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    Airtel donates N1.9bn to fight against COVID-19

Airtel donates N1.9bn to fight against COVID-19

Airtel Nigeria says it will commit N1.9 billion towards the fight against COVID-19 in Nigeria. The third-largest telecommunications company in the country said the donation would be disbursed for multiple projects. Giving a breakdown, the company said N200 million would go towards the provision of an isolation centre or any required medical facility agreed with the appropriate health authority in the country [...]

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    Kyanet appointed spokesman as Jamoh begins NIMASA restructuring

Kyanet appointed spokesman as Jamoh begins NIMASA restructuring

Philip Kyanet has been appointed as the spokesman and head of public relations of the Nigerian Maritime Administration and Safety Agency (NIMASA). Bashir Jamoh, the agency's director-general, approved his appointment as part of ongoing restructuring in the maritime agency. Kyanet replaces Isichei Osamgbi who has been deployed to the special duties (external relations and technical cooperation) unit in the office of the [...]

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    Reps mull bill for two-month free electricity as FG finalises fiscal stimulus plan

Reps mull bill for two-month free electricity as FG finalises fiscal stimulus plan

Femi Gbajabiamila, the speaker of the house of representatives, says the lower chamber is considering a second stimulus bill that will allow Nigerians to enjoy electricity for two months without paying charges. In a tweet on Saturday, Gbajabiamila said engagements are ongoing with electricity distribution companies to work out the details. "At a meeting today, between @nassnigeria and the minister of finance, [...]

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    NAIJA MADE: Abia begins production of face masks

NAIJA MADE: Abia begins production of face masks

The Abia state government says it has started production of "certified, quality standard" protective medical kits and masks to cater to the needs of Nigerians and make up for the scarcity of imported ones. Sam Hart, director-general of the Abia State Marketing and Quality Management Agency, told NAN that Okezie Ikpeazu, governor of the state, initiated the project to ensure Abia [...]

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    Polaris Bank waives loan default charge for customers

Polaris Bank waives loan default charge for customers

Polaris Bank says charges would be waived for loan defaulters for three months. The bank said the waiver would be effective from March 1, 2020. The Central Bank of Nigeria empowers deposit money banks to charge 1% penalty for defaults on loan repayments. "While CBN's guide to bank charges allows for 1% flat penalty for loan repayments due and not met, we have [...]

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    World Bank approves $1.9bn emergency support package for 25 countries

World Bank approves $1.9bn emergency support package for 25 countries

The World Bank says it has received approval for emergency support operations for developing countries. In a statement on Thursday, the Bretton Wood institution said the approval given by its board of executive directors is for the first group of projects to help 25 countries respond to "immediate health consequences of the pandemic and bolster economic recovery". The first group of projects [...]

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    IATA: COVID-19 putting 91,380 jobs at risk in Nigeria’s aviation industry

IATA: COVID-19 putting 91,380 jobs at risk in Nigeria’s aviation industry

The International Air Transport Association (IATA) says reduced demand caused by the coronavirus outbreak has put 91,380 jobs at risk in Nigeria's aviation industry. The association said travel restrictions imposed by several countries to control the spread of the coronavirus have resulted in fewer passengers and revenue loss. "In Nigeria, it’s 3.5 million fewer passengers, resulting in a $ 0.76 billion revenue [...]

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    Fidelity joins other Nigerian banks in limiting dollar spending (updated)

Fidelity joins other Nigerian banks in limiting dollar spending (updated)

Fidelity Bank has joined counterparts, Zenith Bank and Guaranty Trust Bank (GTB), in lowering dollar spending limit on debit cards. Reuters reports that Fidelity Bank has told customers that it would impose a new limit of $1,000 from April 1, down from a previous amount of $3,000. In 2015 after a drop in crude oil prices resulted in reduced forex earnings for [...]

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    Despite $1.3bn repayment, naira adjustment pushes Nigeria’s debt higher

Despite $1.3bn repayment, naira adjustment pushes Nigeria’s debt higher

The total debt portfolio of the Nigerian government (state and federal) stood at N27.4 trillion as of December 2019. This is according to the latest figures published by the Debt Management Office (DMO). The total debt owed, in dollars, declined to $84.05 billion in December from $85.39 billion in September. However, the debt management agency used an exchange rate of N307 to the [...]

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    COVID-19: Max Air suspends staff salaries

COVID-19: Max Air suspends staff salaries

Max Air has suspended staff salaries following the federal government’s directive of a 14-day lockdown in Lagos, Abuja and Ogun to control the spread of COVID-19. The airline told its staff members, in a memo, that it would not be able to pay remuneration during the lockdown. "In compliance with the federal government’s directive to lock down nearly all activities in the [...]

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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