FREEPRESS – The Central Bank of Nigeria (CBN) has denied reports that prospective Muslims pilgrims were granted concessionary foreign exchange rate for the 2016 pilgrimage. This is contained in a statement in Abuja on Tuesday by the bank’s acting Director of Communications, Isaac Okorafor. According to the statement, the CBN Governor, Godwin Emefiele, said there … Read more
FREEPRESS – An accountant and bureau de change, BDC, operator, Harisson Owoh, says the naira is on the path to recovery as banks were set to sell Forex to BDC Operators. Owoh told the NAN in Lagos that his colleagues had received signals from banks to fund their accounts in readiness for the sale. According … Read more
FREEPRESS – The Central Bank of Nigeria (CBN) has directed Nigerian deposit banks to allow customers deposit cheques into their saving accounts. The directive, which was issued via a circular, is part of four new guidelines for the banking sector released Tuesday by the CBN. The circular was signed by the Director, Banking and Payment … Read more
FREEPRESS – The Central Bank of Nigeria (CBN) yesterday said it will sell treasury bills of N1.73 trillion in the second quarter of the year. The apex bank stated this in its Nigeria Treasury Bills Issue programme released on Thursday. Treasury bills (TBs) are short term (less than one year) debt instruments used by the … Read more
President Mohammadu Buhari, yesterday, stated that the problem of youth unemployment bedevilling the country would become history after the passage of 2016 national budget President Buhari spoke at a dinner he organised in honour of the visiting Alumni Association of the Indian Defence Services Staff College,DSSC, Wellingon, led by the Indian High Commissioner to Nigeria, … Read more
Central Bank of Nigeria (CBN) Governor Godwin Emefiele yesterday mandated commercial banks to lower their risk rating for Small and Medium Enterprises (SMEs) or lose Cash Reserves Ratio (CRR) refunds. He issued the warning in his keynote address at the seventh annual Bankers’ Committee Retreat in Lagos. Emefiele said: “We need the support of the … Read more
Nigeria Electronic Fraud Forum (NeFF) has said that loss arising from electronic payment fraud has fallen by 63 percent. Chairman of the Forum and Director, Banking and Payment System Department, Central Bank of Nigeria (CBN), Mr. Dipo Fatokun disclosed this at the annual Dinner of the Forum in Lagos. Speaking on the progress recorded by … Read more
A consultant to the World Bank, Prof Abel Ogunwale, has advised the government to invest in infrastructure and value-added production. Ogunwale, a lecturer in Agricultural Extension and Rural Development, Faculty of Agricultural Sciences, Ladoke Akintola University, Ogbomosho, Oyo State, noted that growth in agriculture would require an increase in infrastructural investments. He said farmers expected … Read more
Should crude oil prices remain volatile, averaging $53 in 2015, the Oil Producers Trade Section (OPTS) has estimated that Nigeria’s revenue from oil and gas sales could be cut by about $10 billion or 30 per cent. OPTS, through its chairperson and Managing Director of Total Upstream Companies in Nigeria, Elisabeth Proust, said on Thursday … Read more