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Tag Archives: business news

AfDB, EIB Inject $70m Into DBN To Boost Credit Access

The African Development Bank, AFDB, and European  Investment Bank (EIB) yesterday announced the injection of $70 million equity investment into the    newly created    Development Bank of Nigeria (DBN) in other to boost access to credit in Nigeria. AfDB NIGERIA COUNTRY COMPLEX IN ABUJA Meanwhile, the DBN has estimated that only five percent of the 37 million entrepreneurs and small businesses in Nigeria that ... Read More »

Naira Depreciates To N360.31/$ In I&E


The naira yesterday depreciated by 15 kobo to N360.31 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market. Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window also known as   Nigerian Autonomous Foreign Exchange,  NAFEX, rose  to N360.31 per dollar, yesterday, from N360.16 per dollar on Wednesday, translating to 15 ... Read More »

CBN Injects Fresh $210m Into Forex Market


The Central Bank of Nigeria has intervened with another sum of $210m in the foreign exchange market to meet the requests of customers, as the regulator continues its efforts to maintain a stable exchange rate for the naira. A breakdown of the figures obtained from the bank in Abuja on Tuesday, indicated that the CBN offered the sum of $100m to authorised dealers in the ... Read More »

World Bank Knocks Nigeria, Others For Rising Debts

The World Bank has raised the alarm over rising debts in African countries, including Nigeria. While releasing ‘Africa’s Pulse’, a biannual analysis of African economies in Washington on Wednesday, the World Bank’s Chief Economist Africa, Albert Zeufack; Lead Economist, Africa, Punam Chuhan-Pole; and Research Manager, Michael Toman, said the continent had been showing positive growth but warned that its debt was increasing in at a ... Read More »

EFCC Cracks Down On Ponzi Scheme ‘Swiss Golden,’ Arrests Suspects


The Economic and Financial Crimes Commission (EFCC) has arrested one Maxim Lobaty, a Russian and other two Nigerians: Austin Emenike and Dickson Nonso Onuchukwu in Lagos. They were arrested for defrauding over seven thousand Nigerians to the tune of over N3 billion in the guise of running a financial scheme. This was sequel to a petition received from complainants who had invested millions in the ... Read More »

Power Grid Collapses Twice In Five Days


After ensuring system stability for more than two months, the country’s power grid collapsed twice in the past five days. Electricity generation figures obtained from the Federal Ministry of Power, Works and Housing in Abuja on Monday showed that the grid recorded partial collapses on April 12 and 14 this year. Generated power on the grid dropped from a high of 3,946.5 megawatts on April ... Read More »

ICAN Opposes Bill Seeking To Establish Parallel Bodies


The foremost accountancy body in Nigeria, the Institute of Chartered Accountants of Nigeria, has condemned in strong terms the proposed bill seeking to establish the Chartered Institute of Forensic Accountants of Nigeria and Chartered Institute of Forensic and Investigative Auditors in Nigeria. The 53rd President of the institute, Is’maila Zakari, spoke at the induction of 99 new candidates that qualified for certification in three of ... Read More »

FG Probes Alleged Contract Inflation, Asset Diversion In 28 MDAs


The Federal Government is currently investigating 28 of its Ministries, Departments and Agencies over allegations of contract inflation and conversion of government assets to personal use. The probe is currently being done by the investigative section of the whistle-blower unit. The Director, Special Projects, Ministry of Finance, Mohammed Dikwa, confirmed these in a presentation at an evaluation workshop on the whistle-blower policy and asset tracing ... Read More »

Buhari Extends VAIDS To June 30


…says no further extension will be approved   President Muhammadu Buhari on Wednesday approved the extension of the Voluntary Assets and Income Declaration Scheme to June 30, 2018. According to a statement by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, the short extension after the original March 31 deadline expired was based on appeals by professional bodies and individual ... Read More »

Naira Drops To 363/Dollar


The naira recorded marginal weakness at the parallel market on Wednesday, one week after the Central Bank of Nigeria’s Monetary Policy Committee retained the Monetary Policy Rate at 14 per cent. Specifically, the local unit dropped to 363 per dollar, from 362 on Tuesday. On the official market, the naira was quoted at around 305.60, supported by the CBN. It traded at 360/per dollar at ... Read More »

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