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CBN orders DMBs to sell FX to customers

Written by on 29 July 2021

The Central Bank of Nigeria, CBN, has ordered Deposit Money Banks, DMBs to sell foreign exchange (FX) to customers. CBN disclosed this in a letter to all banks reminding them to set up teller points at designated branches across the country to fulfil legitimate FX requests by customers. The regulator, on Tuesday, has announced the […]

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E-Naira Will Make Transactions Cheaper – CBN

Written by on 28 July 2021

The Central Bank of Nigeria (CBN) has said that transactions will be cheaper to conduct with Nigeria’s digital currency, e-naira. The Governor, Godwin Emefiele, spoke in Abuja at the end of the bi-monthly Monetary Policy Committee (MPC) meeting. He said: “Our digital currency which is tagged e-naira will certainly come into operation in October and […]

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Nigeria-Cameroon $36m Border Bridge Will Facilitate Free Trade – Fashola

Written by on 28 July 2021

The Minister of Works and Housing, Babatunde Fashola has explained that the $36 million border bridge project linking Nigeria with the Republic of Cameroon will smoothen the free trade relationship under the African Continental Free Trade Agreement (ACFTA) signed by both countries. Fashola disclosed this on Tuesday while inspecting the bridge project at the Ajassor […]

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Naira slides to 505/$ as CBN stops forex sale to BDCs

Written by on 28 July 2021

The naira fell slightly to the dollar at the parallel market few hours after the Central Bank of Nigeria on Tuesday announced the discontinuity of forex supplies to the Bureau de Change Operators in the country. The CBN Governor, Godwin Emefiele, announced the end of forex sales and new licence approval after the Monetary Policy […]

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Buhari Signs N982.72bn Supplementary Budget For Security, COVID-19

Written by on 27 July 2021

President Muhammadu Buhari has assented to the 2021 Supplementary Appropriation Bill submitted to the National Assembly in June. Mr. Umar El-Yakub, the Senior Special Assistant to the President on National Assembly Matters, disclosed this to State House correspondents after a meeting with the President on Monday in Abuja, the nation’s capital. The 2021 Supplementary Appropriation […]

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PIB: Southsouth leaders reject 3% for host communities

Written by on 16 July 2021

A wave of rejection and outrage Thursday greeted the National Assembly’s endorsement of three percent contributions to the host communities’ development trust fund in the Petroleum Industry Bill (PIB). Leading voices in the Niger Delta and stakeholders slammed the federal lawmakers for the decision. They said the provision was grossly unfair to the goose that […]

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Nigeria’s Inflation Rate Declines To 17.75%

Written by on 16 July 2021

Nigeria’s consumer price index (CPI), a measurement of the rate of change in prices of goods and services, has declined to 17.75% in June from 17.93 recorded in May 2021. The ‘Consumer Price Index Report for June’ released by the National Bureau of Statistics (NBS) on Friday, means that the prices have continued to increase […]

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NERC -1.09m customers metered by DisCOs

Written by on 14 July 2021

The Nigerian Electricity Regulatory Commission (NERC) says 1,092,399 customers have been metered by electricity Distribution Companies (DisCos) under the Meter Assets Provider (MAP) scheme and the National Mass Metering Programme (NMMP).

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