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Inflation Rate Rises To 11-year High At 16.5%

The Consumer Price Index (CPI) measuring inflation in the Nigerian economy has risen to its highest point of 16.5 per cent since 2005, reflecting the rising cost of goods and services in the country. The National Bureau of Statistics (NBS) yesterday released the consumer price index for June, which rose …

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Banks Reject Loan Requests For Fuel Imports

The newly introduced foreign exchange policy that indirectly devalued the value of the naira, has tremendously changed banks’ lending dynamics, compelling them to reject fresh loans for importation of petrol, otherwise known as Premium Motor Spirit (PMS), New Telegraph has learnt. Already, lenders in Nigeria have discarded the N49 billion …

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Naira falls to 363 as dollar scarcity continues

The naira fell further to 363 against the dollar at the parallel market on Thursday, as the scarcity of foreign exchange continued to weigh on the value of the local currency at the interbank and parallel markets. The naira had closed at 360 to the dollar at the parallel market …

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Attah Is New NLNG CEO As Omotowa Bows Out

Tony Attah has been appointed as the new Managing Director and Chief Executive Officer of Nigeria Liquefied Natural Gas(NLGN) . In a statement signed by the company’s General Manger, External Relations, Kudo Eresia-Eke, Attah replaced Babs Omotowa who will be returning to Shell International in the Hague, Netherlands. The management …

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FBN Capital Collaborates OBG To Analyse Nigeria’s Economy In The Report: Nigeria 2016

First Bank of Nigeria Capital has signed Memorandum of Understanding with Oxford Business Group(OBG) to examine the Central Bank of Nigeria’s monetary policy, reviewing the recently revised foreign exchange policy alongside broader efforts by the government to stimulate growth. The analysis which is titled The Report: Nigeria 2016 will include …

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IMF Says Nigeria Economy Likely To Shrink In 2016

The International Monetary Funds (IMF) has said that the Nigeria economy will likely shrink in 2016 as the country is perfoming below the projection of the IMF. Speaking in Abuja on Monday, the IMF resident representative in Nigeria, Gene Leon, energy shortages and delayed budget weigh on output of the …

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Bank Returns Reveal Increased Forex Allocation to Manufacturers

Trading by banks on behalf of their clients on the Nigerian Interbank Foreign Exchange (NIFEX) has shown increased foreign exchange (forex) allocation to the importation of raw materials and industrial machines by manufacturers. A review of the returns on forex utilisation and source of funds for the week ended July …

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Strike: Fuel Depots May Run Dry By Wednesday

Should the ongoing strike embarked upon by the Petroleum and Natural Gas Senior Staff Association of Nigeria be allowed to linger beyond Wednesday, most depots in Apapa, Lagos, will run out of fuel stock, our correspondent has learnt. Following the commencement of the strike on Thursday, loading at Apapa depots, …

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NNPC: Why Kachikwu Was Removed As GMD

Fresh facts have emerged as to the underlying reasons the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, was removed as the Group Managing Director of the Nigeria National Petroleum Corporation(NNPC), after serving in that capacity for a period of 11 months. Before his appointment as GMD of NNPC …

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No Nigerian Bank In Distress — CBN

The Central Bank of Nigeria, CBN, said yesterday that no bank in the country was distressed. CBN, in a statement by acting Director, Corporate Communications, Mr. Isaac Okorafor, said the infusion of a new Board and management for Skye Bank Plc was a proactive step to ensure the bank remained …

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