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Forex Users Dump BDCs As Naira/Dollar Rates Converge

These are not the best of times for Bureaux de change (BDCs) operators. They have been shunned by foreign exchange users following the convergence of naira/dollar rates at the parallel market and BDCs for the first time in two years. The exchange rate at both parallel market and BDCs closed ...

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We Will Continue To Invest In Nigeria Despite Economic Recession Says ZTE

ZTE Nigeria, a Chinese telecommunications company operating in Nigeria, says it will continue to invest in Nigeria,  despite the current economic crisis. Speaking in Lagos at the weekend, Head of Administration, Yawei Yang said the company expressed its commitment to continue to invest in the economy and most importantly in ...

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Dollar Crashes To N368/$1

The dollar yesterday crashed to N368/$ in the parallel market, after over three weeks at N382/$, representing N14 appreciation within the period. The exchange rate, which was confirmed by Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), followed nearly $5 billion sustained intervention by ...

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OIL& GAS MONOPOLY: How FG’s Fresh Position Will Grow Economy-Oditah

The recent Federal Government’s policy clarification on the ports industry aimed at eliminating monopoly has been described as one that would engender competition in the system with the ultimate goal of growing the nation’s economy. The observation was made in Lagos, Thursday by Professor Fidelis Oditah, a Senior Advocate of ...

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CBN Injects $280m Into FX Market, Increases Sale To BDCs

As part of its efforts to sustain liquidity in the foreignexchnage sgement of the finanacial market , the Central Bank of Nigeria yesterday injected   fresh $280 million into the various sectors of the economy. The CBN, in a statement issued by the Acting Director, Corporate Communications Department, Isaac Okorafor, said ...

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CBN Opens Special FX Window for SMEs, Traders

As the demand for foreign exchange continues unabated in the parallel market segment of the forex market, the Central Bank of Nigeria (CBN) on Monday unfolded yet another policy measure, stating that it has opened a special forex window for small and medium scale enterprises (SMEs). This, according to the ...

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NNPC Gets $100m Reprieve From UK Supreme Court

The Supreme Court of the United Kingdom in a unanimous judgment, granted a reprieve to Nigerian National Petroleum Corporation (NNPC) over a $100 million bank guarantee in a case involving the Corporation and a service company, IPCO (Nigeria) Limited. The reprieve was the latest in the protracted dispute arising from ...

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DStv, GOtv To Increase Subscription Rate From May 1

MultiChoice, owners of DStv and GOtv, has  announce five percent increment on subscription rate effective from May 1, 2017. This is coming less than two years after Nigerians threatened to boycott MultiChoice Nigeria over 20 percent subscription hike. Back then, a court ordered the company not to increase the rates ...

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MTN ‘pays another N30bn’ to FG

MTN has remitted N30 billion to the federal government in part settlement of a N330 billion fine imposed on the telecoms group for not disconnecting unregistered SIM cards, Reuters said quoting a source. Having paid N80 billion in December, the current payment brings the amount paid out of the fine ...

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CBN Reviews Rates For BDCs To N360/$

Central Bank of Nigeria (CBN) on Tuesday, March 28, 2017 crashed the rate at which it sells forex to Bureaux De Change operators to N360/$1 and instructed the BDCs to sell to end users at a rate not more than N362 to the dollar. This is coming barely 24 hours ...

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