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BDCs: Lawyers, NGO hail CBN’s move on forex supply
A group of lawyers and Non-Governmental Organizations (NGOs) under the aegis of Lawyers In Defence of Economic Rights (LIDER) have praised the recent decision of the Central Bank of…
NNPC Sold N234bn Petroleum Products In March
The Nigerian National Petroleum Corporation (NNPC) said its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), sold N234.63 billion worth of petroleum…
Manufacturers Back CBN’s Ban of FX Sale to BDCs
Members of the Manufacturers Association of Nigeria (MAN) have strongly supported last week’s decision by the Central Bank of Nigeria (CBN) to discontinue with the weekly sale…
NIN-SIM linkage: MTN Nigeria lost 7.6m subscribers in 6 months
MTN Nigeria, the largest network by market share, says it lost 7.6 million mobile subscribers in the first half of 2021. This is a 9.9 percent decline…
Is customer king under CBN?
When Central Bank of Nigeria (CBN) Governor Mr Godwin Emefiele assumed office on June 4, 2014, he pledged to run a people-oriented central bank. Twice he has led the…
Shell appoints Elohor Aiboni first female MD for exploration company SNEPCO
Global energy firm, Shell, has announced the appointment of Mrs. Elohor Aiboni as the Managing Director of its Nigeria deep-water business, Shell Nigeria Exploration and Production…
2021 first half: Dangote Sugar records strong growth
Dangote Sugar Refinery recorded strong improvements in performance indices in half year ended June 30, 2021, as group revenue increased by 27.8 percent to N131.95 billion in…
Dangote Cement posts resilient performance in first half 2021
Africa’s largest cement producer, Dangote Cement has announced resilient results for the six months ended 30th June 2021 as Group sales volumes hit 15.3Mt. According to the…
Forex sale: ABCON to identify erring members for sanction
Bureau De Change (BDC) operators that violated Central Bank of Nigeria (CBN’s) guidelines on foreign exchange (forex) sales will be identified for sanctions, the Association…
FCMB GETS $50M FROM AFDB, INCREASES LENDING TO HIGH IMPACT BUSINESSES
Women empowered businesses and local enterprises involved in agribusiness, manufacturing, health care, and renewable energy will have access to long term funding from First City Monument…
Shareholders hail Wale Tinubu over Oando settlement with SEC
Months after a plethora of court cases with counter judgements, the investment community was greeted on the evening of July 19, with the news of a settlement to the dispute…
Awaiting Lekki Seaport’s take off
The Minister of Transportation, Rotimi Amaechi, was in Lagos recently to examine the level of work at the Lekki Deep Seaport. OLUWALEMI DAUDA,who was on the…
We’re still providing FX services despite CBN order — BDCs
The Association of Bureaux De Change Operators of Nigeria has assured members of the public that Bureau De Changes still provide foreign exchange services. The ABCON…
IMF kicks against adoption of cryptocurrencies as legal tender
The International Monetary Fund has kicked against the adoption of cryptocurrencies, like bitcoin and ethereum, as legal tenders. In a blogpost titled ‘Crypto assets as national…
CBN orders banks to create mobile app for forex
The Central Bank of Nigeria has directed commercial banks to create mobile applications and alert systems to update customers of their foreign exchange movement. This…
CBN to refund deposits to BDC promoters
Sequel to the decision of the Central Bank of Nigeria to stop the licensing of Bureau de Change operators, the apex bank has announced that it will commence the immediate…
Bitcoin rises above $40,000 — first time since mid-June
Bitcoin, the world’s largest cryptocurrency by market capitalisation, surged above $40,000 — for the first time since mid-June. The price of the cryptocurrency traded 7.1 percent…
CBN directs banks to establish teller points for legitimate FX requests
The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to set up teller points to meet legitimate foreign exchange (FX) demands. This…
FDC: Ending FX Sale to BDCs Disrupts ‘Juiciest Economic Racket’
By putting an end to the sale of foreign exchange (FX) to Bureau De Change (BDC) operators, Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has “disrupted one…
Naira falls to N522/$1 at parallel market as CBN stops forex sale to BDCs
The naira has dropped to N522 to a dollar at the parallel market as the Central Bank of Nigeria (CBN) discontinued the sale of foreign exchange (FX) to Bureaux De Change (BDCs) operators…
Oando’s Share Price Jumps Following Settlement with SEC
The share price of Oando Plc has since joined the Nigerian Exchange Limited’s top gainers with a 9.87 per cent increase in its share price from N3.97 on July 23, 2021, to N4.36…
CBN Releases $200m to Banks to Quell FX Speculation
The Central Bank of Nigeria (CBN) yesterday released a total of $200 million to all commercial banks in the country as part of efforts to meet dollar demand…
N2trn worth of petrol consumed in 12 months, says NNPC
The Nigerian National Petroleum Corporation (NNPC) says consumers in the country spent N2.07 trillion in 12 months (February 2020-2021) on the consumption of premium…
THE INSIDER: CBN allocated $5.7bn annually to BDCs amid plunging reserves
At the end of the monetary policy committee meeting in Abuja on Tuesday, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), announced the discontinuation of foreign exchange…