All posts by BusinessNews Staff

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  CBN sells $2.188bn to banks in three months

  As the Central Bank of Nigeria (CBN) continues with its demand management policy in foreign exchange (forex) allocation to financial institutions, the returns on foreign exchange utilisation have shown that it sold a total of $2,177,999,996 to...

  • Posted June 7, 2016
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  Another 140,000 bpd shut in as Agip, AITEO close operations in Bayelsa

  Nigeria’s crude oil production capacity has again dropped by 140,000 barrels per day (bpd) from the renewed activities of the Niger Delta Avengers (NDA), a new militant group in the country’s Delta region. The News Agency of...

  • Posted June 7, 2016
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  We have refunded N27bn illegally charged bank customers – CBN

  In continuation of its consultation with major stakeholders in the economy, the Central Bank of Nigeria (CBN) at the weekend met with members of the Nigeria Labour Congress (NLC). At the meeting, the Consumer Protection Department of...

  • Posted June 7, 2016
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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...

  • Posted June 7, 2016
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  Electricity drops to zero six times in one month

  The nation’s power generation plunged to zero megawatt six times last month, the highest level since 2009, industry data obtained by our correspondent on Friday showed. Electricity supply to households and businesses across the country dropped significantly...

  • Posted June 6, 2016
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  Power firms insist on mass disconnection of debtors

  Power distribution companies say they will go ahead with mass disconnection of electricity consumers who fail to pay their bills, especially historic debtors, such as the Ministries, Departments and Agencies of the various levels of government. This...

  • Posted June 6, 2016
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  Telecoms firms kick against communication tax

  Telecommunications operators and subscribers in the country have raised objection to the proposed bill for the imposition of a tax on electronic communication services. The Global System for Mobile Associations, which represents mobile operators worldwide, also joined...

  • Posted June 6, 2016
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  Economic recession looms as analysts predict -2.9% GDP growth rate in Q2

  Analysts at FBNQuest Ltd, an investment and asset management subsidiary of FBN Holdings Ltd, have predicted that, in the second quarter of this year, the economy would record a negative GDP growth rate of -2.9 per cent...

  • Posted June 6, 2016
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  Cautious optimism as oil heads to $60/barrel

  Last week, the United Arab Emirates’ economy minister, Sultan Bin Saeed Al Mansoori, reportedly joined market forecasters, who are looking forward to a $60 per barrel crude oil price by the end of 2016. With crude oil...

  • Posted June 6, 2016
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  IATA: Airlines may boycott Nigeria, other countries with trapped funds

  The International Air Transport Association (IATA) yesterday hinted that foreign airlines may withdraw services in Nigeria and other countries where their revenues were trapped unless they urgently release the trapped money put at about $5.1 billion. Outgoing...

  • Posted June 5, 2016
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