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Business
CBN unifies FX rates as FAAC shares allocation at N360/$
Allocations to the three tiers of government in naira would increase as the federation accounts allocation committee (FAAC) had adopted the N360/$ exchange rate, TheCable can report. This comes after the FAAC meeting ended in a…
CBN technically devalues Naira: To now sell dollars to foreign investors at N380/$
The Central Bank of Nigeria has moved the FX sales rate to FPIs to N380.2/$, from N366.7/$, in a move that suggests a technical devaluation of the naira, information available from Bloomberg terminal shows. An analyst in Lagos…
DisCos indebted to the tune of N230bn – NEC Committee
The ad hoc committee of the national economic council (NEC) says distribution companies (DisCos) owe the electricity market N230 billion as a result of inefficient collection system and under…
UK automaker Bentley shuts down
Bentley will stop car production at its British factory from the end of Friday for four weeks over the coronavirus outbreak, one of the final automakers in Britain to…
Dollar exchanges for N374
The naira exchanged to the dollar for between N372 and N374 at the Bureau De Change segment of the market on Thursday. The naira had recently suffered some beating due to the impact of the…
Nigerian stocks at eight-year low as coronavirus cases rise
Nigerian stocks fell 2.94% on Thursday to their lowest level in more than eight years as the number of coronavirus cases in the West African nation rose. Nigeria on Wednesday recorded eight confirmed coronavirus cases. On Thursday…
GTBank Launches Beta Health, Expands Access To Health Insurance For Low-Income Nigerians
Guaranty Trust Bank Plc has announced the launch of Beta Health, a low-cost health financing product that offers instant access to health insurance for every Nigerian. The first of its kind…
South African rand weakens ahead of inflation, retail sales data
South Africa’s rand weakened on Wednesday amid mounting fears over the fallout from the coronavirus crisis, while investors awaited consumer price inflation and retail sales data to gauge the health of an already battered…
COVID-19: CBN To Inject N1.1trn Stimulus in Economy
Two days after it unveiled a six-point palliative to ameliorate the continued impact of the corona virus on the Nigerian economy and supply chains round the globe, the Central Bank…
Trump wants to send $1000 to vulnerable Americans
U.S. President Donald Trump announced a plan on Tuesday to send as much as $1000 to Americans immediately to ease the economic shock from the coronavirus crisis. Treasury Secretary…
Coronavirus: Airlines groan under refund requirements – IATA
Airlines are no longer able to comply with current rules on refunds for cancelled or late flights as the coronavirus pandemic hits the aviation industry. The International Air Transport…
Coronavirus: CBN to create N50 Billion fund for affected families, businesses
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said that N50 billion has been earmarked to support families and businesses affected by the impact of the novel coronavirus in the country. Speaking to journalists in…
Zenith Bank fetes shareholders with dividend payout of N87.9 billion
Shareholders of Zenith Bank Plc on Monday at the 29th Annual General Meeting of the Bank held at the Shehu Musa Yaradua Centre, Abuja unanimously approved the proposed final dividend…
Analysis: Is First Bank’s acquisition of Heritage Bank and Polaris Bank a game changer?
Age they say is nothing but a number but not when you are 126 and still relevant. FirstBank Ltd, Nigeria’s oldest bank has in so many ways stood the test of time. Thus, if…
Amazon to recruit 100,000 as coronavirus expands online orders
Amazon.com Inc said it would hire 100,000 warehouse and delivery workers in the United States to deal with a surge in online orders, as many consumers have turned to the web to meet their…
BREAKING: CBN asks banks to restructure loan terms, cuts interest rate to 5%
The Central Bank of Nigeria (CBN) has directed all deposit money banks in the country to restructure loan terms and tenors to households and businesses affected by the…
First Bank in merger talks with local, foreign banks
First Bank Plc may have opened merger talks with some other Nigerian and foreign banks ahead of the banking industry recapitalisation plan of the Central Bank of Nigeria. The bank said similar to other Nigerian banks, it would…
Dollar crunch? Zenith Bank adopts 2015 strategy, sets withdrawal limit
Zenith Bank has sent a notice to its customers that their naira cards now have an international withdrawal limit of $1,000 a month. The bank also said daily limits for withdrawals outside Nigeria have…
Naira regains strength, trades at N370/$
The naira regained strength against the dollar on Yesterday to exchange at N370/$. This is compared to the N400/$ traded on Thursday and N375/$ traded on Wednesday. TheCable had reported that there was…
The Billionaires and The Guru: How a Family Burned Through $2 Billion
Along the river Beas in North India sits a sprawling spiritual commune that’s somewhere between a traditional ashram and a Florida gated community. There’s a grand meeting hall with tiered spires and pearl domes, but also tract housing and…
DEAL: Reports suggest Zenith Bank given green light to acquire Union Bank
Zenith Bank Plc has reportedly been given the green light to merge or acquire Union Bank Nigeria Plc. Nairametrics got wind of this from a reliable source. We…
Naira improves as dollar sells for N380
The naira traded between N364 and N380 to a dollar on Friday at the Bureau De Change segment of the market, recording an improvement over its previous exchange rates earlier in the week. On Thursday, the naira exchanged between…
Bill Gates steps down from Microsoft board to focus on philanthropy
Microsoft co-founder Bill Gates is stepping down from the company's board to spend more time on philanthropic activities. He says he wants to focus on global health…
CBN goes hard on BDC operators, issues various fines
The Central Bank of Nigeria (CBN) is coming hard on Bureau De Change (BDC) operators over various infractions in the foreign exchange market. Over 100 BDC operators were fined N5 million…