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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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Lagos, Delta Lead As States’ Debt Burden Rises To Over 3.342trn Naira – NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) says that the debt burden of the 36 States of the Federation has risen to over 3.342 trillion Naira as at 2016. Lagos, Delta, Osun and Akwa Ibom states topped the debt chart with a total debt profile of 1.262 trillion Naira, representing ...

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Analysts Hail CBN’s Naira Defence as Rate for PTA, Others is Adjusted to N360/$

Financial market analysts have welcomed Monday’s decision by the Central Bank of Nigeria (CBN) to lower the naira exchange rate for retail invisibles such as business and personal travel allowances, school fees and medical fees to N360 to the dollar, from N375. Describing the move as a show of strength ...

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Dollar Drops Below N399/$ On Tuesday

For the first time in seven months, the dollar fell below the psychological N400 barrier, when the greenback traded at N399 to the dollar in Lagos and exchanged at N395 in Abuja, lower than N410 at which it traded on Tuesday. With the gains made by the local currency in ...

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AMCON Sells keystone Bank To Sigma

The Asset Management Corporation of Nigeria has announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf-Riverbank Consortium) as the new investors in relation to the acquisition of the entire issued and fully paid up ordinary shares of Keystone Bank Limited. This, according to AMCON in a ...

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Lagos IGR Rises By N32.99bn Says NEITI

The internally generated revenue (IGR) of Lagos state rose by approximately N33 billion from 2015 to 2016, beating 33 states put together. According to a report by the Nigeria Extractive Industries Transparency Initiative (NEITI), the state recorded an IGR of N301.19 billion, a rise of N32.99 billion in one year. ...

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We Expect CBN To Increase FX Sales To Us This Week, Says BDC President

Aminu Gwadabe, president, Association of bureau de change operators of Nigeria (ABCON), says the Central Bank of Nigeria (CBN) should increase dollar sales to its members this week. Gwadabe said due to the stability in the oil sector and the increase in the price of oil at the international market, ...

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Falling Oil Prices Threaten Nigeria’s Earnings, Reserves Accretion

CBN to inject more dollars into FX market this week The steady rise of Nigeria’s foreign exchange earnings and build-up of external reserves, which started about five months ago, is already under threat from exogenous shock arising from the recent fall in oil prices. Nigeria depends on oil sales for ...

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Smugglers flood Nigeria with harmful frozen fish –FG

Smugglers are beginning to flood the markets with harmful frozen fish illegally brought into the country through land borders, the Federal Government has said. According to the government, the smugglers bring in all sorts of frozen fish such as tilapia, red pacus, river bream, pangassius, horse mackerel, sardine, and croaker ...

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