The Centre for the Promotion of Private Enterprise (CPPE), one of Nigeria’s private sector advocacy groups, has described the recent decision by the Central Bank of Nigeria (CBN) to increase the Customs Exchange rate from N783 to N952/$1 as undesirable for the economy, warning that it will worsen the already prohibitive production and operating costs […]
The Central Bank of Nigeria (CBN) has announced the immediate suspension of processing fees on large cash deposits. With this fresh directive, all financial institutions regulated by the CBN will cease to impose any charge on cash deposits that meet or exceed these thresholds. The apex bank in a circular to dated December 11, 2023 […]
The Chief Executive Officer of the Pension Funds Operators’ Association of Nigeria, Mr. Oguche Agudah, disclosed Friday that the National Pension Commission (PenCom) recovered N24.8 billion of funds unremitted by employers in the third quarter of 2023. Agudah, who spoke at a media parley with the theme “At the dawn of 20 years of pension […]
Investment researchers at Bancorp Securities Limited, a leading investment research and consulting firm in Nigeria, have projected a cautious trading in banking sector stocks in the Nigerian Exchange (NGX), which would more likely be defined by profit taking activities In the firm’s ‘Weekly Stock Recommendation: Dec 11- Dec 15’ report circulated to our correspondent on […]
The Central Bank of Nigeria (CBN) has extended the timeline for the issuance of Letters of Credit from 24 hours to five working days as foreign exchange (FX) scarcity continues to constrain business activities nationwide Also, the apex bank extended the timeline for the registration of Form M and NXP from 24 hours to two […]
The Federal Government has, through the Central Bank of Nigeria, reviewed upward the official exchange rate of the Naira for cargo clearance from N783/$ to N952/$. The latest policy came barely three weeks after the rate was adjusted from N757/$1 to N783/$1, representing a 3.4 per cent increase. Our correspondent noted that on Thursday, the […]
The Lagos Chamber of Commerce and Industry (LCCI) on Thursday announced a change in its board with the election of Gabriel Idahosa as President and Chairman of the Council. The Chamber’s Director General, Dr. Chinyere Almona, who made the disclosure during the Chamber’s 135th Annual General Meeting (AGM) in Lagos, said that Idahosa’s appointment was […]
The Central Bank of Nigeria (CBN) on Friday advised the public to beware of counterfeit Naira banknotes in circulation following its attention drawn to the menace, especially of higher denominations, by some individuals for transactions across major cities in the country. The apex bank, in a statement signed by its Acting Director, Corporate Communications, Mrs. […]
The Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello- Koko, has refuted the rumour about $1.8 billion allegedly missing from the Authority, describing it as ill-founded and false. According to him, the inability of the NPA to remit substantial part of the amount which is considered irrecoverable is due to faulty concession. Bello- […]
The Executive Vice Chairman (EVC) of the Nigeria Communications Commission, Dr. Aminu Maida, has said competition remained desirable for the sustainable growth of the nation’s telecoms sector. Maida, who spoke on Wednesday when he received the management team of Airtel Networks Limited in Abuja, said the Commission would give closer attention to managing the competition in the industry. Specifically, […]