Wednesday, September 26, 2018
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    CBN: Nigeria may slip back into a recession

CBN: Nigeria may slip back into a recession

The monetary policy committee of the Central Bank of Nigeria says the economy's exit from recession may be under threat.While reading out the outcome of the two-day meeting of the committee to reporters on Tuesday, Godwin Emefiele, CBN governor, said: "The Committee was concerned that the exit from recession may be under threat as the economy slowed to 1.95 and [...]

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    CBN retains interest rate at 14%, seeks speedy budget implementation

CBN retains interest rate at 14%, seeks speedy budget implementation

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has kept the monetary policy rate at 14 percent.Godwin Emefiele, CBN governor, announced the committee’s decision at the end of its 263rd meeting held at the bank’s headquarters in Abuja on Tuesday.The MPR has been set at a record high 14 percent since July 2016 to combat rising [...]

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    ‘Nigeria Air didn’t lack investors’ — Sirika contradicts Lai

‘Nigeria Air didn’t lack investors’ — Sirika contradicts Lai

Hadi Sirika, minister of state for aviation, says it is untrue that the Nigeria Air project was suspended over lack of investors.In a statement issued on his behalf d by James Odaudu, deputy director, media and public affairs, ministry of transportation, Sirika said a number of “well-grounded” investors were ready to key into the project.The minister's comment contradicts that of [...]

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    Ikorodu, Abule Egba, Oshodi… Ikeja Electric ‘deploys 85,000 prepaid meters’ across Lagos

Ikorodu, Abule Egba, Oshodi… Ikeja Electric ‘deploys 85,000 prepaid meters’ across Lagos

Ikeja Electric, one of the major electricity distribution companies (DisCos) in Nigeria, says it is deploying 85,000 new prepaid meters to bridge the metering gap in its business area.  In a statement seen by TheCable, the DisCo said this was done as part of its renewed commitment to deliver the yearnings of customers, and further close the metering gap within its network. It [...]

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    FG: Why we suspended Nigeria Air

FG: Why we suspended Nigeria Air

The federal government says it suspended the national carrier project due to investor apathy.Addressing journalists on Monday at the Murtala Mohammed International Airport in Lagos, Lai Mohammed, minister of information and culture, explained that investors who were supposed to partner with the government on the project were no longer forthcoming.It was recently announced that Nigeria Air, which was supposed to [...]

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    FG may sell 10 state-owned coys to fund 2018 budget

FG may sell 10 state-owned coys to fund 2018 budget

Joe Anichebe, a director at the Bureau of Public Entreprises (BPE), says the federal government might put up 10 state-owned companies for sale in the fourth quarter of 2018.According to the director, the sales will raise N289 billion for the funding of the 2018 budget.Anichebe said preparations are in the final stages for the sales of the companies, which range [...]

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    Okonjo-Iweala: China’s help in building Africa’s infrastructure is important

Okonjo-Iweala: China’s help in building Africa’s infrastructure is important

Ngozi Okonjo-Iweala, former minister of finance, says the assistance China is rendering to African countries in building infrastructure is important.In an opinion published in Financial Times, Okonjo-Iweala, who is now the co-chair of the Global Commission on the Economy & Climate, said the concern about Africa's rising debt profile is real."The concern about Africa’s rising debt profile is real. According [...]

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    FIRS: 6,772 corporate bank accounts to be frozen for tax default

FIRS: 6,772 corporate bank accounts to be frozen for tax default

Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), says 6,772 corporate bank accounts will be frozen for defaulting on tax payments.In a statement released on Sunday, Fowler told Zainab Ahmed, minister of finance, that the agency has collected N12.66 billion from billionaire tax defaulters in less than a month.Saying the law empowers FIRS to appoint banks as [...]

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    CBN revokes Skye Bank’s licence, Polaris Bank to take over assets

CBN revokes Skye Bank’s licence, Polaris Bank to take over assets

The Central Bank of Nigeria has withdrawn the operating licence of Skye Bank.Umaru Ibrahim, chairman of the Nigeria Deposit Insurance Corporation (NDIC), made this known to journalists on Friday.Umaru said the NDIC in collaboration with the Central Bank of Nigeria (CBN) has approved that a bridge bank will be established.Addressing journalists, Godwin Emefiele, CBN governor, said the bridge bank, Polaris Bank, [...]

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Exchange Rates

September 24, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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