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Business

CBN Resumes FX Sales to BDCs, Pegs Rate at N1,301/$1

February 27, 2024
By Adedapo Adesanya The Central Bank of Nigeria (CBN) will begin selling Dollars to eligible Bureau De Change operators (BDCs) at a pegged rate of N1,301/$1 in its latest effort to improve liquidity in the Nigerian foreign exchange market. The apex bank will begin those sales after proposing more stringent rules for BDC operators last week, according to a circular
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interest rate hike

EXPLAINER: How CBN’s 22.75% Interest Rate Hike May Affect You

February 27, 2024
By Dipo Olowookere Today, the Central Bank of Nigeria (CBN), through its Monetary Policy Committee (MPC) raised the benchmark interest rate, the Monetary Policy Rate (MPR), by 4.00 per cent or 400 basis points to 22.75 per cent from 18.75 per cent. This rate hike was inevitable, though the margin of increase was not expected. I know you are asking
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OB3 Gas Pipeline

FG Sets March 2024 for OB3 Gas Pipeline Completion

February 27, 2024
By Adedapo Adesanya The federal government has set March 2024 for the completion of the Obiafu-Obrikom-Oben (OB3) gas pipeline. This was disclosed by the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, in his industry address during the opening ceremony of the 7th edition of the Nigeria International Energy Summit (NIES 2024) at the Presidential Villa, Abuja on
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Binance Nigeria Limited

Untraceable People Traded $26bn Via Binance Nigeria in One Year—Cardoso

February 28, 2024
By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CB), Mr Olayemi Cardoso, has stated that about $26 billion has passed through the popular crypto exchange, Binance, from sources that cannot be adequately identified, echoing sentiments shared by his predecessor, Mr Godwin Emefiele. He said this as he responded to the activities of cryptocurrency platforms like Binance while
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equity market size

Equity Market Sheds 1.39% as CBN’s Interest Rate Hike Dampens Mood

February 28, 2024
By Dipo Olowookere The decision of the Central Bank of Nigeria (CBN) to hike the Monetary Policy Rate (MPR) by 4.00 per cent to 22.75 per cent to curb rising inflation on Tuesday suppressed the Nigerian Exchange (NGX) Limited by 1.39 per cent. The action forced investors to liquidate their equities during the session for instruments in the money markets,
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Politics

Jim Ovia Nigerian Education Loan Fund

Jim Ovia to Chair Nigerian Education Loan Fund Board

April 27, 2024
By Modupe Gbadeyanka The Chairman of Zenith Bank Plc, Mr Jim Ovia, has been appointed by President Bola Tinubu to chair the Nigerian Education Loan Fund (NELFUND) board. The veteran banker is expected by Mr Tinubu to “bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student
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Travel

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LASRRA Harps On Importance Of Registration

By Modupe Gbadeyanka Residents of Lagos have been urged to endeavour to partake in the registration exercise by the Lagos State Residents Registration Agency (LASRRA). The agency said one of the requirements for members of Mudano community in Epe Local Government Area
August 27, 2016

Ambode Gives N5m To Family Of Dead Tanker Driver

By Dipo Olowookere Governor Akinwunmi Ambode of Lagos State has approved the donation of N5 million to family of Late Adamu Slisu Dangwari, a petroleum tanker driver who lost his life in an unfortunate incident involving personnel of Lagos State Traffic Management
August 27, 2016

Driving in Hazardous Conditions 1

By FRSC Driving your vehicle in hazardous conditions, such as the current heavy rain is a matter of preparation, practice, and as always with driving, calm and caution. Hydroplaning is the main cause of road traffic crashes when driving on a wet
August 27, 2016

Police Nab Notorious Car Snatching Gang

Worried by several reports of car snatching in various parts of the country, the Acting Inspector General of Police, Ibrahim Idris, ordered his Special Tactical Squad to tackle the crime and ensure the arrest of those behind these acts. Armed with the
August 27, 2016

3000 Lose Jobs As 20 Shipping Firms Shutdown

By Modupe Gbadeyanka No fewer than 20 shipping companies have shut operations in Nigeria due to unfavourable government policies. This has led to the retrenchment of over 3000 workers in the last one year, the Maritime Workers Union of Nigeria (MWUN) disclosed
August 26, 2016

Buhari Tasks New NBA President On Judicial Reforms

By Dipo Olowookere President Muhammadu Buhari has congratulated the Nigerian Bar Association (NBA) on the inauguration of its new executive led by Mr Abubakar Balarabe Mahmoud (SAN) at the 2016 Annual General Conference held in Port-Harcourt, Rivers State. In a statement issued
August 26, 2016

Buhari Departs Nigeria For Kenya

By Dipo Olowookere President Muhammadu Buhari has left the shores of Nigeria for Kenya to attend an international programme in the East African country. Mr Buhari will be in Kenya to attend the 6th Tokyo International Conference on African Development (TICAD VI)
August 26, 2016

Buhari Okays Governing Boards For NPA, NIMASA

By Modupe Gbadeyanka The composition of Governing Boards of the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) has been approved by President Muhammadu Buhari. This was announced on Friday, August 26, 2016, via a statement by
August 26, 2016

GOtv Rebrands, Unveils New Package

By Modupe Gbadeyanka Leading digital terrestrial payTV platform, GOtv, has changed its look and has also introduced a new package called GOtv Lite. This is coming ahead of its fifth anniversary celebration in October 2016. Unveiling its new look on Tuesday, August
August 26, 2016
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