Islamic Bank to Make Nigeria Africa’s Operational Hub

The Islamic Development Bank is planning to make Nigeria its regional operational hub in Africa.
The move is part of efforts aimed at improving its efficiency and performance in its operations, as

Palm Oil And The Industrial Take-off Of The South East

After months of concerted efforts, Nigeria appears to have reversed dependence on imported rice. The same alacrity should be directed at production of palm oil, a produce for which the country and, indeed, the South East, was once famous for as number one grower.

Access bank introduce monthly charge of $20 on dollar debit cards

Access bank plc has introduced a monthly maintenance fee of $20 on dollar debit cards. According to the bank this is done in response to the recent regulatory charges.

Oil Rebounds Above $50 as US Stockpile Drops

Oil rebounded on Wednesday following a report that the US stockpile dropped to its biggest one-week low this year.
The US crude inventories dropped by 5.2 million barrels last week, according to the US Energy

See the Value of the Naira Today at the Black Market

The greenback has remained stagnant in value as against the U.S dollar just as the Central Bank of Nigeria maintains a steady supply of forex in the local economy.

CBN insists 40 items remain banned from forex – [FULL LIST]

Central Bank of Nigeria (CBN) has explained that the ban it placed on 41 items that are not eligible for foreign exchange is still in place as the policy has not been reversed.

Naira Gradually Regaining Strength as Demand for Forex Decline

The spokesman of the Central Bank of Nigeria, CBN, Isaac Okorafor opened up on Wednesday how the Naira is gradually strengthening against other international currencies.

Naira Devaluation Puts Pressure on Costs, Says NB

• Naira Devaluation Puts Pressure on Costs, Says NB

The Nigerian Breweries Plc has said the devaluation of the naira and the nation’s inflation rate are putting pressure on its input costs amid a decline in consumers’ purchasing power.

N720 billion revenue under threat as 51 oil licences expire

Owners, DPR decline comments on status of blocks
About 51 Oil Prospecting Licences (OPL) and Oil Mining Lease (OML) of different oil blocks have expired between 2010 and March 2017 and this is therefore threatening about

We can’t float Naira, CBN tells IMF, global business community

Amidst raging calls by the global business community, especially at the ongoing Spring Meetings in Washington DC, USA, for the Nigerian government to float the Naira, and liberalise its financial market, the Central Bank of Nigeria (CBN), at the weekend said the country had no intension of floating its currency in the face of its many security challenges.

Naira Records Massive Improvement Against Dollar

The continuous flooding of the foreign exchange market with dollars has crashed the currency against the local currency, Naira.

Dangote Begins Installation of Oil Refinery Equipment

Dangote Oil Refining Company Limited has said the installation of equipment for the crude oil refinery being built in Lagos will begin this month.

The Head, Quality Assurance/ Quality Compliance and Construction, DORC , Mr . Rama Putta , told

Naira Gains Momentum in the Black Market

The naira recorded a major gain on Wednesday, closing at 390 per United States dollar at the parallel market, up from 405/dollar on Tuesday.

 

This came barely 24 hours after the Central Bank of Nigeria announced the injection of $280m into the

Smoke Fills The Cabin Of An Aero Flight From PHC To Lagos (Video)

The cabin of an Aero Flight from Port Harcourt to Lagos this evening, April 18th, was filled with smoke just 20mins before they landed in Lagos. Passengers said they could see the wings

CBN Releases $280million Forex To SMEs, BDCs, Others

The Central Bank of Nigeria yesterday continued its intervention in the foreign exchange segment of the financial market with the injection of fresh $220 million into the various sectors of the economy.

Customs urges Nigerians to see smuggling as crime

The Nigeria Customs Service (NCS), has urged Nigerians to see smuggling as a crime and support it to succeed in the war against smugglers.

Abuja Airport Ready For Use, Says NCAA

The Director-General, Nigerian Civil Aviation Authority (NCAA), Mr Usman Muktar, says the Nnamdi Azikiwe International Airport, Abuja, runway is ready for operation and can be opened on Wednesday.

Dollar To Sell Below N403 This Week – BDC President, Gwadabe

President of the Bureau De Change Operators, Alhaji Aminu Gwadabe, has promised that the Naira will exchange for below N403 to a dollar this week.

FEC Approves $1.3billion Foreign Loans For Development Bank

• FEC Approves $1.3bn Foreign Loans for Development Bank

The Federal Executive Council on Wednesday approved credit facilities totalling $1.3bn for the newly-established Development Bank of Nigeria.

Oando Posts N3.5billion After-Tax Profit

• Oando Posts N3.5bn After-tax Profit

Oando plc, an indigenous energy group, has reported a profit after tax of N3.5bn in the 2016 financial year, showing an increase of 107 per cent from the loss recorded in 2015.