Nigeria’s 2017 budget moved a step closer on Thursday to becoming law, as it passed its second reading in the upper house of parliament. The record 7.298 trillion naira ($24 billion) budget is a key part of President Muhammadu Buhari’s plan to pull Nigeria out of its first recession in 25 years, and he needs …
Nigeria’s record 2017 budget passes second reading Read More »
The Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, says the Federal Government has recovered N15 billion and another $10.5 million so far in its asset recovery drive. Malami disclosed this on Thursday, in Abuja, when the Senate Committee on Judiciary, Human Rights and Legal Matters visited the ministry on its oversight …
Federal Government has recovered N18bn looted funds —Minister Read More »
Nigeria’s interbank lending rate dropped 6.5 percentage points on Friday to 5 percent on average as the money market was awash with cash from budgetary disbursal and coupon payment on matured bonds, traders said. The cost of borrowing among commercial lenders closed at 11.5 percent last week due to drop in liquidity in the market …
Nigerian interbank rate eases on liquidity injection Read More »
Despite the fact that it is yet to be given an official revenue target for 2017, Nigeria Customs Service (NCS) says it is targeting between N700billion and N900billion for the year. This was stated by the Comptroller-General of Customs (CGC), Colonel Hameed Ibrahim Ali (rtd), while fielding questions from journalists shortly after the celebration of …
Nigeria Customs Service targets N900bn revenue in 2017 Read More »
It’s a New Year and the excitement of the Christmas celebrations has worn out leaving many with an almost empty wallet and the eagerness for January’s salary which may not come till the next few weeks. This has left many confused and agitated as to how to handle some financial responsibilities that have surfaced. Here …
#ASKROSABON|Frequently Asked Questions About Rosabon Financial Services Loans Read More »
Africa’s richest man Aliko Dangote has shut his new tomato paste plant in Nigeria due to a shortage of dollars needed to import raw materials, a senior executive said. This is the second such closure in months in a blow to official plans to diversify the economy. President Muhammadu Buhari, elected in 2015 on a …
Another Nigerian tomato paste plant shuts, blames Dollar shortage Read More »
The frequency of system collapse in the nation’s power sector in recent times has resulted in prolonged blackout in many locations across the country. Findings showed that between January 15 and January 19, 2017, the country recorded two cases of total system collapse and three partial ones. Specifically, the total collapse of the power grid …
Currency retailers and experts have said the naira will trade slightly below 500 per United States dollar this week despite the commencement of the sale of foreign exchange to Bureau De Change operators by the Central Bank of Nigeria last week. The CBN had through the International Money Transfer Organization resumed the sale of dollars …
Naira to remain below 500/dollar this week – Market Experts Read More »
Shareholders’ expectation of robust dividend payout by listed companies may be shrinking as the boards and managements of Access Bank Plc., Zenith Bank Plc., others are set to meet this week to decide on 2016 financial report and dividend payout. The board and management of Zenith Bank are expected to meet on Tuesday, January 24, …
Recession: Shareholders’ hopes shrink as banks’ directors meet Read More »
The nation’s external reserves have risen by 15 per cent in the past three months; the latest data from the Central Bank of Nigeria have shown. Specifically, the foreign exchange reserves increased by $3.6bn from $23.8bn on October 19, 2016 to $27.4bn on January 19, 2017, the CBN data showed on Sunday. The statistics also …
External reserves increase by 15% in three months Read More »
