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CBN Pumps $500m into FX Market, Banks Take up Only $371m

Sells $491m in two days as naira appreciates on parallel market Says request for submission of tax clearance by customers erroneous, will be corrected wednesday In keeping with its promise to ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions, the Central Bank of Nigeria (CBN) …

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Outrage as Indian-packaged garri sells in Nigeria

Nigerians on Monday expressed outrage after it emerged that Indian-packaged garri was being sold in the country. The garri is packed in a 500g bag, which has the picture of a lady and an inscription, ‘TRS’ (Asia’s Finest Foods) on it, with a price tag of N450. The Executive Director, …

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CBN Increases Forex Supply To Banks

The Central Bank of Nigeria (CBN)  has provided new additional funds for banks to meet the personal and business needs of Nigerians following new adjustments to its FX policy. The apex bank said it would also provide forex for medical needs and school fees, effective immediately. In a statement by Isaac …

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Recession: Telcos May Block Skype, WhatsApp Calls, Target N20tn Revenue

Telecoms companies in the country are hoping to address concerns over revenue loss from international calls and hit a revenue target of N20tn by blocking subscribers from accessing Skype and other Over-the-Top services, The PUNCH learnt on Sunday. It was reliably gathered that subscribers might also be prevented from performing …

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Airlines Panic As Aviation Fuel Price Rises To N265 Per Liter

The price of Jet A1, known locally as aviation fuel, has jumped to about N265 per liter. This is despite a drop in the international market. The situation has provoked panic in the sector, with many suggesting that more airlines could be forced to close shop. In Kano, Kaduna and …

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Arik Air To Go To Court Over AMCON Takeover

The management of Arik Air has said it will challenge the take-over of the airline by the Assets Management Company of Nigeria (AMCON), in court. The Senior Vice President, Operations at Arik Air Capt. Ado Sanusi, said this at a news briefing with the newly appointed receiver Manager, Mr Oluseye …

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Diezani’s Slush Fund: Arrest Iwu, S’West RECs now, Group Tells EFCC

The Civil Society Network Against Corruption (CSNAC), which is a coalition of over 150 anti corruption organization, has urged the Economic and Financial Crimes Commission(EFCC), to immediately commence investigation into the alleged involvement ‎of some officials of the Independent Electoral Commission (INEC) for alleged bribery during the 2015 elections conducted …

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Banks Scramble For Fresh Capital As Naira Weakens Further

Palpable fear has gripped the chief executives of many large-tier and mid-tier Deposit Money Banks as an imminent fall in the naira exchange rate throws up a need for additional capital raising. Checks by our correspondent show that the Capital Adequacy Ratio of a number of the country’s mid-tier and …

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We Won’t Fly From Kaduna Says Lufthansa

German carrier, Lufthansa,  has ruled out the option of flying from Kaduna airport during the closure of the Nnamdi Azikwe international airport in March. The federal government has announced the closure of Abuja airport for six weeks to carry out repair of its runway and made Kaduna airport as an …

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Naira Reverses Loss After Dropping To 500/dollar

The naira dropped against the United States dollar from 498 to 500 at the parallel market during the early trading hours on Monday, crossing the critical threshold currency analysts had predicted. Foreign exchange traders linked the development to relative scarcity of the greenback in the forex market. The local unit, …

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