Tuesday, April 9, 2019

Oluseyi Awojulugbe

    After rejecting Kaduna airport, British Airways returns to Abuja

After rejecting Kaduna airport, British Airways returns to Abuja

British Airways has commenced flight to and from the Nnamdi Azikiwe international airport in Abuja after completion of repair works and subsequent re-opening of the airport.The airline had joined other international airlines, including Lufthansa and South African Airways, in rejecting the Kaduna airport, which served as replacement hub during the period which Abuja airport was closed."I want to tell you [...]

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    CBN suspends cashless policy, asks banks to refund charges

CBN suspends cashless policy, asks banks to refund charges

The Central Bank of Nigeria (CBN) has suspended its earlier directive on the implementation of cashless policy.In a circular released on Friday, the apex bank instructed banks to revert to old charges and refund customers who had been debited.CBN had earlier announced new charges on deposit and withdrawals above a threshold of N500,000.The apex bank had directed banks to charge 5% [...]

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    MSF says falling sick in Rann is like a death sentence

MSF says falling sick in Rann is like a death sentence

Silas Adamou, Médecins Sans Frontières (MSF) project coordinator, says getting ill in Rann, a community in Borno state, is just like getting a death sentence.On January 17, 2017, a jet belonging to the Nigerian air force mistakenly dropped a bomb in the town, killing about 126 people.In a statement released by MSF, Adamou said the already terrible situation in the town [...]

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    Major OPEC members agree to extend output cuts

Major OPEC members agree to extend output cuts

Major crude-producing countries have reached an initial agreement to extend the output cuts earlier agreed on in December.The Organisation of Petroleum Exporting Countries (OPEC) and other producers including Russia had agreed to pump less oil to counter a global glut.The only countries exempted from the production cuts are Nigeria and Libya.Khalid Al-Falih, Saudi Arabia's oil minister, told journalists on Thursday that [...]

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    Yobe has the most cases of malnutrition in Nigeria, says WFP

Yobe has the most cases of malnutrition in Nigeria, says WFP

The World Food Program (WFP) of the United Nations says that Yobe has the highest number of malnutrition cases in Nigeria.In a situation report released on Tuesday, WFP put the prevalence of global acute malnutrition at 11.4%, 11.3% and 5.6% in Yobe, Borno and Adamawa.According to the report, 4.7 million people are food insecure in the three states and the [...]

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    Gowon: Nigeria going through things I prayed against… I’m disappointed

Gowon: Nigeria going through things I prayed against… I’m disappointed

Yakubu Gowon, former head of state, on Wednesday expressed disappointment in the crisis the country is experiencing and enjoined citizens to offer prayers on behalf of the country.The retired general made this known while speaking to journalists after leading members of the Bible Society of Nigeria on a courtesy visit to Rotimi Akeredolu, governor of Ondo state."It is unfortunate that [...]

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    Aero apologises for smoke-filled aircraft, says incident occurred during descent

Aero apologises for smoke-filled aircraft, says incident occurred during descent

The management of Aero Contractors has apologised to passengers aboard flight NG316, which was recently engulfed with smoke mid-air.The airline says that it would get to the root of the matter.A passenger had narrated on Twitter how the compartments of the Lagos-bound flight, which took off in Port Harcourt, became filled with smoke mid-air.A statement released by the airline noted [...]

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    Arik to resume Abuja flights Wednesday

Arik to resume Abuja flights Wednesday

Arik Air says it will resume flights to the Nnamdi Azikiwe International Airport in Abuja on Wednesday.The airline said this in a statement by Ola Adebanji, its spokesman.It also commended the federal government for fulfilling its promise to repair and open the airport in six weeks."We are pleased that the federal government has fulfilled its promise to reopen Abuja airport [...]

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    CBN injects $280m into FX market, increases sale to BDCs

CBN injects $280m into FX market, increases sale to BDCs

As part of its efforts to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has injected $280 million into the market.The apex bank has also announced on Tuesday that it would now sell $20,000 twice a week to licensed bureaux de change, a 100 percent increase from the previous $10,000 twice a week.It also announced [...]

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    LADOL MD: American banks funded rail construction, ours should do same

LADOL MD: American banks funded rail construction, ours should do same

Amy Jadesimi, managing director, Lagos Deep Offshore Logistics Base (LADOL), has advised Nigerian banks to support long-term projects to help develop the country's infrastructure.In an interview with BusinessDay, Jadesimi faulted the decision of banks financing the importation of petroleum products."Infrastructure development requires long-time financing, which was almost impossible to come by in Nigeria over the past decade and half that [...]

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    N387bn debt: Arik founder ‘enjoyed’ federal protection under Jonathan

N387bn debt: Arik founder ‘enjoyed’ federal protection under Jonathan

Dele Ore, immediate past president of the aviation round table (ART), has alleged that under former President Goodluck Jonathan, Johnson Arumeni-Ikhide, chairman of Arik Air, depended on federal protection to hide his shortcomings.Ore said Nigerians were waiting for the KPMG report that would help the government take appropriate action against Arumeni-Ikhide for "deliberately leading the airline to its present pitiable [...]

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    NEITI to FG: Revisit oil block allocations, NPDC is inefficient

NEITI to FG: Revisit oil block allocations, NPDC is inefficient

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that the Nigeria Petroleum Development Company (NPDC) is inefficient.While speaking to journalists about the recently released NEITI policy brief titled "Unremitted funds, oil sector reforms and economic recovery", Waziri Adio, executive secretary of NEITI, urged the federal government to revisit and re-valuate the transfer of oil assets to the company.Adio said [...]

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    ‘Over 7,000 Nigerians demand details of national assembly budget’

‘Over 7,000 Nigerians demand details of national assembly budget’

Enough is Enough (EiE) Nigeria, a civil society group, says over 7,000 Nigerians have signed the petition demanding that the national assembly budget be made public.Adeolu Adekola, programme manager of the group, said this in a statement.The statement said the publishing of six months payslip of the speaker of the house of representatives does not address the issue of making [...]

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    Okonjo-Iweala: At 18, I had high hopes in Nigeria

Okonjo-Iweala: At 18, I had high hopes in Nigeria

Ngozi Okonju-Iweala, former minster of finance, has revealed how she had strong optimism in Nigeria when she was a teenager.The former managing director of the World Bank said the prospects of the country seemed good at that time because the people were united."When I was 18, the world seemed open, prospects from my country seemed good; we had come out [...]

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    Hunger crisis in Nigeria won’t be Africa’s last, Red Cross warns

Hunger crisis in Nigeria won’t be Africa’s last, Red Cross warns

The humanitarian crisis in Africa will persist if the affected countries don't take steps to prevent a reocurrence, warns Fatoumata Nafo-Traoré, regional director for Africa, International Federation of Red Cross and Red Crescent Societies (IFRC).The crisis in the region has put more than 18 million people at risk in nine countries - Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan, Sudan, Uganda and [...]

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    Nigeria to begin payment of $5.1bn debt to IOCs

Nigeria to begin payment of $5.1bn debt to IOCs

The federal government says that it would begin payment of a $5.1 billion debt owed to five international oil companies (IOCs) by the end of April.The debt, which was incurred from 2010 to 2015 due to Nigeria’s inability to make its share of capital contributions to the joint ventures, will be settled through crude sales over five years and will [...]

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Exchange Rates

April 8, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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