Goldman Sees Nigerian Naira Extending World-Beating Rally Nigeria’s naira could extend gains that have already made it the best-performing currency in the world this month, said a Goldman Sachs Group Inc. economist — provided policymakers stay on track. The naira has rallied 12% against the dollar in April,[Read More…]
World Bank says Nigeria’s poor growth will weaken West Africa’s economy The World Bank has said that the lower-than-average growth in Nigeria will hold back the sub-region’s economic performance. The Washington-based lender in a report on the economic outlook of Western and Central Africa stated[Read More…]
Minister of Power, Adelabu speaks on Electricity Tariff Adebayo Adelabu, minister of power, has said the electricity tariff will reduce if the foreign exchange (FX) rate drops below N1,000. On April 3, the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under[Read More…]
CBN’s Foreign Currency Collateral directive: NACCIMA insists Customs charge duties in Naira The Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture has demanded that the duties collected by the Nigeria Customs Service be charged in Naira rather than in foreign currency. NACCIMA President, Dele Oye, stated this[Read More…]
Nigeria Govt says it will save N1.5tn, 2.5m meter installations from Tarif hike The Federal Government has raised the amount that it would save this year following the recent hike in electricity tariff for Band A customers to N1.5tn. It also stated that about 2.5 million meters would be[Read More…]
Air Peace chairman alleges big players on Lagos-London route slash prices below cost of operations to cripple the Nigerian carrier Can Air Peace survive the tough competition mounted against it by big Airlines including British Airways, Virgin Atlantic, Air France and KLM? Shortly after Air Peace began flying to London[Read More…]
Full Year 2023: UBA’s profit hits N758bn, a record 277 per cent increase …Bank declares N2.30k final dividend to shareholders United Bank for Africa (UBA) Plc has released its audited financial results for the full year ended December 31, 2023, recording a laudable profit before tax (PBT) of[Read More…]
CBN bans use of foreign currency as collateral for naira loans The Central Bank of Nigeria (CBN) has directed all banks to stop the use of foreign currency-denominated collaterals for naira loans. Adetona Adedeji, acting director of the banking supervision department at CBN, disclosed this in a statement on[Read More…]
FCMB Funds ReelFruit’s Plant To Promote Sustainable Manufacturing First City Monument Bank (FCMB) has financed the newly inaugurated dried fruit manufacturing plant of Nature’s Bounty Health Products Limited(ReelFruit) in Abeokuta, Ogun State to promote sustainable manufacturing practice in the country. Sustainable manufacturing minimises negative environmental impact while conserving energy and[Read More…]
Emefiele Arrives Court For Arraignment On Fresh Charges The immediate-past governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has arrived at the Lagos State High Court in Ikeja for his arraignment over alleged abuse of office. Emefiele, alongside Henry Isioma Omole, will be arraigned on fresh 26 counts[Read More…]
