Business News

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European stock markets dropped at open today after two explosions at Brussels airport killed at least thirteen people and injured thirty-five. The pan-European Stoxx dropped zero-point-six percent in morning trade while the Brussels benchmark plunged over one-point-two percent before paring some of its losses. The yields on the benchmark ten-year government bonds in Belgium and […]

In a bid to tighten money supply in response to the sharp increase in inflation in February, the Central Bank of Nigeria (CBN) today raised its Monetary Policy Rate (MPR) to twelve percent from eleven percent. The Bank also increased the portion of customers’ deposits that banks must keep as cash, known as the Cash […]

The naira extended its decline against the United States dollar on Wednesday, falling to 302 at the parallel market, down from 300 on Tuesday. The currency had sunk to a record low of 300 per dollar at the parallel market on Tuesday, a day after the Central Bank of Nigeria stopped dollar sales to Bureau […]

The Managing Director of the International Monetary Fund (IMF) Christine Lagarde on Wednesday met with leaders of the National Assembly and called for the removal of fuel subsidy. According to her, not only do fuel subsidies harm the planet, but they rarely help the poor, while benefitting the rich. Speaking during a meeting with some […]

Director of the International Monetary Fund, IMF, Miss Christine Lagarde, arrived Nigeria, yesterday, on a four-day official visit to engage with policy makers and other stakeholders on how her organization can partner the nation for a better economy.   While in Abuja, Lagarde will meet with President Muhammadu Buhari and other senior leaders as well […]

The Kwara State Road Traffic Maintenance Agency(KWARTMA) has explained the reason for the relocation of the dealers of second hand wears popularly known as ‘Post office Sunday-Sunday market,’the agency said the reason was to prevent accidents and traffic congestion. According to the Chief Executive Officer, KWARTMA, Mr Yekeen Babatunde Bello, while explaining the circumstances that […]

T, yesterday in Abuja said investment in the mobile telecoms industry would hit One hundred and sixty-six billion dollars and create over six-point-one million jobs by year 2020. According to him, two-point-seven million direct jobs would be created, while another three-point-four million indirect jobs would also come from the sector. Mr. Shittu, who spoke while […]

The Central Bank of Nigeria, CBN, has urged business owners in Kwara state and Nigeria at large to embrace the new PAVE policy in order to deepen the foreign exchange market by improving supply of foreign exchange into the market. CBN Head of External Communications, Mr. Isaac Okorafor, stated this at the two-day CBN fair […]

The oil price is unlikely to recover next year, according to the boss of the French energy giant, Total. barrel, down more than sixty percent since last summer, while US light crude is trading below forty dollars a barrel. Oil prices have not been this low for more than ten years. And Total’s Patrick Pouyanne […]

The federal government has disclosed that it was working out a new operational model with which Nigeria’s four refineries would run starting from 2016.The government, through the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, stated that under the new arrangement, the refineries would operate as semi-autonomous business entities, buying and refining petroleum products […]

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