By Samuel Bankole The Central Bank of Nigeria (CBN) has set conditions for its intervention in the country’s gas development projects through both manufacturing, distributions and retailing enterprises. In the guidelines released this week, the regulatory bank said it will lend a maximum of N10 billion at 10-year tenor credit to Manufacturers, Processors, Wholesale...
Read MoreThe persistent dollar shortage and the inability of the Central Bank of Nigeria (CBN) to sell dollars to foreign Portfolio Investors (FPI) who want to repatriate their funds back to their home countries is causing stress among fund managers. The CBN governor, Godwin Emefiele had in June appealed to the FPI to be patient...
Read MoreBy Treasure Mayowa To develop savings culture, we must first fully understand what savings mean in general terms. Savings can be described as income not spent but set aside, or deferred consumption. It is the act of keeping a specific amount of money aside from money earned for the period of ‘rainy day’. According...
Read MoreThe United Bank for Africa (UBA) and British Airways on Wednesday announced a partnership that will create incentives and reward their loyal customers who are cardholders of the lender. According to a statement by the two organisations, the incentives based promotion, which will last for six months from November 2019, will ensure that UBA...
Read MoreThe Institute of Chartered Accountants of Nigeria has delisted 14,337 non-financial members who are owing the association dues for more than three years effective from November 1, 2019. The professional accountancy body, in a statement signed by its registrar John I. Evbodaghe, said it has also suspended 11,240 members who are owing dues covering...
Read MoreRecently, the Central Bank of Nigeria (CBN) in a bid to cut borrowing cost and spur real sector investment barred non-banking financial institutions and public (save local banks and foreign investors) from participating in the primary and secondary OMO market. Notably, OMO bills are discretionary liquidity and FX management instrument of the CBN, different...
Read MoreThe Nigerian government should convert Arik Airline to a national carrier instead of dissipating energy to set up brand new airline from the scratch, chief executive officer of the country’s ‘bad bank’ has counseled. Ahmed Lawan Kuru, CEO of Asset Management Corporation of Nigeria (AMCON) noted that the government would be saving cost in...
Read MoreNigeria officially admitted that there are 90 million of its citizens living in poverty, but notified its intention to lift them out of their misery, according to the country’s minister of Humanitarian Affairs, Disaster Management and Social Developmenet Sadiya Farouq has said. Farouq said this while presenting the 2020 budget estimates N44.21 billion for...
Read MoreNigeria’s central bank governor, Godwin Emefiele on Monday said the closure of the country’s land borders with her neighbours has helped create “jobs.” “So when you asked, what is the benefit, the benefit of the border closure on the economy of Nigeria, I just used two products – poultry and rice,” Emefiele said in...
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