Port operations in the country have been hit by hike in import duties of vehicles and rice as well as the introduction of a fish quota system by the administration of former President Goodluck Jonathan. Seaport operators disclosed this in a statement on Sunday in Lagos and decried the effects of prolonged low activities at …
Port operators decry high Customs duty, CBN forex regime Read More »
The Minister of Budget and National Planning, Senator Udoma Udo Udoma, yesterday, said that the Federal Government has spent N3.577 trillion as at September out of the N6.06 trillion budgeted for 2016 He disclosed this in Lagos at the KPMG CFO Forum saying: “The Federal Government has spent about N3.577 trillion as at September 2016 …
Budget 2016: FG spends N3.577tr in 9 months — Udoma Read More »
The Central Bank of Nigeria (CBN) yesterday said it was not planning to amend the Foreign Exchange Act or recommend jail term for anyone that holds the dollar for more than 30 days. Acting Director, Corporate Communications Department, Mr. Isaac Okoroafor stated this in a statement issued yesterday in response to a report by Reuters …
DSS Operative Friday afternoon in Kano raided Bureau de change spots and arrested no fewer than 40 currency dealers. Eyewitness, Umar Iliya explained that the operatives stormed the Wapa area at about noon, seized selected men and took them away in security van. The witness said the operation caused a stir culminating in a pandemonium …
40 Arrested By DSS in Kano Bureau De Change Raid Read More »
The Federal Government has proposed an amendment to the Foreign-Exchange Act to enable the imprisonment of anyone who holds foreign currencies, especially the dollar, for more than 30 days. This is the latest measure the government and the Central Bank of Nigeria are considering to stem the volatility in the exchange rate and bolster the …
Following a reassessment of potential sovereign support for the banking sector, Fitch, Ratings, a leading global rating agency has revised down the Support Rating Floors of 10 Nigerian banks to ‘No Floor’ and downgraded nine others’ Support Ratings to ‘5’. According to a statement by Fitch, the long-term Issuer Default Ratings of First Bank of …
Forex crisis: Fitch Downgrades 10 Nigerian banks Read More »
The manufacturing industry requires the injection of about $1bn to galvanize activities in the sector and enable it to contribute significantly to the economy, the Manufacturers Association of Nigeria has said. The President, MAN, Dr. Frank Jacobs, who said this on Thursday, however, commended the Central Bank of Nigeria for its recent interventions in the …
MAN wants $1bn forex allocation for industrialists Read More »