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Saraki Calls For Investigation On MTN’s Alleged Transfer Of $13.9 Billion

The leadership of the senate on Tuesday have agreed to investigate the alleged illegal transfer of $13.9 billion by Mobile Technology Nigeria(MTN) out of the country through its bankers between 2006 and 2016. Senator , representing Kogi West, Dino Melaye made the allegation at the floor of the house on …

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Naira falls against dollar at 428 after MPC decision

The naira recently fallen against the United States dollar to 428 on Wednesday, down from 424 on Tuesday, as persistent dollar shortage continues to weigh on the economy. The major decline in the local currency against the greenback came a day after the Central Bank of Nigeria’s Monetary Policy Committee …

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Lower Interest rate Is Not Magic Wand Out Of Recession- CBN

The Director, Monetary Policy Department of Central Bank Of Nigeria, Moses Tule, on Wednesday said reducing monetary policy rate other wise known as “interest rate” will not in any way take Nigeria’s economy out of recession. Tule , speaking on ChannelsTV Sunrise Daily monitored by Nigerian Current said to spend …

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MPC Leaves Rate Unchanged, Reduction Will Worsen Inflation, Says Emefiele

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele yesterday defended one of the bank’s core functions of ensuring price stability and counselled against calls to reduce the Monetary Policy Rate (MPR) in order to lower the cost of funds needed to stimulate economic growth and aid …

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Niger Delta Militants Are Responsible For Economic Recession -Osinbajo

Vice-president, Yemi Osinbajo has said the activities of Niger Delta militants and vandals are the reason the country is in recession. Osinbajo speaking on Monday at a business briefing with the private sector and the Economic Management Team (EMT) siad the country is losing one million barrels of oil per …

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Nigeria’ll start getting out of recession in Q4, Says Emefiele …Recovery Not Possible Until 2017 – Experts

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has predicted that the nation’s economy will likely come out of recession by the fourth quarter of this year when the result of the various measures put in place by the Federal Government and the monetary authorities becomes manifest. …

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Arik Airline Resumes Operations 16hrs After Shutting Down

Arik Air has resumed full operation today after Tuesday suspension of its operations due to  to its debts with major oil marketers and inability to  renew its aircraft insurance. This was disclosed in a statement   issued very last night  that flight operations were resuming after 16 hours of disruptions, apologising …

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Foreign Reserve Drops By $1bn

The Nigeria foreign reserves have been depleted by one billion dollars in the last 5 weeks  according to the latest statistics from the Central Bank. The reason for the reduction is attributed to CentralBank almost daily sale of currencies or interventions at the new floating foreign exchange market. Africa’s largest oil producer sees its external …

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We’re Available To Help, IMF Tells Central Banks

The International Monetary Fund (IMF) says it is available to help economies in sub-Saharan Africa at any time it is called upon. Disclosing this on Tuesday, Mitsuhiro Furusawa, IMF deputy managing director, said central banks in the region had been facing some challenges that could do with some help from …

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Arik Airline Shuts Down Operations

Just lik Aero, First Nation, Arik Air has suspended all its operations from today. Over thousands of travellers booked the airline tickets  are currently stranded at both local and international airport in Lagos. Nigerian Current learnt that both its local and international flights have all be cancelled as well as regional …

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