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Business
Nigeria inflation declines further in May ECB in focus
In an encouraging development, Nigeria’s inflation has eased to 11.6% in May, the lowest level seen in more than two years. With consumer prices slowly edging closer to the Central Bank of Nigeria’s target band of 6%-9%, an interest…
CBN registers 674 forex dealers in 6 months
The Central Bank of Nigeria (CBN) has registered an additional 674 foreign exchange dealers, Bureau De Change (BDC) operators between December 31, 2017 and May 30, 2018, according a release from the apex bank. This put the total…
NSE delists 22 companies for non-performance in two years
The Nigerian Stock Exchange (NSE) delisted 22 companies between 2016 and 2017 for non-performance and failure to meet the required post-quotation standards. The delisted companies include Cappa and D’Alberto, Intercontinental Bank…
Ghana to import fuel from Dangote’s refinery
Distributors of petroleum products in Ghana have expressed interest in patronising Dangote Oil Refinery when operations begin. The refinery, which is owned by Aliko Dangote, is expected to begin operations in 2018. The 650,000…
The Unofficial ‘BANKS’ Born Out Of Nigeria’s Boko Haram Years
When supermarket owner Baba Acheme first bought a Point of Sale (POS) machine in 2014, the entrepreneur in Mubi — the commercial hub of the northeastern Nigerian state of Adamawa — thought it would help him collect payments for the…
These funds never lost money in the past 5 years
Warren Buffet has been known to be one of the greatest investors ever. His prowess in stock picking and value investing earned him the nickname, “the Oracle of Omaha”. When he speaks, the market listens. Buffet has and follows some…
$650m for projects next year, says NSIA
•Second Niger Bridge for completion in four years In line with the decision of the National Economic Council (NEC) headed by Vice President Yemi Osinbajo, the Nigeria Sovereign Investment Authority (NSIA) plans a $650 milion…
I&E Forex Window attracts $50.73b in 13 months
The Investors’ and Exporters’ (I&E) Forex Window has attracted to the economy in 13 months $50.73 billion, a report by FSDH Research has shown. Prior to the introduction of the I&E Forex window in April 2017 by the Central…
New tax on alcohol, tobacco not targeted at local manufacturers – FG
Nigeria’s newly increased tax on alcohol and tobacco is not targeted at local manufacturing industries, the country’s finance ministry has explained. PREMIUM TIMES reported the new tax rates which commenced on Monday. The finance…
CBN releases guidelines for the Nigeria-China currency swap
The Central Bank of Nigeria (CBN) has released guidelines for the recently signed bilateral currency swap between the country and China. The new swap agreement will see both banks to among other purposes, make available liquidity in…
FG to remove VAT on residential properties, amends company income tax law
The federal executive council has approved two executive orders and five amendment bills to remove value-added tax on residential properties and amend the company income tax law. While briefing state house correspondents on…
Court convicts First Bank, chairman, MD
The Federal High Court in Lagos on Wednesday convicted First Bank of Nigeria Limited; its chairman, Mrs. Ibukun Awosika; and managing director, Dr. Adesola Adeduntan, of contempt of court. The court dismissed their preliminary…
AMCON may dispose of Aero Contractors, Arik Air in 2018
The Asset Management Corporation of Nigeria (AMCON), says 2018 will be a busy year because it plans to dispose assets like Aero Contractors and Arik Air. In April, AMCON said it is willing to exit the aviation sector if the owners of…
Banks to adopt N360/$ rate for 2018 results
Commercial banks are expected to adopt N360/$ exchange rate in reporting their 2018 financial results, a report from Exotic Capital, a developing market investment bank, has said. The rate contrasts with the N330/$ rate reported by…
Foreign airlines have recovered their $600m stuck in Nigeria – IATA
The International Air Transport Association (IATA) says Nigeria has repatriated the $600 million belonging to international airlines that were trapped in the country due to foreign exchange shortages. Alexandre de Juniac, IATA…
Crude Oil Price Drops as US Supply Grows, OPEC Mulls Higher Output
Crude oil prices slipped yesterday as United States production hit a record high, while the Organisation of Petroleum Exporting Countries (OPEC) considered boosting supply. Global benchmark, Brent crude oil lost $1.26 a barrel, or 1.6…
Forex: CBN approves wider margin of N357/dollar sale for BDCs
........Operators say move will harmonise rates The Central Bank of Nigeria (CBN) has approved an upward review of the trading margin available to operators of Bureau de Change (BDC) in the country. The BDC operators are now to…
FG to begin transportation of petroleum products by rail
The federal government has disclosed its plan of conveying petroleum products to various parts of the country by rail. In early 2016, Rotimi Amaechi, minister of transportation, had said rail transportation of petroleum products to…
Banks’ daily CBN loans hit N216b
Banks’ average daily loan requests from the Central Bank of Nigeria (CBN) stands at N216.34 billion due to the apex banks’s tough monetary policy, according to a CBN’s Financial Market Department Annual Activity Report.…
Ibeto Cement acquires U.S. oil firm
IBETO Cement Company Limited has announced its acquisition of Century Petroleum Corporation, a United States (U.S.) publicly traded petroleum exploration and production company. The company said it acquired 70 per cent of Century…
Currency swap: Naira will gain strength against dollar, says economist
An economist, Dr Chijioke Ekechukwu, says the naira will gain strength against the dollar when the Nigeria -China currency swap takes effect. Ekechukwu, a former Director-General, Abuja Chamber of Commerce and Industry, expressed the…
Visa payment system hit by outage in Europe
Visa said on Friday that a “service disruption’’ had hit its payment system, leaving some businesses unable to process purchases by its cardholders. The extent and cause of the outage are unclear. “We are currently experiencing a…
CBN funds DisCos to provide 704,928 meters
The Central Bank of Nigeria (CBN) says it has paid over N24bn to gas suppliers and released another fund to electricity distribution companies (DisCos) for the purchase of 704,928 electricity meters. The apex bank said it also…
Floating the naira could have destroyed the economy – CBN
The Central Bank of Nigeria (CBN) says it resisted strong pressures to float the naira in order to save the country during the period of economic recession. Isaac Okoroafor, spokesman of the apex bank, made the remark on Wednesday at…