Categories Archives: Business

FOREX: CBN Injects $190m Into Banks.

The sum of $190 million has been injected into the foreign exchange market by the Central Bank of Nigeria as the naira remained stable at N371 per dollar in the parallel market. Mr. Isaac Okorafor, Acting Director, Corporate Communications Department, CBN ...

Osinbajo Orders 24-Hour Port Operation.

Acting President Yemi Osinbajo has said that henceforth the Apapa Seaport will now operate for 24 hours with dedicated terminals for exporting farm produce. This was contained in the three executive order he issued to ease government business operation as ...

Naira Remains Firm at N388 to US$.

The naira was firm at N388 per dollar at the close of business at the parallel market on Wednesday. A random sampling by our correspondent showed that the naira stood between N383 and N389 to the dollar at the parallel market. At the close of business on ...

Dangote To Become World Largest Exporter of Rice.

The Africa’s richest man Alhaji Aliko Dangote is expected to be the world largest exporter of quality rice by 2021. The President, African Development Bank (AfDB), Mr Akinwumi Adesina, said this at the Mo Ibrahim Forum in Morocco, adding that the busine ...

FOREX: Naira Falls To N397/$ Despite CBN Effort.

Despite that the Central Bank of Nigeria injected $240 million to the country foreign exchange market on Monday, the Naira depreciated to N397 to a dollar. In a statement by the Acting Director, Corporate Communications, Department, CBN, Isaac Okorafor, o ...

MTN Pays N30 Billion Fine To Nigeria Government.

South African telecommunication giant, MTN has just made a new payment of N30 billion which is about $98 million to the Nigeria government as part of its fine which was imposed on the company by the government via the Nigerian Communications Commission (N ...

Naira Hits 385/Dollar in Parallel Market.

The naira has continued to soar high in the last few weeks, following the intervention of the Central Bank in the foreign exchange market. And according to forex experts, there are indications that the naira may gain more as the CBN narrows the gap betwee ...

Naira Set To Appreciate Further This Week – CBN.

The Central Bank of Nigeria has stated that the naira is expected to appreciate further this week as they are set to inject more foreign exchange into the market in a bid to ensure the availability of forex. This is a move by the CBN that has reaped benef ...

MTN Declares Loss of $200m‎ in 2016.

South African Telecoms giant, MTN, on Thursday announced its first ever loss since they began operations in Nigeria as they stated that they lost over $200m in the year under review, 2016 This was expected considering the huge fine the company had to pay ...

Naira Gains N85 Against Dollar in One Week.

The Nigeria Naira currency has gained over N85 against Dollar in less than one week. This is due to the increased liquidity in the foreign exchange market as Central Bank of Nigeria pumps about $180 million to the parallel market. On Monday, N430 was exch ...

Cashless Policy Extended To 30 More States.

The cashless policy put in place by the Central Bank of Nigeria on withdrawals and deposits has been extended by the Apex bank to 30 more states across the federation. A circular which was issued at the end of the 493rd meeting of the Bankers’ Committee ...

OPEC Reaches Over 90% Compliance in Production Cuts.

Over 90 per cent of the members of the Organisation of Petroleum Exporting Countries (OPEC), have complied to the cartel’s output cuts which were pledged in January. This is according to figures the exporter group uses to monitor its supply, thereby mak ...

Arik Air Vows To Challenge Takeover By FG.

The management of troubled airline, Arik Air has said that they would challenge the takeover of the airline by the federal government via the Assets Management Company of Nigeria (AMCON) in court. This was disclosed by Capt. Ado Sanusi, the airlines Senio ...