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UBA Leads as CBN Forex Sales to Banks Drop to $131m

The Central Bank of Nigeria (CBN) last week sold a total of $130,755,294.59 to 14 commercial banks, four merchant banks and the Bank of Industry (BoI). The amount was however lower by $5,283,163.58, compared with the $136,038,458.17 the banking sector regulator allocated to the financial institutions in the preceding week. …

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Fuel price hike: Naira In Free Fall Against Dollar

The naira fell to 341 against the United States dollar at the parallel market on Thursday from 321 following Wednesday’s removal of subsidy on petrol and the announcement of N145 per litre as the maximum pump price. The local currency was trading at 199.40 to the greenback on the official …

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Sterling, Access Banks Explain Involvement With EFCC Officials

Sterling and Access Banks have notified the Nigerian Stock Exchange, NSE, about their operations concerning the ongoing investigations by the Economic and Financial Crimes Commission, EFCC. Meanwhile, an Executive Director of FirstBank, Mr Dauda Lawal has been invited by the EFCC to assist with the ongoing investigations into sums allegedly …

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Five Fearded As Port Warehouse Collapses

Tragedy struck at the Port Hacourt port on Saturday, following the death of five workers in a collapsed warehouse within the premises of the Nigerian Ports Authority (NPA), Eastern Ports zone. The incident which sources said happened at ‘Area A’ of the port, at about five pm on the fateful …

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How Nigeria Can Becomes Regional Hub By 2017

…As Jadesimi, LADOL Boss Bemoans Hurdles, Outlines Ways Forward. Nigeria’s quest of becoming the hub for oil and gas exploration in the West African Sub-Region formed part of the center focus of discourse at the just concluded week-long annual Offshore Technology Conference (OTC), which last week ended in Houston, United …

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FirstBank Boosts Financial Empowerment: Introduces Debit Card Overdraft Service

First Bank of Nigeria Limited, the most valuable bank brand in Nigeria, is introducing another FIRST to the Nigerian financial market – the Debit Card Overdraft Service. This is to avail customers of instant cash to meet urgent transaction needs. With this service, card users can now enjoy a higher …

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Breaking News :FG Raises Petrol Price To N145 Per Litre

The federal government  have increased the pump price of petrol from N86 to N145. A Statement by the Minister of  State for Petroleum Resources, Ibe Nwachukwu reads:   We have just finished a meeting of various stakeholders presided over by His Excellency, the Vice President of the Federal Republic of Nigeria. …

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TSA, Consolidated Account Unconstitutional – RMAFC

The Revenue Mobilisation, Allocation and Fiscal Commission has opposed the remittance of funds into any account other than the Federation Account by the agencies of the Federal Government. According to the RMAFC, the agencies, including the Corporate Affairs Commission, Federal Airports Authority of Nigeria, Federal Road Safety Commission, Raw Materials …

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FirstBank Partners AES To Host National Conference On Economy Diversification

FirstBank of Nigeria Limited has announced its partnership with Academy for Entrepreneurial Studies, Nigeria(AES) to host a National Conference on the diversification of the economy with the theme: Nigeria: After Oil What Next? In a statement signed by the bank Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney said the …

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NNPC Pays N69bn To Federation Account – Report

The Nigerian National Petroleum Corporation (NNPC) has paid the sum of N69.544 billion into the Federation Account in March. This is contained in the corporation’s monthly financial report for March released in Abuja. It said that amount had brought the total amount paid to the Federation Account for Domestic Crude …

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