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Tag Archives: businessnews

CBN Pumps $195m into Forex Market


The Central Bank of Nigeria (CBN) on Monday injected the sum of $195 million into the interbank foreign exchange (forex) market. Figures obtained from the Bank indicated that the central bank offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium scale enterprises (SMEs) segment received the sum of $50 million. Those requiring foreign exchange for invisibles ... Read More »

NNPC Stores Two Billion Litres Of Petrol For End-Of-Year Movement


The Nigerian National Petroleum Corporation on Tuesday announced that it had stored over two billion litres of Premium Motor Spirit, also known as petrol, to ensure a hitch-free end-of-year movement of motorists. It said the end-of-year period had been hitherto characterised by scarcity of fuel due to supply and demand disequilibrium. Speaking after his investiture as a special marshal by the Federal Road Safety Corps, ... Read More »

World Bank Laments Lack of Progress In Tackling Poverty

The World Bank has lamented the lack of progress since the 1960s in an area that is crucial for reducing poverty and inequality and promoting growth in the world. The Bretton Woods institution, which raised the alarm on Tuesday while marking the 25th anniversary of the International Day to Eradicate Poverty, noted that the social status of one’s parents is as influential today as it ... Read More »

Capital Market Fraud: SEC Bans Ogiemwonyi For Life


The apex regulator of the Nigerian capital market, the Securities and Exchange Commission, has barred the Managing Director of Partnership Investment Company Plc and Partnership Securities Limited, Mr. Victor Ogiemwonyi, for life from holding directorship positions in any public company in the country following his alleged unprofessional conduct in the capital market. SEC has also withdrawn the operating licences of Partnership Investment Company Plc and ... Read More »

N’Assembly Will Get 2018 Budget Next Month – Enang


The 2018 Appropriation Bill will be submitted to the National Assembly in October, the Special Adviser to President Muhammadu Buhari on National Assembly Matters (Senate), Ita Enang, has said. He said this on Sunday when he appeared at a News Agency of Nigeria forum in Abuja. The National Assembly had fixed October as the deadline for the submission of the bill. Enang said the Federal ... Read More »

Govt Counts Gains As TSA Hits N7tr


The impact of the Treasury Single Account (TSA) depends on who is telling the story. For the government, the TSA has remained a masterstroke against corruption and misapplication of public funds. But for commercial banks, which hitherto relied on public funds to post huge profits, the policy has been a nightmare. The nearly two years’ gains of full implementation of the TSA became feasible after ... Read More »

Rep Seeks 20-Year Jail Term For Financial Crimes


The House of Representatives wants persons convicted of economic and financial crimes to be jailed for 20 years. This is part of the details of the new amendments to the Economic and Financial Crimes Commission Act, 2004, which The PUNCH obtained on Sunday. The Act currently prescribes a penalty of “not less than two years” for economic and financial crimes. Lawmakers consider this to be ... Read More »

CBN Sells Forex To BDCs At N360/$


The Central Bank of Nigeria (CBN) yesterday reduced rate at which it sells foreign exchange (forex) to bureau de change (BDCs) from N381 to dollar to N360 to dollar. The BDCs are to sell to end users at N362 to dollar. The rate reduction comes barely 24 hours after its directive to Deposit Money Banks (DMBs) in the country to sell forex obtained from it ... Read More »

NSE: Foreign Investments Inflow Down To N16.10bn In February … As Equities Market Halt Rally


INVESTORS’ apathy for investment in the stock market has continued to rise as both foreign and domestic investors’ participation on the Nigerian Stock Exchange, NSE, took a downward turn during the month ended February 28, 2017. Data polled by the NSE showed that total foreign investors’ transaction on the NSE slowed by 21.52 per cent to N34.54 billion from N44.01 billion to during the same ... Read More »

Senate Begins Work On New PIB


• To probe NNPC JV cash calls The Senate yesterday began legislative work on the controversial Petroleum Industry Bill (PIB). Rechristened Petroleum Industry and Governance Bill (PIGB), it passed first reading in the upper chamber yesterday. The PIB had been in the National Assembly since 2007 with several versions of the bill making the rounds. Senator Donald Tayo Alasoadura (APC, Ondo Central) introduced the Bill ... Read More »

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