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CBN Injects $280m Into FX Market, Increases Sale To BDCs

As part of its efforts to sustain liquidity in the foreignexchnage sgement of the finanacial market , the Central Bank of Nigeria yesterday injected   fresh $280 million into the various sectors of the economy. The CBN, in a statement issued by the Acting Director, Corporate Communications Department, Isaac Okorafor, said ...

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CBN Opens Special FX Window for SMEs, Traders

As the demand for foreign exchange continues unabated in the parallel market segment of the forex market, the Central Bank of Nigeria (CBN) on Monday unfolded yet another policy measure, stating that it has opened a special forex window for small and medium scale enterprises (SMEs). This, according to the ...

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NNPC Gets $100m Reprieve From UK Supreme Court

The Supreme Court of the United Kingdom in a unanimous judgment, granted a reprieve to Nigerian National Petroleum Corporation (NNPC) over a $100 million bank guarantee in a case involving the Corporation and a service company, IPCO (Nigeria) Limited. The reprieve was the latest in the protracted dispute arising from ...

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DStv, GOtv To Increase Subscription Rate From May 1

MultiChoice, owners of DStv and GOtv, has  announce five percent increment on subscription rate effective from May 1, 2017. This is coming less than two years after Nigerians threatened to boycott MultiChoice Nigeria over 20 percent subscription hike. Back then, a court ordered the company not to increase the rates ...

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MTN ‘pays another N30bn’ to FG

MTN has remitted N30 billion to the federal government in part settlement of a N330 billion fine imposed on the telecoms group for not disconnecting unregistered SIM cards, Reuters said quoting a source. Having paid N80 billion in December, the current payment brings the amount paid out of the fine ...

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CBN Reviews Rates For BDCs To N360/$

Central Bank of Nigeria (CBN) on Tuesday, March 28, 2017 crashed the rate at which it sells forex to Bureaux De Change operators to N360/$1 and instructed the BDCs to sell to end users at a rate not more than N362 to the dollar. This is coming barely 24 hours ...

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Lagos, Delta Lead As States’ Debt Burden Rises To Over 3.342trn Naira – NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) says that the debt burden of the 36 States of the Federation has risen to over 3.342 trillion Naira as at 2016. Lagos, Delta, Osun and Akwa Ibom states topped the debt chart with a total debt profile of 1.262 trillion Naira, representing ...

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Analysts Hail CBN’s Naira Defence as Rate for PTA, Others is Adjusted to N360/$

Financial market analysts have welcomed Monday’s decision by the Central Bank of Nigeria (CBN) to lower the naira exchange rate for retail invisibles such as business and personal travel allowances, school fees and medical fees to N360 to the dollar, from N375. Describing the move as a show of strength ...

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Dollar Drops Below N399/$ On Tuesday

For the first time in seven months, the dollar fell below the psychological N400 barrier, when the greenback traded at N399 to the dollar in Lagos and exchanged at N395 in Abuja, lower than N410 at which it traded on Tuesday. With the gains made by the local currency in ...

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AMCON Sells keystone Bank To Sigma

The Asset Management Corporation of Nigeria has announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf-Riverbank Consortium) as the new investors in relation to the acquisition of the entire issued and fully paid up ordinary shares of Keystone Bank Limited. This, according to AMCON in a ...

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