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Tag Archives: business

Buhari, Alaafin Meet Over Avengers, Boko Haram


President Muhammadu Buhari  yesterday  was in a closed  meeting with the Alaafin of Oyo, Oba Lamidi Adeyemi III, at the Presidential Villa, Abuja. Speaking with State House correspondents at the end of the meeting, Alaafin of Oyo said discussions at the meeting bordered on problems facing the country, including militancy in the Niger Delta and insurgency in the North. According to him, Buhari requested traditional ... Read More »

NEPC Unveils Framework To Aid Women In Export


The Nigerian Export Promotion Council (NEPC) is working out modalities to include women in export activities that will bridge the gender gap and reduce poverty. The move is anchored on the belief that improving the performance of women businesses in non-oil export trade can translate into more jobs and also drive poverty reduction. NEPC Executive Director/CEO Mr. Olusegun Awolowo made this known on the sideline ... Read More »

Nigeria Loses N11bn Daily As Oil Exports Suffer


As four of the nation’s crude oil grades remain under force majeure and the schedule for two other grades face delay, the country is losing at least N10.7bn in revenue daily. Following the declaration of force majeures on the grades, more than 700,000 barrels per day of production have been affected, denying the country a huge revenue, according to a report by Reuters on Thursday. ... Read More »

Forex Shortage: Naira Hits All-Time Low Of 409/Dollar

The naira hit an all-time low of 409 against the dollar at the parallel market on Thursday, two days after the Central Bank of Nigeria banned nine Deposit Money Banks from the interbank foreign exchange market over their failure to remit $2.334bn to the Federal Government’s Treasury Single Account. The naira, which closed at 402/dollar on Wednesday, was sold for 397 against the greenback on ... Read More »

Poor Transmission: Power Distribution Firms Forfeit N1bn Monthly

Power distribution companies have said they are currently losing over N1bn every month as a result of limited electricity evacuation capacity of the Transmission Company of Nigeria. According to the Discos, the poor transmission infrastructure in Nigeria is a major contributory factor to the liquidity constraints experienced by most distribution companies across the country. They also refuted claims by the TCN that Discos were still ... Read More »

CBN To Stop Dud Cheque Issuers From Operating Current Account


The Central Bank of Nigeria is in the process of stopping issuers of dud cheques (returned cheques) from opening current account, the Deputy Director, Banking Supervision, CBN, Mr. Stephen Nwadiuko, has said. He said the CBN was working on the credit bureaus in the country to build a data base that would reveal bank customers who issued dud cheques three times within a specified period ... Read More »

Naira Tumbles To 402 On Dollar Scarcity


The naira tumbled to 402 at the parallel market on Wednesday, a day after the Central Bank of Nigeria banned nine banks from the foreign exchange market over their failure to remit $2.334bn to the Federal Government’s Treasury Single Account domiciled with the Central Bank of Nigeria. The local currency had closed at 397/dollar on Tuesday. At the interbank market, the naira closed at 315.93/dollar, ... Read More »

Fed Govt Slashes CBN’s Budget By 50%


The Central Bank of Nigeria (CBN) yesterday said the Federal Government has slashed its budget  by 50 per cent, lamenting that the development has seriously affected its capabilities to fund some financial system initiatives. Its Director of the Financial System Stability (FSS 2020), Mr Mohammed Suleiman who spoke when members of the FSS 2020 visited the the Nigerian Deposit Insurance Corporation (NDIC) in Abuja, lamented ... Read More »

$2.3bn NNPC Funds: CBN Bars 9 Banks From Forex Market


The Central Bank of Nigeria on Tuesday wielded the big stick as it barred nine Deposit Money Banks from the nation’s foreign exchange market for failing to remit the sum of $2.334bn belonging to the Nigerian National Petroleum Corporation to the Treasury Single Account. President Muhammad Buhari had last September ordered all the DMBs in the country to remit all Federal Government funds to the ... Read More »

‘TCN Lacks Capacity To Evacuate Power’


Following the accusation that the electricity distribution companies (DisCos) are  rejecting their load allocations, a power industry stakeholder yesterday said the Transmission Company of Nigeria (TCN) that raised the alarm lacks the capacity to send out the 5,500megawatts (Mw) it claimed. The industry source who countered the position of the TCN said a transmission company worth its onions should have double of existing generation capacity. ... Read More »

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