Category: Finance and Economy

BDCs Take Center Stage Again As CBN Issues New Guidelines For Sale Of Dollar

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BDCs Take Center Stage Again As CBN Issues New Guidelines For Sale Of Dollar

The Central Bank of Nigeria has announced it’s plans to reintroduce Bureau de Change Operators in Nigeria into the foreign exchange market a few days after threatening speculators. The bank announced its reintroduction in a circular addressed to BDCs and the public titled, ‘Operational Mechanism For Bureau De Change Operations In Nigeria.’ The development is…

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Finance and Economy

Emefiele Faces Graft Charges As Prosecutor File’s Fresh Suit

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Emefiele Faces Graft Charges As Prosecutor File’s Fresh Suit

A fresh 20-count charge has been filed against suspended and detained central bank governor Godwin Emefiele on Tuesday. One of the charges accused him of “conferring unlawful advantages”, sources revealed. Full details of the new charges have not yet been made public. However, court documents deposed by the Attorney General’s Office last month showed that…

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Finance and Economy, Financial Crimes

New Measures Will Checkmate Speculators In The I&E, Parallel Forex Markets – CBN

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New Measures Will Checkmate Speculators In The I&E, Parallel Forex Markets – CBN

The Apex Bank in Nigeria, has declared it’s decision to stem the fall of the naira by implementing a series of intervention measures that will be visible in the next few days. Folashodun Shonubi, acting governor of the CBN disclosed this while speaking with State House correspondents after a closed door meeting with President Bola…

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Finance and Economy

Petrol Pump Price May Soon Hit N750/Litre – IPMAN

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Petrol Pump Price May Soon Hit N750/Litre – IPMAN

The pump price of Premium Motor Spirit (PMS), popularly called petrol, may increase to about N750 per litre, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned. National spokesperson of IPMAN, Chinedu Ukadike, gave the hint in Abuja. Although he said the Nigerian National Petroleum Company Limited (NNPCL), being the major importer of petroleum…

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Finance and Economy, Power and Energy

Naira Falls To N925/$1 At Parallel Market, May Plunge Further

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Naira Falls To N925/$1 At Parallel Market, May Plunge Further

The naira plunged to a record low of N925/$1 on the parallel market yesterday as demand for foreign currency outstripped supply. This is the aftermath of liberalising the foreign exchange regime, which is a clear departure of what obtained during the Presidential Muhammadu Buhari- led administration. At a time during the last administration, the World…

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Finance and Economy

NERC Reveals Niger’s N4bn Indebtedness To Nigeria For Power Supply

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NERC Reveals Niger’s N4bn Indebtedness To Nigeria For Power Supply

The Nigerian Electricity Regulatory Commission’s freshly released quarterly report has stated thatNiger currently owes Nigeria N4.22bn ($5.48m: $/N769.27 exchange rate) for power supplied in the past. According to the report, Niger’s state power firm, Nigerien Electricity Society, was yet to remit the $5.48m invoice issued for power supply by the Nigerian market operator. “None of…

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Finance and Economy

REVEALED: Reasons GSK Is Leaving Nigeria After 51 Years

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REVEALED: Reasons GSK Is Leaving Nigeria After 51 Years

Last Thursday, GlaxoSmithKline (GSK) announced plans to discontinue operations in Nigeria, ending its 51-year existence in the country after the company’s first office was opened in Lagos on July 1, 1972. The British multinational pharmaceutical and biotechnology company is best known for household brands like Panadol and Sensodyne. In a corporate filing, the pharmaceutical giant…

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Finance and Economy, Health & Wellness

Annual Returns: CAC To Delist Companies From Database

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Annual Returns: CAC To Delist Companies From Database

The Corporate Affairs Commission has said it will remove 100,000 registered companies from its database soon. During a training on ‘Use of the beneficial ownership register’, in Lagos, the Registrar-General and Chief Executive Officer, CAC, Alhaji Garba Abubakar, disclosed the commission’s intention to delete 100,000 registered companies from its database. “CAC steps up enforcement of…

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Finance and Economy

PoS Operators Risk N1m Fine For Illegal Charges – FG

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PoS Operators Risk N1m Fine For Illegal Charges – FG

The Federal Government, through the Federal Competition and Consumer Protection Commission, has issued a cease-and-desist order to Point of Sale operators from conduct that constitutes an infringement of the law. This follows the move by PoS operators, under the umbrella of the Association of Mobile Money and Bank Agents in Nigeria, to fix new prices…

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Finance and Economy