Nov 11 Nigeria’s overnight lending rate rose to 22 percent on Friday from 13 percent last week due to tight liquidity worsened by banks inability to get access to their balances with the regulator, traders said. Traders said lenders were demanding as high as 25 percent to place funds on the market overnight and that …
Nigerian overnight lending rate climbs on tight liquidity Read More »
ABUJA-MEMBERS of the House of Representatives Wednesday resolve to probe into the operations of the internet based wonder bank, otherwise known as “MMM Nigeria Scheme” in order to save innocent Nigerians from falling prey to fraudsters in this era of economic recession. Consequently, the House has mandated its committees on banking and currency as well …
Nigerians participating in MMM scheme vulnerable to losing investment Read More »
France and China will set up a fund for joint investment in overseas projects, France’s foreign minister said on Monday, as China’s voracious appetite for overseas acquisitions continues to grow despite some recent stumbles in overseas markets. “Hinkley Point is a very good example of what we’re going to do together, to win contracts in …
France, China to set up joint investment fund for overseas projects 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 »
Economic and financial experts have said that the naira may not fall below 475 against the United States dollar between now and the end of December. This prediction was based on the declining dollar demand and efforts being made by the Central Bank of Nigeria to boost supply of foreign exchange. The experts spoke in …
The Nigerian National Petroleum Corporation (NNPC) said from January 2016 till date, government lost 7 billion dollars (2.1 Trillion Naira) to the activities of militancy groups and oil pipeline vandals in the Niger Delta region. The Group Managing Director of NNPC, Dr Maikanti Baru, said this on Friday in Abuja at the 2016 Fiscal Liquidity Assessment Committee …
Nigeria saves $4.5m daily from PMS deregulation— FG Read More »
Nigeria spent only a little more than half its budget for 2016 through September, even though the year is three-quarters over, the budget ministry said on Friday. However, the ministry also said it had faced unanticipated revenue shortfalls but did not give details on the shortfalls. At the end of September, the ministry said, 3.6 Trillion …
Nigeria spent only half its budget through September, budget ministry says Read More »
Last year, Adeola, a fashion designer in Lagos started saving up for a vehicle to make his business easier most especially with deliveries to customers in their homes and offices. At the verge of completing the savings, an emergency came up and he had to spend the money. Since then he abandoned the dream …
