The Central Bank of Nigeria has said that it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks. In a statement on Sunday, the Director, Corporate Communications, CBN, Isaac Okorafor, clarified the uncertainties surrounding the operations of domiciliary accounts in Nigeria. He said, “The bank has not prohibited the acceptance […]
The country’s foreign exchange reserves continued its downward trend as it dropped by $1.64bn from $38.34bn on January 15, 2020, to $36.69bn on February 20, latest figures from the Central Bank of Nigeria has revealed. The apex bank disclosed that the reserves stood at $38.53bn on January 2, 2020. According to the figures, the reserves […]
Socio-Economic Rights and Accountability Project, SERAP, and 192 concerned Nigerians have filed a lawsuit asking the Federal High Court in Abuja to restrain and stop Speaker of the House of Representatives, Mr. Femi Gbajabiamila and all members of the House from spending an estimated N5.04 billion to buy 400 exotic cars for principal officers and […]
Nigeria Deposit Insurance Corporation Emma Ujah The Nigeria Deposit Insurance Corporation (NDIC) had by December 2019 liquidated 425 financial institutions. An Assistant Director (AD) in the Insurance and Surveillance Department of the NDIC, Mr John Abiodun, disclosed this at the Quarterly Forum of the Finance Correspondents Association of Nigeria (FICAN), in Abuja, at the weekend. […]
Oil prices fell about 1% on Friday on renewed concerns about crude demand being pinched by the economic impact of the coronavirus outbreak, while OPEC and allied producers appeared to be in no rush to curb output. The latest signs of infections outside the Hubei province epicentre in China spurred a selloff across financial markets, […]
There was relief among residents of Rivers State as the oil and gas workers’ unions in the state, including the Nigeria Union of Petroleum and Natural Gas Workers, called off their strike on Thursday. Following the strike embarked upon by filling stations and tanker drivers in the state, residents had since Wednesday endured a tough […]
Nigeria must recruit 100,000 additional soldiers to end the long-running insurgency by the Islamist Boko Haram group, the governor of a state at the epicentre of the violence said. The militant group has inflicted “horrific and simultaneous attacks” in Borno state since March 2019, Governor Babagana Zulum said in a statement on Wednesday. “The military […]
Nigerians should be prepared to pay cost-reflective electricity tariffs in order to enjoy the benefits of the liberalisation of the power sector, the government-owned Transmission Company of Nigeria has said. The Managing Director/Chief Executive Officer, TCN, Mr Usman Mohammed, who said this on Thursday, noted that the government had continued to pump money into the […]
Nigeria asked the United States on Thursday to abandon new visa restrictions on the West African country set to take effect on Feb. 21. U.S. President Donald Trump included Nigeria and five other countries in an expanded version of his travel ban list early this month, sparking outrage from many of them. U.S. officials have […]
The World Bank has approved $2.2bn loan for six projects to support Nigeria’s development priorities. According to PM News, the bank said on Wednesday that the projects would be focusing on improving immunisation and providing an enabling business environment for private sector. It explained that the approved programme of support in the fiscal year 2020 […]