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Tuesday, August 22, 2017

Forex users dump BDCs as naira/dollar rates converge

These are not the best of times for Bureaux de change (BDCs) operators. They have been shunned by foreign exchange users following the convergence of...

Why development plans failed in Nigeria, by minister

Nigeria's Minister of Information and Culture, Lai Mohammed stated yesterday that development plans failed because previous governments  ignored cultural dimension of such strategies. According to...

CBN pumps additional $482.6m into forex market

The Central Bank of Nigeria has sustained its intervention in the inter-bank segment of the foreign exchange market by injecting $482.6 million into the...

The Secret Behind Wealth – Oxford Findings

People, particularly rich people, like to think getting rich takes skill and grit. But nobody creates wealth out of the ether, says social geographer...

Oil subsidy gulped N9tn in 10 years, says Oando chief

The Federal Government has spent about N9tn on oil subsidy in the last 10 years, the Executive Director and Chief Financial Officer, Oando Plc,...

CBN sanctions First Bank, GTB, UBA, 12 others for forex infractions

No less than 15 commercial banks were on Tuesday barred from dealing in foreign exchange through the recently created small and medium enterprises, SMEs...

Fuel theft: Senate tasks NNPC to initiate a comprehensive restructuring of...

The Senate has advised that the Nigerian National Petroleum Corporation (NNPC) goes beyond the sacking and redeployment of a few officials involved in fuel...

NNPC set to commercialise communication network

The Nigerian National Petroleum Corporation (NNPC) is set to commercialise some of its critical Information Communications & Technology (ICT) infrastructure. This move is in line...

Naira weakens against dollar at parallel market

The naira on Wednesday, weakened against the dollar at the parallel market, the News Agency of Nigeria reports. The Nigerian currency lost 8 points to...

Buhari’s govt., not low oil prices, caused recession — Pat Utomi

Nigerian economist and politician, Pat Utomi, has chided the Buhari administration for the state of the economy, saying it lacks the capacity for effective...

Naira hits six-month high

The naira reached its highest black market level against the dollar for six months earlier today, the Reuters news agency reports. Traders were quoting a...

Customs suspend import duty payment on old vehicles

The Nigeria Customs Service on Wednesday announced the suspension of the implementation of the payment of import duties on old vehicles. The suspension is in...

Three Nigerian banks set to take over Etisalat

Despite the intervention of the Nigerian Communication Commission, NCC, to broker a peaceful resolution between Etisalat Nigeria and a consortium of banks, it appears...

Economy: Nigeria loses N3.45bn daily as Shell shuts Bonga

Nigeria’s first deepwater development, the Bonga field, has been shut down, causing oil firms and the nation a huge loss of revenue estimated at...

EFCC charges shell, ENI with corruption

The Economic and Financial Crimes Commission (EFCC) has filed new charges in the case against the oil giants Royal Dutch Shell and ENI. The corruption allegations...

Nestle Nigeria profit drops by 67%

Nestle Nigeria Plc recorded a 67 per cent drop in profit for the 2016 financial year. The consumer good company's profit dropped to N7.924bn from...

FG sacks all directors in NCAA

The Federal Government on Friday announced the sack of all the directors in the Nigerian Civil Aviation Authority (NCAA), the Nation newspaper is reporting. The...

CBN reintroduces charges on cash deposits, withdrawals

The Central Bank of Nigeria on Thursday announced the reintroduction of bank charges on certain categories of cash deposits and withdrawals. This came about three...

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