Business News

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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 […]

The UK’s inflation rate, as measured by Consumer Prices Index (CPI), rose to 0.1% in May, up from -0.1% in April, in official figures. The biggest contribution to the rise came from transport, notably air fares, the Office for National Statistics said. Rises in food and petrol prices also helped inflation to turn positive, it […]

The Managing Director/CEO of Kaduna Electric (Kaduna Electricity Distribution Company), Mr. Garba Haruna, has announced a two month extension of the contract of its workers. The contract will now terminate on July 31, 2015. In a statement signed by the Head, Corporate Communications of the company, AbdulAzeez Abdullahi Garba who made the announcement in a […]

Owners of fuel depots under the aegis of Depot and Petroleum Products Marketers Association (DAPPMA) have blamed the current fuel crisis on banks and the regulations issued by the Central of Bank of Nigeria (CBN), which imposed credit ceilings on fuel importers. The depot owners and marketers have also reiterated the need for the administration […]

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