Business News

CBN unveils flexible exchange rate

 says reserve still robust By Abimbola Fashakin, Lagos The Governor of the Central Bank of Nigeria (CBN), Dr. Godwin Emefiele has reeled the detailed components of the flexible foreign exchange regime.

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Naira appreciates against Dollar

The Naira, on Friday, appreciated against the dollar at the parallel market, trading at N352, from N370 traded on Wednesday.

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Breaking News: MTN bows to FG, agrees to pay $1.7b fine in three years

By Abimbola Fashakin, Lagos Telecoms giant, MTN Group has agreed to pay a whooping N330 billion ($1.7 billion) fine to the Federal Government.

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Lagos organises wealth creating summit

L-R: Deputy Governor of Lagos State, Dr. (Mrs.) Oluranti Adebule; Chairman, Lagos State House of Assembly Committee on Wealth Creation, Hon. Sola Giwa; Economic Adviser to the President, Dr. Yemi Dipeolu

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Operators urge FG to address forex constraints facing domestic carriers

By Abimbola Fashakin, Lagos  Airline Operators of Nigeria (AON) has called on President Muhammadu Buhari to urgently intervene in addressing the failure to make foreign exchange available for indigenous airlines to avoid any threat to air safety as well as avoidance of collapse to the air transportation system. 

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Nigeria stock market firms up in May, as trading hits 7.52bn shares

By Abimbola Fashakin, Lagos Market capitalisation of the Nigerian Stock Exchange appreciated by N880 billion in the outgone month of May as value of shares held by investors in the various companies rose by that amount.

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Hassan Usman now Jaiz Bank substantive MD

Jaiz Bank Plc yesterday announced the appointment of Hassan Usman as its substantive managing director. He is to run the affairs of the bank subject to the approval of Central Bank of Nigeria (CBN).

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Economy: FG delegation to meet bond investors in London next week

By Abimbola Fashakin, Lagos with agency reports Indications have emerged suggesting that a delegation of the Federal Government is set to meet with bond investors in London next week in what experts consider as a move to shore up the nation’s financial base needed for financing the series of infrastructure developments in the country.

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Diamond Bank explains sack of 200 workers

By Abimbola Fashakin, Lagos The management of Diamond Bank has justified its decision for sacking 200 of its members of staff last Friday.  In a statement issued on Wednesday obtained by BLACKFACE, the bank stated that move was in line with its strategic plan to drive shareholders’ value.

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Power: Nigeria loses N2b as reserve records zero generation

By Abimbola Fashakin, Lagos  The Nigerian Electricity Supply Industry (NESI) on Tuesday recorded zero Mega Watts in the nation’s spinning reserve. 

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