   The Central Bank of Nigeria (CBN) has cleared the remaining eight commercial banks previously banned from trading in the interbank foreign exchange (forex) market.   The lenders were accused of withholding $2.3 billion belonging to the Nigeria National Petroleum Corporation/Nigeria LNG Gas.   The CBN announced on Wednesday that the affected banks can now commence ...

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Kano moves to boost youths, women empowerment with N2b

 By Musa Madobi, Kano   Kano State Government is set to distribute over N 2 billion micro-finance loans to all deserving women and youths across all the 44 local government councils of the state.   Speaking to newsmen on Wednesday, Commissioner of Finance, Prof. Kabiru Isah Dandago said the gesture was meant to ensure that youths and women become self-reliant ...

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AERO Contractors suspends scheduled operations

 By Abimbola Fashakin, Lagos   The management of Aero Contractors Airlines has announced that it would suspend the company’s scheduled services from Thursday September 1, 2016.   A statement from the management of the airline said the development was part of the strategic business realignment to reposition the airline and return it to the part of profitability.   The statement ...

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Nigerian equity market records 0.25 per cent growth

By Abimbola Fashakin, Lagos Activities at the Nigerian Stock Exchange (NSE) on Wednesday ended on a positive trend with market indicators rebounding by 0.25 per cent.

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Naira slides to N495 to a Dollar, N505 to Pounds

‎By Abimbola Fashakin, Lagos The Naira on Friday suffered further loss against the dollar at the parallel market as it lost one point to the U.S. currency. The Naira exchanged at N395 to the dollar from N394 it posted on Thursday, while it traded at N505 and N442 to the Pound Sterling and the Euro, respectively. At the Bureau De ...

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FG set to pay derivation as Lagos formally becomes oil producing state

By Olaolu Oladipo, Lagos The Chairman of the Indices and Disbursement Committee of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Alhaji Aliyu Mohammed the verification of oil and gas production from Aje oil wells in Lagos State was for the purpose of disbursement of the 13 per cent Derivation Fund to the state. Speaking when he met with Governor ...

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Naira may appreciate to N300 per dollar BDC operator

A Bureau De Change (BDC) operator, Mr Harrison Owoh, on Monday predicted that the Naira might appreciate to N300 against the dollar within a week. Owoh said the CBN’s directive to banks to sell $30,000 to BDCs weekly could be responsible for the imminent gain against the dollar. In an interview in Lagos, the Managing Director, H J Trust and ...

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Ekiti rejects grazing reserves, opts to establish ranches

By Sunday Aloba, Ado Ekiti Ekiti State Government has rejected any planned moves by the Federal Government to establish grazing reserves in the state, rather it has opted to establish cattle ranches across the three senatorial districts of the state. This was made known to the media on Wednesday by the member representing Ikole State Constituency 1, Hon. Gboyega Aribisogan ...

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UK launches 24-hour visa service in Nigeria

The United Kingdom has launched Super Priority Visa Service in Nigeria, which the High Commission in the country stated is to allow customers to process their applications within 24 hours. According to a statement on its website, the High Commission said the new service was to particularly meet the needs of those who required urgent service to travel. The statement ...

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‘Forex allocation for Hajj pilgrims predates current fiscal adjustment’

By Abimbola Fashakin, Lagos The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele has reacted to criticism trailing the decision of the apex bank to sell the Dollar to Muslim pilgrims at N197.

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