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CBN disburses N3.5tr COVID-19 intervention cash

Written by on 23 September 2020

The Central Bank of Nigeria (CBN) had disbursed N3.5 trillion to different sectors of the economy to cushion the effects of the Coronavirus pandemic. It will also contribute N1.8 trillion into the N2.30 trillion Federal Government’s one-year Economic Sustainability Plan (ESP) through its Participating Financial Institutions (PFIs). CBN Governor Godwin Emefiele stated this on Tuesday […]

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Rising food prices in North send scary signal

Written by on 23 September 2020

Nigeria seems to be plunging a new dimension of economic crisis as food inflation reached a new high in northern regions, hitherto considered the food basket of the country. The North consistently led the country’s year-on-year (YOY) food inflation rate from June to August. In August and July, Kogi recorded the highest food inflation (22 […]

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Nigeria Has To Take Economic Diversification More Seriously – Sanusi

Written by on 23 September 2020

Former Central Bank Governor, Mohammed Sanusi (II), says Nigeria has to take economic diversification more seriously in order to experience growth and development. The former CBN governor who was the guest speaker on the second day of the Kaduna Investment Summit, explained that over-reliance on oil has left the country unproductive. Referencing Malaysia, Sanusi gave […]

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LCCI pushes for immediate implementation of CAMA 2020

Written by on 22 September 2020

Amidst the controversies surrounding the new Company and Allied Matters Act (CAMA) 2020, the Lagos Chamber of Commerce and Industry (LCCI) is pressing for an urgent gazetting of the law, saying that delay is creating uncertainties in business decisions anchored on the law. Director General, LCCI, Dr. Muda Yusuf, in a statement made available to […]

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CBN probes 71 for suspected forex deals

Written by on 21 September 2020

The Central Bank of Nigeria (CBN) has launched a massive investigation into foreign exchange transactions by 71 companies after preliminary reviews raised suspicions of possible infractions and contravention of extant foreign exchange laws and rules. Sources close to the apex bank yesterday confirmed the investigation of many leading companies in key sectors of the economy […]

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Subsidy root of all fraud in oil sector, says Kyari

Written by on 21 September 2020

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kolo Kyari, has said that subsidy on petrol was removed because it was characterised by fraud perpetrated by members of a cabal. According to him, the subsidy regime was no longer beneficial to the masses, who were the original target beneficiaries. Kyari said […]

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No Junior Trade Union Can Negotiate For Senior Employees In Nigeria – Organised Labour

Written by on 18 September 2020

The organised labour has kicked against the practice of trade unions representing junior workers, negotiating terms, and agreement on behalf of senior employees in Nigeria’s industrial space. This is in reaction to the lingering issue between the Pulp Paper and Paper Products, Printing and Publishing Senior Staff Association of Nigeria (PPAPPPAPSSAN), and the National Union […]

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CBN approves N200b housing loan for low income earners

Written by on 16 September 2020

The Central Bank of Nigeria (CBN) has announced N200 billion mortgage finance loan to Family Homes Fund (FHF). The fund is for the building of 300,000 homes in the 36 states of the federation and the Federal Capital Territory. It is also expected to help create up to 1.5 million jobs in five years. The […]

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Unions shuts down Arik Air operations over 90% staff layoff

Written by on 14 September 2020

Operations of Arik Air were on Monday shut down by the aviation unions over alleged non payment of staff salaries since April after placing 90 per cent of the workforce on compulsory leave and other anti-labour practices. The News Agency of Nigeria (NAN), reports that unions included the National Union of Air Transport Employees (NUATE) […]

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