ASSETS & FINANCIALS

The Central Bank of Nigeria may introduce a dual exchange-rate system and weaken the naira when it unveils a new policy this week, it has been learnt. Sources, who attended a meeting between the CBN Governor, Mr. Godwin Emefiele, and …

The deregulation of the downstream sector of the oil industry which resulted into an increase in the price of Premium Motor Spirit from N87 to N145 per litre has pushed the country’s inflation rate to an 80-month high of 15.6 …

A conditional budget support facility to provide financial relief to state governments is being finalised by the Federal Government, the Ministry of Finance has said. The ministry said the proposed facility, aimed at providing support to overcome the current financial …

The United Kingdom, through its Department for International Development, has approved N4.74bn (£16.7m) for the development of electricity from solar energy in Nigeria. According to Solar Nigeria, the agency in charge of the programme in Nigeria, the funds from the …

The World Bank says it has so far spent about N7.78bn ($39m) on the third National Fadama Development Project Additional Financing as part of efforts to support Nigeria’s agriculture and economic diversification drive of the Federal Government. The bank also …

The Nigeria Employers’ Consultative Association has condemned the planned picketing of selected banks by the National Union of Banks, Insurance and Financial Institutions Employees. The employers’ association, in a statement on Sunday, alleged that the union was being emboldened by …

A pan-African finance company, Shelter Afrique, has spent over N22.51bn on housing initiatives in Nigeria, the Minister of Power, Works and Housing, Mr. Babatunde Fashola has said. In a statement made available to our correspondent, the minister said that between …

South African telecoms giant MTN said Friday it would pay a $1.7 billion fine to the Nigerian government in a “full and final settlement” over its failure to disconnect unregistered mobile phone users. The company said in a statement that …

The Bankers’ Committee of the Central Bank of Nigeria on Thursday said the mass sacking in banks would be reduced in the shortest time possible. The committee, at the end of its 327th meeting held at the headquarters of the …

The Federal Government has acknowledged that Nigeria has been rendered helpless by the crude oil industry and its price volatility. The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, stated this during the national conference of the Nigerian Association …

The Governor of Lagos State, Mr. Akinwunmi Ambode, has assured Lagosians that the N25bn Employment Trust Fund recently established by the state will be distributed through a credible and transparent process. Ambode said this on Thursday at a stakeholders’ summit …

The World Bank is downgrading its 2016 global growth forecast to 2.4 per cent from the 2.9 percent pace projected in January. The move is due to sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade, and …

As concerns continue to mount over the modalities for the proposed flexible exchange rate regime to be introduced by the Central Bank of Nigeria (CBN), the naira depreciated further to N361 to a dollar on the parallel market yesterday, as …

The Lagos State Government has issued retirement benefit bond certificates to the tune of N1.002bn to a set of 275 retirees from the Mainstream, Local Government, Lagos State Universal Basic Education Board, Teachers Establishment and Pension Office and parastatals of …

The Central Bank of Nigeria has failed to dispel uncertainty over the implementation of the flexible exchange rate policy that will lead to the abandonment of the naira peg, bankers said on Thursday. A meeting between the CBN Governor, Godwin …

The gale of job losses being witnessed in the country due to the current economic hardship has caught up with Ecobank Nigeria, which has sacked over 1,040 of its employees. It was reported on Tuesday that Diamond Bank Plc sacked over …

Nigeria’s external reserves fell by 2.65 per cent to $26.42bn on May 27, the Central Bank of Nigeria statistics showed on Tuesday. The reserves stood at $27.15bn a month ago. The foreign exchange reserves have dropped by over 10 per …

Diamond Bank Plc has fired 200 members of its workforce as the economic challenges affecting the country continue to batter the financial services industry. This is coming two months after the bank announced that its profit before tax for the …

The National Pension Commission said on Monday that it acted within its powers by taking over the affairs of First Guarantee Pension Limited. It said that the allegation by the promoter of the company, Mr. Chidi Duru, that the FGPL …

The Nigerian stock market crashed by N1.732tn within one year of the Muhammadu Buhari-led Federal Government. The Nigerian Stock Exchange data showed that the NSE market capitalisation on May 28, 2015 was N11.658tn, while that of May 27, 2016 was …