Business

Forex sale to BDCs will discourage speculations - CBN

The Central Bank Governor, Mr. Godwin Emefiele, has allayed fears that its recent decision to allow International Money Transfers Operators, through authorised dealers, sell foreign currencies to BDCs would fall arbitrage.
He said the policy would rather bridge the gap between the interbank and [...]

Sat, 13 August 2016


Huge debts threaten GENCOs investment in Nigeria

If nothing is done to recover the huge debt owed Electricity Generating Companies, GENCOs, or a full payment of the federal government’s stabilization fund is made, then the power companies may be forced to withdraw their investments from the country.
Those were the submissions of the firm [...]

Sat, 13 August 2016


FG spends 35% of 2016 budget in 2 months

Over 34.6percent, that is about N2.1 trillion, of the 2016 budget has so far been expended since May, when the federal government began implementation of the budget.
Minister of Budget and National Planning, Mr. Udoma Udo-Udoma, disclosed that approximately N2.1 trillion of the N6.06 trillion ap [...]

Sat, 13 August 2016






Economic crunch mar Sallah celebrations in Abuja

The recession currently being experienced in the Nigerian economy took its toll on the festive period, as most Islamic faithful said they were forced to celebrate the last Eid El-Fitri in a low key.
Sallah celebrations, like any other religious festivities in Abuja are renowned for their elabora [...]

Mon, 11 July 2016


Banks to ascertain status of collateral through NCR

Deposit Money Banks and other financial institutions in the country have been asked to forthwith, register all collateral used in obtaining loans with the Nigeria Collateral Registry, NCR.
The directive which has been in effect since Monday last week, will help the financial institutions ascerta [...]

Mon, 11 July 2016


China to spend N50 ml on solar traffic lights in Abuja

Approximately N50.76million (1.2million Chinese Yuan) will be injected in the second phase of the Abuja Solar Powered Traffic Control Signal, the federal government has disclosed.
The fund is part of an over eight million Chinese Yuan (N338.4million) bilateral agreement between Nigeria and the P [...]

Mon, 11 July 2016


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