Business News

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Oil marketers, under the auspices of Major Oil Marketers Association of Nigeria (MOMAN), have decried the government’s inability to disburse the outstanding payments due to its members for the import of petrol under the Petroleum Subsidy Fund scheme, warning that it could lead to another round of fuel scarcity if not promptly resolved. It is […]

The Central Bank of Nigeria (CBN) has spent $4.7 billion to defend the naira this year, even as the nation’s external reserve fell to $29.6 billion week. Data published by the CBN on its website show that the external reserve fell by $189 million from $29.778 billion on April 2nd to $29.589 billion on April […]

Oil futures extended losses on today, as Iran and six world powers ramped up the pace of negotiations to reach a preliminary deal that could ease sanctions and allow more Iranian crude onto world markets. With a deadline less than 24 hours away, United States, Britain, France, Germany, Russiaand China were trying to break an […]

The Central Bank of Nigeria (CBN) has condemned in strong terms the dollarisation of the economy and vowed to go after perpetrators of the act. This is as the apex bank said it retained all monetary policy rates at the end of the two-day monetary policy committee (MPC) meeting which was held in Abuja on Monday […]

The European Union will impose anti-dumping duties from Thursday on imports of cold-rolled flat stainless steel from China and Taiwan, according to a notice on Wednesday in the EU’s Official Journal. The EU will apply tariffs of up to 25.2 percent for sheet, coil and strip imports from Chinaand up to 12 percent for Taiwanese product, […]

Despite Federal Government’s declaration of the Nigerian Shippers Council, NSC, as the Port Economic Regulator, there is still disagreement between the Council and the Nigerian Ports authority, NPA as to the constitutionally recognised body for the function. The disagreement between the two government agencies resurfaced at the recently concluded awareness seminar titled “Monitoring and Compliance […]

UK inflation rate fell to 0% in February, the lowest since records began, official figures show.  official figures shows that Lower prices for food and computer goods helped to cut the rate from 0.3% in January, February’s figure is the lowest rate of Consumer Prices Index (CPI) inflation since estimates of the measure began in 1988. […]

Kraft Foods Group Inc, the maker of Velveeta cheese and Oscar Mayer meats, will merge with ketchup maker H.J. Heinz Co, owned by 3G Capital and BerkshireHathaway Inc, to form the world’s fifth-largest food and beverage company. Kraft’s shares rose about 17 percent in premarket trading after the announcement of the deal, which will bring […]

Fovourable  policies by the federal government have attracted private-sector investment to the tune of N800 billion to Nigeria’s budding agricultural sector since 2012. The Investments, investigations revealed, were mostly in areas such as rice, sugar and palm oil segments. However, private-sector to agriculture has dipped below 2 per cent of the total despite that the […]

In line with its restrictive monetary policy stance, the Central Bank of Nigeria (CBN) has said it will issue treasury bills worth a total of N730.499 billion in the second quarter of this year. A breakdown of the Nigeria treasury bills issue programme obtained at the weekend showed that the proposed debt instrument to be […]

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