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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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Politics

Nigerian OTC securities exchange

OTC Exchange Rises 1.17% Amid High Trading Volume

May 18, 2024
By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.2 per cent appreciation on Friday, May 17 amid a large trading activity that saw three price gainers and four price losers. The market capitalisation of the OTC exchange jumped by N19.85 billion during the trading day to N1.720 trillion from N1.700 trillion and the NASD Unlisted Security Index
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Nigerian OTC securities exchange

OTC Exchange Rises 1.17% Amid High Trading Volume

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.2 per cent appreciation on Friday, May 17 amid a large trading activity that saw three price gainers and four price losers. The market capitalisation of the OTC exchange jumped by
May 18, 2024
print Naira massively

Pressure Eases on Naira, Gains 2.4% at Official Market

By Adedapo Adesanya The Naira regained strength against the American Dollar on Friday in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official foreign exchange (FX) market in the country. Data obtained by Business Post showed that the local currency improved
May 18, 2024
Petroleum Technology Association of Nigeria PETAN

PETAN Backs Nigeria’s 2024 Oil Bid Round

By Adedapo Adesanya The Petroleum Technology Association of Nigeria (PETAN) has thrown its weight behind the 2024 Nigeria oil bid round, saying the exercise will be successful. According to a statement, the Chairman of PETAN, Mr Wole Ogunsanya, while speaking at the
May 18, 2024
federal allocation revenue

FG, States, Councils Get N1.208trn Allocation for May 2024

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared the sum of N1.208 trillion from the earnings generated in April 2024 to the federal government, states and Local Government Councils (LGCs) as their share of revenue allocation in May 2024.
May 18, 2024
power sector liabilities

AfDB Pledges $1bn for Nigeria’s Power Sector

By Adedapo Adesanya The African Development Bank (AfDB) has announced plans to support Nigeria’s power sector with $1 billion to boost electricity. Mr Kevin Kariuki, Vice President, Power, Energy, Climate Change and Green Growth Complex, AfDB, said this at the Eight Africa
May 18, 2024
Tigran Gambaryan Binance Executive

Court Denies Binance Executive Tigran Gambaryan Bail

By Adedapo Adesanya Justice Emeka Nwite of the Federal High Court Abuja has refused to grant bail to an Executive of Binance Holdings Limited, Mr Tigran Gambaryan, because he is likely to jump bail. The company and its executive were arraigned on
May 18, 2024
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