Business News

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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 […]

The Director, African Department of International Monetary Fund, IMF, Ms Antoinette Sayer, has said that measures put in place by the Central Bank of Nigeria, CBN, to restrict access to foreign exchange, forex, needed to be reviewed. she said this in respect tofurther widening of the parallel market margin in  foreign exchange market records  While CBN […]

The EFCC’s lead counsel in the alleged CBN currency scan, Mr Rotimi Jacobs, today said the defence counsel was scuttling further trial of the accused persons. Jacobs made the remark while addressing journalists after further hearing was grounded due to the inability of the defence counsel to serve process. He said it was a situation in which […]

The pioneer Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA) and immediate past Executive Secretary of Petroleum Technology Development Fund (PTDF), Dr. Oluwole Oluleye has stated that the administration of former President Olusegun Obasanjo reviewed the prices of petrol frequently to reduce government’s subsidy bill and position the sector on the path of full […]

The cost of borrowing for Nigeria rose yesterday just as the naira weakened again in the wake of the Central Bank of Nigeria’s (CBN’s) new foreign exchange rules to conserve scarce reserves, traders said. Investors had hoped for a sustained rally after smooth elections in March eased uncertainties about political risk in Africa’s biggest economy. […]

Regular travellers through the Murtala Muhammed International Airport, Lagos experience anxiety about how to wade through the heavy traffic that builds up in the evening hours when most international flights arrive and take-off from the airport. Those who get to the airport early so as to beat the traffic, face another hurdle: there is no […]

The Central Bank of Nigeria (CBN), has paid the sum of N6.9 billion to gas suppliers as part of its Nigerian Electricity Market Stabilisation Fund (NEMSF), which is set aside to ensure a steady power supply to the country. The amount is representing legacy debts owed the gas suppliers by power distribution companies (DISCOs). The CBN Governor, […]

Nestle says it will destroy more than $50m (£32m) worth of its hugely popular Maggi noodles, following a ban imposed by India’s food safety regulator. India’s food safety regulator says tests have found the instant noodles “unsafe and hazardous” and has accused Nestle of failing to comply with food safety laws. The company insists that […]


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