CBN resumes forex sale to BDC operators after three years

CBN resumes forex sale to BDC operators after three years

The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country. The development came three years after the former CBN governor, Godwin Emefiele, announced the suspension of foreign exchange sales to BDC operators. The apex bank disclosed this in a new circular issued and signed by the Director, Trade and Exchange Department, Hassan Mahmud, on Tuesday. […]

February 28, 2024 52

BUSINESS

CBN plans tough sanctions for banks

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has vowed to pursue an aggressive regulatory environment to reduce infractions in the country’s banking system. He said this on Tuesday in Abuja at the Monetary Policy Committee meeting of the apex bank, the first since he assumed office in September 2023. He also stated that an in-depth investigation was underway to determine the necessary actions against banks involved in […]

February 28, 2024 53

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Nigeria’s predicaments not solely political – Adeboye

The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, on Sunday, said that the socio-economic as well as security challenges confronting the country require spiritual solutions. The spiritual leader noted that the nation’s political leaders appeared to have tried their best to seek solutions but that Nigeria urgently needed divine intervention. Adeboye stated these when he met the Kaduna State Governor, Senator Uba Sani, at the Sir […]

February 12, 2024 45 1

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BUSINESS

Nigeria facing worsening economic crisis, says IMF

The International Monetary Fund has said stalled per-capita growth, poverty and high food insecurity have exacerbated the ongoing cost-of-living crisis in Nigeria. The report came amid rising inflation, exchange crisis, weak economic growth and business shutdowns. The global lender said this in a new report titled ‘IMF Executive Board Concludes Post Financing Assessment with Nigeria.’ According to the report, low revenue collection has hampered the provision of services and public […]

February 12, 2024 35 1

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Discos overbilled 7.1million customers in nine months – FG

Eko Disco overbilled 371,828 customers under the estimated billing category between January and June 2023, as the months of July, August and September were not captured in the report released by NERC. It overbilled these customers to the tune of N14.13bn. Ibadan Disco made N333.68m from the overbilling of 143,465 customers underestimated billing between January and September last year, while Jos Disco overbilled 1,264,537 customers to the tune of N13.3bn. […]

February 12, 2024 39

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Tinubu administration not responsible for economic hardship – Sanusi

Former Governor, Central Bank of Nigeria, Mohammed Sanusi, has said it is an injustice to blame the administration of President Bola Tinubu for the current economic hardship the country is facing. Sanusi said the country is battling a failing economy due to mismanaged economic policies of the past eight years. He stated this while speaking virtually on Sunday at a religious event in Abuja. He said he would not join […]

February 12, 2024 34

BUSINESS

Shell supplies 475,000 barrels of crude oil to P’Harcourt refinery

The Shell Petroleum Development Company of Nigeria Limited said it has completed the supply of 475,000 barrels of crude oil to the Port Harcourt Refining Company Limited. The SPDC said this was in furtherance of the Federal Government’s commitment to increase domestic refining capacity and make petroleum products more readily available in the country. A statement by Shell Nigeria’s Media Relations Manager, Abimbola Essien-Nelson, on Monday disclosed that the company, […]

February 12, 2024 36

BUSINESS

Adewole resigns as MD of LivingTrust Mortgage Bank

Mr Adekunle Adewole has resigned as the Managing Director of LivingTrust Mortgage Bank. His resignation was contained in a corporate notice filed with the Nigerian Exchange Limited stating that he voluntarily resigned his position, ahead of the expiration of his tenure. Adewole became the bank MD in May 2020. During his time in office, Adewole supervised the growth in the bank’s Profit Before Tax which rose from N57m in 2019 […]

February 5, 2024 49

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How gunmen killed my colleagues, Ekiti monarch recounts narrow escape

The Alara of Ara in the Ikole Local Government Area of Ekiti State, Oba Adebayo Fatoba, has narrated how he managed to escape from gunmen who attacked and killed two of his colleagues last Monday. Fatoba, along with two other monarchs from the state – Onimojo of Imojo Ekiti in Oye LG and the Elesun of Esun Ekiti in Ajoni, Ikole Local Government of Ekiti State, were attacked by the […]

February 5, 2024 43

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