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CBN Orders Banks To Accept Cheques In Savings Account

August 3, 2016
Banks operating in Nigeria have been directed by the Central Bank of Nigeria, CBN, to now accept cheque deposits into savings account. This directive was contained in a circular dated July 28, 2016, signed by CBN’s Director, Banking & Payments System Department, Dipo Fatokun, and sent to all banks and financial institutions operating in the country. In the circular made
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Excitement As FG Okays Badagry Seaport

August 4, 2016
There is excitement in the air following the approval for the establishment of a seaport in Badagry, Lagos. At the moment, the Nigerian Ports Authority (NPA), which controls seaports in Nigeria, is in charge of the two ports in Lagos; the Lagos Port Complex and the Tin Can Island Port. On Wednesday, after the Federal Executive Council (FEC), Minister of
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CBN Orders Banks To Sell Dollar To Hajj Pilgrims At N197

August 5, 2016
Banks and Forex dealers in Nigeria have been instructed to sell the US Dollar to intending pilgrims at the rate of N197 to $1. The Central Bank of Nigeria, CBN, gave this directive on Thursday. The country’s apex financial institution said those travelling for the 2016 Hajj in Saudi Arabia later this month and want the Pilgrims Travelling Allowance, PTA,
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Commercial Activities Shutdown In Sagamu

August 5, 2016
Report reaching BusinessPost from Ogun State reveals that business activities would be put on hold for a while because of the burial rites of late Akarigbo of Remoland, Oba Michael Adeniyi Sonariwo, who passed away last month. BusinessPost learnt that on Saturday, August 6, 2016, all shops and commercial centres in Sagamu would be shut to honour the late monarch.
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FG Moves To Cut Power Consumption

August 6, 2016
  The Nigerian government says it has taken steps to reduce power consumed by households, businesses and government agencies in the country by 85 per cent. This was disclosed on Friday in Lagos by the Minister of Science and Technology, Dr Ogbonnaya Onu, while addressing newsmen. The Minister said the idea was due to the need to diversify the Nigerian
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80 Oyo road sweepers

Group Donates Food Items to 80 Oyo Road Sweepers

By Modupe Gbadeyanka Some food items have been distributed to about 80 Oyo road sweepers by the Ibadan chapter of a social club, Jericho Metro Rotary Club, on Tuesday. The palliatives were shared by the group to appreciate the cleaners, who are
April 17, 2024
Twiva Best Online Social Commerce Platform

Twiva Wins the Best Online Social Commerce Platform

By Modupe Gbadeyanka A pioneering influencer-powered social commerce platform empowering brands, especially MSMEs, to effectively access markets while creating dignified digital job opportunities for young people, Twiva, has emerged as the Best Online Social Commerce Platform, across the Middle East and Africa.
April 17, 2024
Nigerian Banks

CBN Slashes LDR for Banks to 50% from 65%

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has announced a downward review of the loan-to-deposit ratio (LDR) for banks to 50 per cent from 65 per cent to align with the current monetary tightening. The CBN disclosed this in a
April 17, 2024
Oando

Oando to Sponsor 2024 African Energy Week

By Modupe Gbadeyanka A Nigerian energy firm, Oando Plc, has been announced as a diamond sponsor of the 2024 African Energy Week (AEW) slated for Cape Town, South Africa from November 4-8. Mr NJ Ayuk, the chairman of the African Energy Chamber
April 17, 2024
more concessional debt

Nigeria Pleads for More Concessional Debt to Ease FX Pressures

By Adedapo Adesanya The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has called for more concessional debt, saying such support is vital for Nigeria in alleviating exchange rate pressures. Mr Edun, who was represented by the Director-General
April 17, 2024
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