CBN Directs Banks, Forex Dealers To Accept Lower Denominations Of USD
The Central Bank of Nigeria (CBN) has directed Deposit money banks (DMBs) in the country to accept both old series and lower denominations of United States Dollars (USD) that are legal tender for a deposit from their customers. In a circular on Thursday signed by the Director, Currency Operations Department (CBN), Ahmed Umar, the apex […]
High Inflation Tormenting Mortgage Banks
The Managing Director of Infinity Trust Mortgage Bank (ITMB), Dr. Olabanjo Obaleye, has lamented the depreciation in the exchange rate and that rising inflation are hurting the housing sector and mortgage banks. Obaleye disclosed this in Abuja, during the earnings conference organized by the financial institution to relay information about the performance of ITMB to […]
Lack Of Access To Adequate Forex Causes Flight Delays, Cancellations
To say the country’s aviation sector, particularly its domestic airline business is in a bad shape may not be an exaggeration given the series of flight delays and cancellations. This is just as key players are calling on the Central Bank of Nigeria (CBN) to make available enough forex to the domestic airlines to enable […]
CBN Governor Emefiele Says Govt Targets $504b Goods In AfCFTA Deals
The African Continental Free Trade Agreement (AfCFTA), when fully implemented, could afford Nigerian companies preferential access to African markets worth $504.17 billion in goods, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has said. Delivering his remarks at the Zenith Bank’s 2021 Export Seminar held virtually in Lagos, Emefiele said an additional $162 billion […]
FG Recorded N485.51bn Fiscal Deficit In January – CBN
The Federal Government recorded an N485.51bn fiscal deficit in January, statistics obtained from the Central Bank of Nigeria have shown. According to the monthly economic report for January released by the CBN on Friday, the low revenue performance in January was due to the decline in non-oil receipts following the lingering effects of the COVID-19 […]
18.17% Inflation Rate, Unhealthy For Nigerians, Economy —MAN
The Manufacturers Association of Nigeria (MAN) has described the recent 18.17 percent inflation figure released by the Nigeria Bureau of Statistics (NBS), as worrisome and very unhealthy for the well-being of Nigerians and the nation’s economy. While calling for proper management of the situation before getting out of hand, the Director-General of the association, Segun […]
States In Dread Mode As Revenues Plunges
Dread seems to be the mood in most government spheres across the 36 states of Nigeria as the certainties of the cash crunch induced by the COVID-19 pandemic continue to bite harder. Revenue is plunging as evident in the Internally Generated Revenue at State Level (Q4 and Full Year 2020) report just published by the […]
Dangote Stop The Export Of Cement To Meet Local Demand
The Dangote Cement Plc. has denied selling its products at higher rates in Nigeria than elsewhere, saying it has instead lost dollar earnings to meet local demand. The firm said the price of a bag of cement from its factories and plants in Obajana and Gboko is N2,450, and N2,510 at Ibese. Devakumar Edwin, the […]
‘Nigerian Women Are Capable,’ WIMBIZ Writes FG Over Women’s Exclusion From Varsities Governing Council
The Board of Trustees and Executive Council of Women in Management, Business & Public Service (WIMBIZ) have written to the Federal Government over the non-inclusion of women in the newly constituted Governing Councils of the University of Lagos (UNILAG), and four other Federal universities in the country. The other university includes the University of Ibadan […]
All-Share-Index Decline By 0.04 Percent Following Investors Profit-taking
Trading on the Nigerian Exchange Limited (NGX), on Monday closed the first trading session of the week on a negative note, as NSE-All-Share Index (ASI) declined by N81 billion or 0.40 percent. The decline follows the investors’ profit-taking on some recently appreciated stocks, such as Stanbic IBTC Holdings and 19 others. In summary, the All-Share […]
