CBN removes forex ban on 43 items

The Central Bank of Nigeria (CBN) has lifted the foreign exchange restriction on importation of 43 items assuring of its commitment to boost liquidity in the foreign exchange market. Disclosing this in a statement, Director Corporate Communications, Department, CBN, Dr.Isa Andulmumin, said,”Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.” He said: “The Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces

By |October 12th, 2023|Categories: Business|Tags: |0 Comments

How Banks Raked in N72.7bn from Customers in 2023

  Eleven commercial banks listed on the floor of the Nigerian Exchange, generated N72.723 billion from account maintenance charges in the half year of 2023. This is according to data extracted from the half-year financial statements of the listed commercial banks in the Nigerian stock market. Zenith Bank, Access Holdings, GTCO, and UBA led. Others are First Bank, FCMB, Sterling Bank, Stanbic Bank, Fidelity Bank, Wema Bank and Unity Bank. The amount generated from account maintenance charges in half-year 2023, represents a 7.44 per cent increase compared to N67.690 billion recorded in the corresponding period of 2022. Earnings from commercial

By |September 24th, 2023|Categories: Business|Tags: |0 Comments

Dangote refinery misses production deadline, PENGASSAN reacts

The 650,000 barrels per day Dangote Refinery is yet to begin production after the August commencement date, earlier announced by the President, Dangote Group, Aliko Dangote. While delivering his speech at the official commissioning of the refinery by former President Muhammadu Buhari in May, he said, “Your excellencies, distinguished guests, our first product will be in the market before the end of July or beginning of August this year.” However, no drop of refined petroleum product from the refinery has hit the market weeks after the promised production deadline, according to findings by The PUNCH. Spokesperson for the Nigerian National

By |September 12th, 2023|Categories: Business|Tags: , |0 Comments

FG delists 37 illegal loan apps

The number of delisted loan apps rose from nine to 37, according to the Federal Competition and Consumer Protection Commission’s new report. The number of fully approved loan apps also grew to 164 from 154 as of its last updates obtained by The PUNCH from its website on Monday. The number of loan apps with conditional approval declined to 38 from 40, and the number of apps on the commission’s watchlist grew to 56 from 20. This followied a sustained shakeup of the digital money lending space by the FCCPC, after harassment of Nigerians by the lenders. According to the

By |September 12th, 2023|Categories: Business|Tags: |0 Comments

BDC operators disregard directive as CBN restricts forex trading

The Central Bank of Nigeria has announced operational mechanism for the Bureau De Change segment of the market to trade foreign currencies at similar rates obtainable on the Investor & Exporter forex window. It gave the directive to all BDCs and the general public in a circular number TED/FEM/PUB/FBC/001/007 dated August 17, 2023, titled, ‘Operational mechanism for Bureau De Change operations in Nigeria’, released on Friday. The apex bank said in the circular signed by the Director, Trade & Exchange Department, Dr. O.S. Naji, that its implementation should be with immediate effect. It said this was in support of the

BREAKING: Dealers dump Dollar, count losses as Naira gains about 15%

Naira inched close to a 15 per cent gain against dollar in the parallel market within a week, trading around N820/$ in Lagos and Abuja yesterday evening. Reliable sources informed The Guardian that traders at major market clusters were hurriedly dumping dollars yesterday as fear of a further slide in the value of the greenback gripped the market. A trader, who confided that he was desperate and looking for an opportunity to offload his hoardings said the naira could appreciate to around N700/$ this weekend. It sustained the rising momentum seen since the beginning of the week. Another dealer, who

Naira Rebounds Against Dollar at Parallel Market

  The naira rebounded against the United States dollar at the parallel market on Wednesday, closing at 850/dollar. This came about two days after the Central Bank of Nigeria announced its planned intervention in the foreign exchange market. The naira was sold for around 950/dollar at the parallel market on Monday. It gained further and closed at 915/dollars on Tuesday. A Bureau de Change operator, Alh Taofeek Ahmed, who spoke to The PUNCH on Wednesday said, “We bought and sold the naira at 830/$ and 850/$ today. The demand was lower compared to last week” Another BDC operator at the

By |August 17th, 2023|Categories: Business|Tags: |0 Comments

First Bank Appoints Popular Billionaire As Director 

  Shareholders of FBN Holdings (FBNH) have approved the appointment of Lagos businessman, Mr Femi Otedola as a non executive director of Nigeria’s oldest financial services group. At the just concluded annual General Meeting (AGM), shareholders also approved increase in authorised share capital and a proposed N150 billion rights issue, with mandates to the board of directors to dictate the terms and conditions of the rights as well as dispose off rights not taken up during the period. Two main issues- Otedola directorship and new capital raising were at the heart of long-running intrigues around the AGM, which pitched pro-Otedola

By |August 15th, 2023|Categories: Business|Tags: |0 Comments

(JUST IN) Forex: CBN moves to stop naira free fall

The Central Bank of Nigeria has said it is set to take new measures to stabilise the naira against the dollar. Acting Governor of the CBN, Folasodun Sonubi, made the disclosure to State House Correspondents after briefing President Bola Tinubu on what the bank was doing the halt the slide on Monday at the State House. He said President Tinubu expressed his concern about the impact of recent developments in the foreign exchange market, particularly on ordinary citizens. Sonubi said he assured the President that the CBN is actively working to improve liquidity and stability in the market, including addressing

By |August 14th, 2023|Categories: Business|Tags: |1 Comment

Dangote recruits 30,000 Nigerians, expatriates for refinery

The Management of Dangote Refinery has debunked a report published on the online platforms of some media organisations that the company employed 11,000 skilled workers from India, while allegedly neglecting youths from Nigeria and other African countries. Reacting to the publications, the Group’s Chief Branding & Communications Officer, Anthony Chiejina, said the report was written with malicious intent, as it did not reflect the number of skilled Nigerians on site. He said, the magnitude of the project required a specialised skilled workforce from all over the world, and that while over 30,000 Nigerians were engaged among the skilled workforce, at

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