Monday, February 27, 2017
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    Barkindo: OPEC lost $1trn owing to dwindling oil prices

Barkindo: OPEC lost $1trn owing to dwindling oil prices

Mohammad Barkindo, secretary-general of the Organisation of Petroleum Exporting Countries (OPEC), on Monday disclosed that the organisation lost $1 trillion to dwindling oil prices.Barkindo, who is in Nigeria on a four-day working visit, said this at a news conference organised by Ibeh Kachikwu, minister of state petroleum resources.According to him, the downturn, which lasted from 2014 to January 2016, meant [...]

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    Naira strengthens to N450/$1 as CBN pumps in more dollars

Naira strengthens to N450/$1 as CBN pumps in more dollars

The naira on Monday continued to strengthen against the dollar and other major currencies, gaining N10 to exchange at N450 to a dollar at the parallel market.The pound sterling and the euro exchanged at N560 and N470.At the bureau de change (BDC) window, the naira sold at N399 to a dollar, CBN controlled rate, while the pound sterling and the euro [...]

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    Zamfara filling stations sell petrol at N175/ltr, say we can’t run at a loss

Zamfara filling stations sell petrol at N175/ltr, say we can’t run at a loss

Filling stations in Zamfara have increased the pump price of petrol to N170 per litre, as against approved N145 per litre, blaming it on the need to make profit.The Kaduna zonal operations office of the Department of Petroleum Resources (DPR) had, last two weeks, sealed 13 filling stations in the state for selling the commodity above approved price.A check by [...]

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    You can now pay for Facebook ads in naira

You can now pay for Facebook ads in naira

Chris Cox, chief product officer of Facebook, says the social networking company is now accepting payment for advertisement in naira.According to NAN, Cox disclosed this at an interactive session with journalists in Lagos, on Monday.He said the decision was one of the requests made of Mark Zuckerberg, Facebook’s founder, when he visited Nigeria in 2016."In response, Facebook has started accepting [...]

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    CBN pumps fresh $80m to FX market for school fees, PTA

CBN pumps fresh $80m to FX market for school fees, PTA

The Central Bank of Nigeria (CBN) has pumped fresh $180 million into the foreign exchange market, in its bid to solve the problem of forex scarcity, bedevilling Nigeria's business environment.The apex bank injected $80 million for personal travel allowance (PTA), school fees, and medical trips abroad, while another $100 million was sent into the system via banks for wholesale forwards market.In [...]

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    No more seven! CAC can now register your business via a single form

No more seven! CAC can now register your business via a single form

The Corporate Affairs Commission (CAC) has consolidated the forms required to register a business in Nigeria, reducing the number from seven to one.This was revealed by Garba Abubakar, the special adviser to the commission’s registrar-general of the commission, at the Lagos stakeholders forum of the Enabling Business Environment Secretariat (EBES).“We now have just one form which has been deployed this week. [...]

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    Fidelity Bank: Only 1% of Nigeria’s land mass is irrigated

Fidelity Bank: Only 1% of Nigeria’s land mass is irrigated

Fidelity Bank Plc., says only one percent of Nigeria's 84 million hectares of arable land is irrigated, and the bank is willing to support partners, who wish to take on projects in Agriculture to change this.The bank pledged to support ongoing efforts aimed at strengthening Nigeria’s agricultural value-chain by providing innovative funding schemes and technical advisory services to micro small [...]

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    REVEALED: 141 domestic airlines have gone into extinction in 17 years

REVEALED: 141 domestic airlines have gone into extinction in 17 years

The Nigerian Civil Aviation Authority (NCAA) says from 150 airlines in its register when it started operating in 2000, only eight or nine airlines are operating in the country as of now.Sam Adurogboye, NCAA's general manager, public relations, said this during an interactive session with reporters in Lagos, on Sunday.He said the agency was not responsible for the problems being [...]

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    Banks are now supporting Arik, says AMCON

Banks are now supporting Arik, says AMCON

The Asset Management Corporation of Nigeria (AMCON) says banks which hitherto turned their backs on Arik were now supporting the new management.In a statement signed by Jude Nwauzor, its spokesman, the corporation said public confidence is gradually returning to the airline which is Nigeria’s largest domestic carrier.On February 9, AMCON took over Arik owing to its debt profile said to [...]

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    Nigeria simplifies visa processes for tourists, investors

Nigeria simplifies visa processes for tourists, investors

The federal government has introduced visa-on-arrival process for high-net-worth foreign investors.Lai Mohammed, minister of information, who disclosed this, said the visa processes for foreigners who wish to visit Nigeria for business and tourism purposes had been reviewed with a view to removing bureaucratic bottleneck and encouraging business travellers and tourists.In a statement issued by Segun Adeyemi, media aide of the [...]

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Exchange Rates

Feb 27, 2017USDGBPEUR
INTERBANK315.23391.64333.67
LAGOS440520500
KANO440520510
PH460550520
ABUJA450565525
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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