The Central Bank of Nigeria sold N11.52tn Treasury Bills through the Open Market Operation in nine months, investigation has shown. OMO is principally used to mop up or inject liquidity into the system as a strategy for monetary management by the CBN. It remains the main tool for liquidity management, complemented by discount window activities, […]
The World Bank has appointed Mr Shubham Chaudhuri as the new Country Director for Nigeria, succeeding Mr Rachid Benmessaoud who completed his term recently. A statement issued by the World Bank’s Senior Communications Officer, Nigeria, on Wednesday in Abuja, said Chaudhuri assumed office on Tuesday. It said that Chaudhuri, a U.S. national who grew up […]
The Central Bank of Nigeria has raised the Loan to Deposit Ratio of banks to 65 per cent, after the September 30 deadline given to the banks to meet its 60 per cent directive. The apex bank gave its regulated entities December 31, 2019 deadline to meet its new requirement. It noted that the credit […]
Nigeria will make cuts to its crude oil output to comply with OPEC output targets, Mele Kolo Kyari of the Nigerian National Petroleum Company (NNPC) said on Tuesday. Nigeria’s September crude oil and condensate output was 2.1-2.2 million barrels per day (bpd), the director of its state oil company said on Tuesday. “We will (cut) […]
South African President Cyril Ramaphosa will host Nigerian President Muhammadu Buhari for talks, weeks after xenophobic violence strained economic ties between the two nations. Nigeria recalled its high commissioner and evacuated some of its citizens last month after a spate of attacks in South Africa left at least 12 people dead, two of them foreigners. […]
The Central Bank of Nigeria (CBN) and the Bankers Committee, which comprise of chief executives of banks, will tomorrow, Wednesday, October 2, 2019 take over the operations of the National Arts Theatre along with 40 acres of land that is being donated by the Lagos state government for a Creative Industry Hub. This was revealed […]
As the nation celebrates her 59th independence anniversary, the National Emergency Management Agency (NEMA) received another batch of 161 stranded Nigerian returnees from Libya. Idris Muhammed, the Coordinator, NEMA Lagos Territorial Office, confirmed the development to News Agency of Nigeria (NAN) on Tuesday in Lagos. Mr Muhammed said the Nigerians arrived at the Cargo Wing […]
The Federal Government is planning to borrow fresh N4.6tn within the next three years, covering 2020 to 2022, to finance its programmes, figures obtained from the Ministry of Budget and National Planning have revealed. If the N4.6tn new borrowings scale through legislative scrutiny and get executed, then Nigeria’s indebtedness to local and foreign creditors would […]
The South African Government has granted a request for Air Peace to begin commercial flights to Johannesburg, South Africa. The confirmation was granted last Friday as part of the implementation of the Bilateral Air Service Agreement between Nigeria and South Africa at the meeting of the 9th session of the Nigeria/South Africa Bi-National Commission Summit […]
Nigeria’s September crude oil and condensate output was 2.1-2.2 million barrels per day, the director of its state oil company said on Tuesday. Nigeria will make cuts to crude oil output to comply with OPEC output targets, Mele Kolo Kyari of the Nigerian National Petroleum Company (NNPC) told an industry conference in Fujairah, United Arab […]