The naira plunged against the US dollar on Monday after Nigeria’s government scrapped its fixed exchange rate and allowed market forces to determine the currency’s value. “Trading started at 9:00 am (0800 GMT) this morning. All the 24 commercial banks are participating. The offer is 249 to 265 naira to …
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The Workers of the Ministry of Finance on Monday embarked on a protest. They are demanding the removal of the Minister of Finance, Kemi Adeosun. Their grouse, it was learnt, is over the non-payment of what they termed their allowances, which amounted to N1.2 billion. They equally accused Adeosun of …
Read More »The Central Bank of Nigeria (CBN) has said it will allow the naira exchange rate to be market-driven, setting the stage for a devaluation of the currency when the new system comes into effect June 20. CBN said it will select a group of around 10 primary dealers through which …
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The Central Bank of Nigeria (CBN) says it plans to sell N218.89 billion worth of treasury bills on April 7. The CBN disclosed this in its treasury bills issuing calendar for second quarter of 2016. It said it would sell N55.40 billion worth of three-month tenored bills at the auction …
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ORGANISED Labour on Wednesday raised alarm that the food, beverage and tobacco sector of the nation’s economy was on the verge of shutting down and that over three million jobs were at risk due to the inability of companies to source foreign exchange for raw material importation to facilitate operations. …
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THE Asset Management Corporation of Nigeria, AMCON, Wednesday admitted before an investigative panel of the House of Representatives that its current liabilities stand at N6.6 trillion following purchase of bad loans worth N3.3 trillion at the sum of N1.7 trillion. This was disclosed by the Managing Director of AMCON, Ahmed …
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Billionaire business man and Chairman of Capital oil, Ifeanyi Ubah, has said if given the chance, he can make the dollar return back to N200 within one month. Ubah said this during an Interview with Channels TV on February 21st. He said : “Look at the position of the Naira …
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The two arms of the National Assembly, NASS, declared, yesterday, that the 2016 budget was full of errors, saying the document could no longer be passed on February 25 as earlier promised. This came on a day the Senate Committee on Gas Resources rejected the N200 million allocation demanded by …
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The Chief Executive Officer, Nigerian Stock Exchange, Mr. Oscar Onyema, has said the Nigerian capital market has lost over N5.97tn from July 2014 to date. He also said 2016 would be a challenging year for the capital market and the Nigerian economy at large. Onyema disclosed this at the NSE …
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Nigeria’s naira fell 1.5 percent to a new low of 265 to the dollar on the unofficial market on Wednesday after the central bank rationed dollar supplies this week, traders said. The bank cut the amount it sold to each of the 2,270 retail money exchange brokers that participated in …
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