Business

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Nigeria’s apex bank, the  Central Bank of Nigeria (CBN) has ordered banks in the country to pay savings deposit accounts an interest rate of at least 4.2%, an increase from the 1.4% previously received. This was made known in a circular dated August 15, 2022, titled “Review Of Interest Rate On Savings Deposits” and signed […]

The exchange rate between the naira and the US dollar closed at N430/$1 at the Investors and Exporters (I&E) window, where forex is traded officially. Naira depreciated by 0.09% on Monday, 15th August 2022 to close trading at N430/$1 from N429.62/$1 recorded in the previous trading session. However, forex supply inclined significantly by 190% to […]

Nigeria’s annual inflation quickened to 19.64% in July, rising for a sixth straight month on the back of price increases for both food and non-food items. Inflation, which has been in double digits in Africa’s biggest economy since 2016, was at 18.60% year on year in June. The National Bureau of Statistics (NBS) said this […]

Seplat Energy has said it did not get any official notification from the Federal Government reversing its proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited. The company in a statement obtained from the Nigerian Exchange Limited (NGX) also stated that it is seeking clarification from the relevant authorities that the president […]

Nigeria Liquefied Natural Gas Ltd. (NLNG) has denied reports that it enabled the illegal exportation of crude oil and natural gas in Nigeria. This was disclosed in a statement by Mr Andy Odeh, the General Manager, External Relations and Sustainable Development, on Thursday in Lagos. NLNG said it is simply not true that the illegal […]

The presidential candidate of the Labour Party, Mr. Peter Obi, has cautioned the President Muhammadu Buhari-led Federal Government against further borrowing for consumption. Obi handed down the words of caution in a series of tweets on his verified twitter handle @PeterObi, yesterday. He said:  “As a matter of urgency, Nigeria must stop borrowing for consumption, […]

The Federal Government has deployed a new technology as a stop-gap solution to the challenges confronting Nigeria’s power grid, the Transmission Company of Nigeria has said. Officials of the company said the technology, comprising Internet of Things and the Virtual Private Network, was deployed by the government through TCN to monitor real-time grid operations and […]

The Nigeria Deposit Insurance Corporation (NDIC) has maintained that all Deposit Money Banks (DMBs) in Nigeria are safe and sound, denying that Polaris Bank has been sold. The reaction from NDIC follows recent media reports that Polaris Bank has been secretly sold to a new investor. The clarification was made by the Managing Director of […]

The President, Major General Muhammadu Buhari (retd.), on Wednesday, reversed his authorisation of the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited. The move puts the Presidency on the side of the Nigerian National Petroleum Company Limited which had earlier declined the $1.3bn transaction. On Monday, a […]

The exchange rate between the naira and the US dollar Thursday, 4th August 2022 closed at N428.12/$1 at the Investors and Exporters (I&E) window, where forex is traded officially. Naira closed higher on Thursday, with a 0.25% appreciation against the US dollar to close at N428.12/$1 compared to N429.2/$1 recorded in the previous trading session. […]


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