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Tag Archives: businessnews

‘Forex Scarcity May Cause Massive Unemployment’


The Federal Government has been advised to urgently address the lingering foreign exchange scarcity problem in the country to forestall massive job losses. While a long-term plan of developing alternative forex sources is required, a short to medium-term plan targeted at tackling the existing dollar shortage is inevitable. The immediate past Anglican Bishop of the Diocese of Ife, Rt. Rev. Oluranti Odubogun, stated this at ... Read More »

FG May Order Telcos To Settle N30bn Interconnectivity Debt


The Federal Government is set to resolve interconnectivity debt, estimated at N30bn, among telecommunications companies in the country, it has been learnt. It was learnt that the Federal Government had been addressing issues bordering on interconnection rate settlement among telecommunications operators in the country. The unresolved issues on the rates had resulted in increasing interconnect debts among the operators. This was made known to our ... Read More »

Village Headmaster: Another Cast Dies Two Days After JAB Adu


Death has continued to ravage the fictional village of Oja as another cast of the popular but now rested Village Headmaster series, Sam Agbebi, succumbed to the cold hands of death on Tuesday, March 1. Agbebi, the palace servant who later became Lawyer Iyanda in the series died on Tuesday, expanding the death list of cast and crew members, coming after the passing of GAB ... Read More »

Nigerian Stock Market Closes 2015 With Decline of 17.4%

The Nigerian stock market ended 2015 with its second consecutive decline as the Nigerian Stock Exchange (NSE) All-Share Index fell by 17.36 per cent to close at 28,642.25. Similarly, the market capitalisation shed N1.6 trillion to  the year at N9.9 trillion, down from  N11.5trillion in 2014. Comparatively, the 2015 decline is higher than the 16.1 per cent recorded in 2014. Although the market had an ... Read More »

Nigeria’s External Reserves Now $29.1bn

Nigeria’s foreign exchange reserves declined by 15.61 per cent year-on-year to $29.101 billion as at December 30 from $34.52 billion a year ago, data from the Central Bank of Nigeria (CBN) revealed on Thursday. The drop in the forex reserves value has been largely attributed to the significant reduction in forex inflow into the country occasioned by the sustained low crude oil prices. Oil prices ... Read More »

Massive Fuel Imports Continue As Refineries Fail

Despite claims that Nigeria’s refineries are now operational, the country will have to depend largely on imported petrol in the third quarter of 2015. It was learnt on Monday that import allocation for petrol was given to importers of the product last week. Our correspondent gathered that no refinery had been able to produce petrol in commercial quantity in the past weeks, despite claims by ... Read More »

Sanusi, Others Bemoan Uncertain Global Economic Development

Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido and his counterparts in the African continent yesterday bemoaned the ongoing uncertainties in the global economic development. Briefing journalists at a joint press conference at the ongoing World Bank/IMF Summit in Washington, DC, Sanusi Lamido and other African Central Bank governors said that they were deeply concerned about the increased downside risks to the ... Read More »

No Cut In Interest Rate Soon, Says Sanusi

THE Central Bank of Nigeria (CBN) yesterday foreclosed the possibility of reducing the prevailing 12 per cent interest rate. CBN Governor Sanusi Lamido Sanusi said in Paris, France, that the bank was more likely to tighten monetary policy than ease it in the months ahead. The Monetary Policy Rate (MPR) is the benchmark rate by which the CBN determines interest rate. The Cash Reserve Requirement (CRR) ... Read More »

FEC Domesticates Three UN Conventions, Approves N34.99 Billion Contract

The Federal Executive Council (FEC) has ratified and approved three United Nations Conventions for domestication and operation in the country. The conventions are the Prevention and Punishment of Crimes against Internationally Protected Persons; International Convention against the Taking of Hostages and that of the Suppression of Terrorist Bombings. While briefing State House Correspondents after the meeting, the Minister of Information, Mr Labaran Maku said that the memos ... Read More »

FG Begins Work On 2014, 2015, 2016 Budgets

The federal government yesterday commenced discussions on a fiscal strategy paper aimed at producing a medium term fiscal framework for 2014/2015 and 2016 budget. An emergency meeting of the Federal Executive Council (FEC) at the presidential villa discussed revenue forecast and expenditure of the country within the period. President Goodluck Jonathan had on Wednesday summoned members of his cabinet to a special meeting widely rumoured ... Read More »

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