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Customs Pegs Import Duty Exchange Rate At N282/US$

Following  the release of the new foreign exchange policy, the Nigeria Customs Service has pegged import duty rate at N282 to a dollar with effect from July 1. This may result in higher duty for imports made before the new policy was introduced. The implication of the increment is that ...

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CBN Directs Bank Employees To Declare Assets

The Central Bank of Nigeria (CBN) has directed all bank employees in the country to declare their assets, New Telegraph has learnt. According to sources in the industry, the regulator wrote a circular to the management of commercial banks, which stated that all bank employees are required to declare their ...

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CBN Dissolves Skye Bank Board

The Central Bank of Nigeria (CBN) has dissolved the Board of Skye bank and taken over pending when a buyer is found. The apex bank took the decision as Sky Bank has been deemed ‘unhealthy’ and is a measure to prevent a total collapse of the financial institution. The bank ...

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Manufacturers Lose N348.6bn To New Forex Policy

Manufacturers who had outstanding dollar requests and Letters of Credit (applied for at N197/dollar) before the new foreign exchange policy came into existence lost approximately  N348.6bn by Monday, June 20, 2016, the day the policy commenced, findings by our correspondent have revealed. The outstanding LCs and dollar requests totalled $4.02bn ...

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Airfares Soar by 57% over new forex policy

Foreign travels, especially for leisure during this year’s summer, may be out of the reach of many Nigerians, as the Federal Government’s newly introduced exchange rate policy has made airfares on foreign routes to go up by at least 57 per cent, according to findings by our correspondent. The adoption ...

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Lack Of Records And Data Management Is A Bane To Proper Development In Nigeria—Havilah CEO

The absence pf a proper record and data management has been described as on the issues undermining Economic and social development in Nigeria. This was the position of the Chief Executive officer of Havilah Merchants Limited and Havilah Storage Limited, Mr Lanre Adesuyi at the product launch of Bruynzeel storage ...

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NNPC, China Sign $50bn Mou On Oil And Gas Devt.

The Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) worth 50 billion dollars with some Chinese companies for infrastructure development in oil and gas sector. The information is contained in a statement issued by the Corporation on Wednesday in Abuja. It stated that “NNPC wishes to ...

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Naira Depreciation: CBN Resumes Dollar Sales To Bdcs

The  Central Bank of Nigeria, CBN, is set to resume dollar sales to Bureaux de Change, BDCs, in a bid to arrest the continued depreciation of the Naira in the parallel foreign exchange market as well as reduce opportunity for round-tripping. Investigations revealed that the CBN, yesterday, held a meeting ...

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Naira Falls To 351/Dollar At Black Market

The naira fell to 351 to the United States dollar at the parallel market and slightly to 282 at the new interbank market on Monday. Following the floating of the naira and the adoption of a single structure through the interbank/autonomous window, the currency closed last week at 281 to ...

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Liquidity Pressure: Banks Borrow N930bn From CBN

Liquidity pressure heightened in the banking industry, last week, forcing banks’ borrowings from Central Bank of Nigeria’s Standing Lending Facility, SLF, to rise 230.61 per cent to N929.52 billion. Conversely, the Standing Deposit Facility, SDF, has equally declined 61.76 per cent to N227.44 billion during the week, indicating that banks ...

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