Latest News

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  First Bank gets approval to sell forex to BDCs

  First Bank of Nigeria Limited says it has received the approval of the Central Bank of Nigeria to commence the sale of foreign exchange to licenced Bureau De Change operators. The lender, in a statement on Thursday,...

  • Posted October 15, 2016
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  Textile fund: BoI disburses N13.4bn to beneficiaries

  A total of N13.4bn has been disbursed to beneficiaries of the Central Bank of Nigeria’s textile intervention fund, the Bank of Industry has said. Aside from the Federal Government’s N100bn textile revival fund instituted in 2009, the...

  • Posted October 15, 2016
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  CBN chief stresses need for exchange rate stability

  The Director, Monetary Policy Department of the Central Bank of Nigeria, Mr. Moses Tule, has emphasised the need for exchange rate stability. He stated this in a paper entitled, ‘Economic management and monetary policy: An assessment of...

  • Posted October 15, 2016
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  Forte Oil records N3billion profit after tax in nine months

  Integrated energy company, Forte Oil Plc, has reported a profit after tax (PAT) of N2.8 billion for the nine months ended September 30, 2016, showing a decline of 34.7 per cent compared to N4.3 billion in the...

  • Posted October 15, 2016
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  FG fires 20 FAAN directors, managers

  About 21 senior officials of the Federal Airports Authority of Nigeria were on Wednesday sacked in a major shake-up. Those affected, including directors, general managers and deputy general managers, were reportedly handed their termination of appointment letters....

  • Posted October 14, 2016
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  Senate to review tax laws

  The Senate says it will work to streamline the nation’s multiple taxes in order to improve the ease of doing business. The Senate President, Dr. Bukola Saraki, gave this indication while speaking at the 22nd Nigerian Economic...

  • Posted October 14, 2016
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  SMEDAN, NICON sign MoU on insurance cover

  The Small and Medium Enterprises Development Agency of Nigeria has signed a Memorandum of Understanding with NICON Insurance Limited to boost the Federal Government’s diversification agenda through the empowerment of the informal sector. In a statement on...

  • Posted October 14, 2016
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  Nigeria’s oil output falls below market estimate

  The crude oil production figure provided by Nigeria to the Organisation of Petroleum Exporting Countries for last month was 139,000 barrels per day lower than the estimate from secondary sources. Nigeria, which lost the Africa’s top oil...

  • Posted October 14, 2016
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  Nigerian Banks have strong capital buffers – CBN insists

  The Central Bank of Nigeria (CBN) wednesday allayed concerns over the soundness of Nigerian banks, assuring the public that they are sound and have strong capital buffers. This is just as Fitch, an international ratings agency, acknowledged...

  • Posted October 14, 2016
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  CBN to bar errant bank customers from forex market

  The Central Bank of Nigeria on Wednesday raised concerns about what it called the indiscriminate and suspicious manner some bank customers were spending dollars and other foreign currencies abroad through their naira debit cards. Consequently, the regulator...

  • Posted October 13, 2016
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  Recession: World Bank anchors Nigeria’s recovery on expansionary budget

  After going through economic recession in 2016, Nigeria will experience moderate rebound in 2017, the World Bank has said. The bank, which stated this in its report, Africa’s Pulse, anchored the nation’s revival on the Federal Government’s...

  • Posted October 13, 2016
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  Nigeria loses N3.4tn as crude production drops

  Crude oil production in Nigeria, including condensates and natural gas liquids, fell by 23.94 million barrels in the second quarter of this year, down from a total of 165.62mb in the preceding quarter to 141.68mb. According to...

  • Posted October 10, 2016
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  NERC okays mini-grids for power firms

  Power distribution firms will soon begin the development of mini-grids to augment electricity supply to households, businesses and institutions in the country, the Nigerian Electricity Regulatory Commission has said. This came amid a report from the System...

  • Posted October 10, 2016
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  Banks’ NPLs may worsen with economic recession – Analysts

  The revelation by the Central Bank of Nigeria (CBN) that the banking industry is threatened by a whopping N1.679 trillion non-performing loans (NPLs) has generated reactions from market watchers and economic analysts, who feared the situation may...

  • Posted October 10, 2016
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