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CBN sets new target for banks on financial inclusion


The Central Bank of Nigeria on Thursday issued a new target for Deposit Money Banks and all Microfinance Banks in the Federal Capital Territory towards achieving the 80 per cent financial inclusion target for all adult population in Nigeria by 2020. The apex bank also inaugurated a Financial Inclusion State Steering Committee to boost the implementation of its 80 per cent financial inclusion strategy. The ... Read More »

We have enough petrol – NNPC tells motorists


The Nigerian National Petroleum Corporation has urged motorists not to engage in panic buying of any petroleum products. The NNPC Spokesman, Mr Ndu Ughamadu, in a statement on Thursday, assured motorists that the Corporation had a robust stock of Petroleum Motor Spirit otherwise known as petrol. According to the statement, the PMS stock was sufficient to serve the nation for more than 30 days. “This ... Read More »

Low forex margin triggers massive job losses in BDCs


A wave of staff retrenchment is sweeping across the bureaux de change (BDC) subsector as operators struggle against declining margins occasioned by uncompetitive dollar selling rate from the Central Bank of Nigeria (CBN). The CBN sells $20,000 dollars twice per week at N360 per dollars to each of the 3,500 BDCs across the country. Rising from a general meeting of the Association of Bureaux De ... Read More »

FG: New Electricity Tariffs Difficult to Implement with Poor Customer Record, Metering


The federal government has said it will be difficult to allow the 11 electricity distribution companies (Discos) in Nigeria’s power market charge new rates on electricity they supply to their customers across the country because the country does not have an accurate record of electricity consumers in the Discos’ networks or enough customers that are metered by the Discos. Speaking in a Channels Television early ... Read More »

Crude Oil Price Hits Three-Year High of $69


Crude oil prices hit new multi-year highs yesterday as production cuts led by the Organisation of Petroleum Exporting Countries (OPEC) and healthy demand helped to balance the market, but analysts warned of possible overheating. Reuters reported that a broad, global market rally, including stocks, has also been fuelling investment in crude oil futures. U.S. West Texas Intermediate (WTI) crude futures rose to $63.67, the highest ... Read More »

Oil Rises Above $68, Highest Since May 2015


Global oil benchmark, Brent crude, extended its gains on Tuesday, trading near $69 per barrel on the back of production cuts led by the Organisation of Petroleum Exporting Countries and expectations that the United States’ crude inventories had dropped for an eight-week low. Brent, against which Nigeria’s crude oil is priced, rose by $1.07 to $68.85 per barrel as of 7:40pm Nigerian time, its highest ... Read More »

World Forecasts 2.5% Growth For Nigeria In 2018


The World Bank has forecast that economic growth in Nigeria would edge up to at least 2.5 per cent in 2018, as the country benefits from improved commodity prices, investments and trade. According to the World Bank’s January 2018 Global Economic Prospect report launched on Tuesday in Washington DC, Nigeria’s Gross Domestic Product (GDP) is expected to grow by 2.8 per cent in 2019 and ... Read More »

CBN Disowns Fake Emefiele Twitter Handles


The Central Bank of Nigeria on Tuesday disowned fake Twitter handles linked to the CBN Governor, Mr. Godwin Emefiele. The central bank pointed out that the Twitter handles bearing the name and photograph of Emefiele were fake and targeted at misleading unsuspecting members of the public. The Acting Head, Corporate Communications, CBN, Mr. Isaac Okorafor, in a statement, advised members of the public to ignore ... Read More »

CBN to sanction banks, others for violation of payment system rules


The Central Bank of Nigeria (CBN) yesterday threatened to impose N10, 000 daily fine on banks and other electronic payment service providers that fail to renew its operating licence within the regulatory deadline. Director, Banking and Payment System Department (BPSD), CBN, Mr. Dipo Fatokun gave this warning in a circular titled, “Re: Sanctions on erring banks/e-payment service providers for infractions of payment system rules and ... Read More »

Power Generation Still at 3,600MW Despite Repair of Escravos-Lagos Pipeline

Despite the claim by the Nigerian National Petroleum Corporation (NNPC) that it has repaired the Escravos-Lagos Pipeline System (ELPS) and resumed gas supply to power stations in the South-west, the country’s electricity generation was still around 3,600MW Monday, newsmen has learnt. A section of the ELPS at Abakila in Ondo State blew up in flames on January 2 as a result of bush fire, which ... Read More »

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