The senate has asked the Central Bank of Nigeria (CBN) to direct commercial banks to increase the maximum amount customers can withdraw from automated teller machines (ATMs) to N40,000 per transaction.The maximum is currently N20,000. The senate also asked the apex bank to suspend ATM card maintenance fees.The upper legislative chamber directed its committees on banking and finance to conduct [...]
Mary Uduk, acting director general of the Securities and Exchange Commission (SEC), says the recent outflows experienced in the Nigerian capital market will be remedied when the 2019 general election is concluded.In a session with journalists at the just concluded 2018 annual meetings of the World Bank Group and International Monetary Fund, Uduk who was appointed by Kemi Adeosun, former [...]
Julius Berger Nigeria Plc has appointed Lars Richter as its new managing director effective from October 16.According to a statement issued by the company, the board of directors named Richter as Wolfgang Goetsch’s successor.Richter holds a doctorate degree in civil engineering and has spent 16 years working with the construction giant.In the last 10 years, he has overseen the acquisition, [...]
The consumer price index, which measures inflation, stood at 11.28% in September from 11.28% recorded in August on a year-on-year basis, data from the National Bureau of Statistics have shown.Going by the inflation report released by the bureau on Tuesday, this is the second consecutive month of inflation rise after 18 consecutive months of decline."On a month-on-month basis, the Headline [...]
The Bureau of Public Enterprises (BPE) says it will embark on a final performance review of the electricity distribution companies (DisCos) by 2019.In a statement, Alex Okoh, director-general of BPE, said apart from the Kaduna DisCo, 11 DisCos will undergo the review in order to evaluate the achievement of the agreement signed with the federal government in August 2013.He added [...]
Godwin Emefiele, governor of the Central Bank of Nigeria, says the Buhari-led administration chose to save the naira instead of building reserves.Emefiele, who made this known to journalists on Sunday in Bali, Indonesia, said it is difficult to talk about building reserves at the moment."We are going to need to build buffers but unfortunately I must say that we are [...]
Festus Keyamo, director of media of the Buhari Campaign Organisation, says Nigeria is the best-performing economy in Africa.The senior advocate of Nigeria (SAN) also said the federal government has re-introduced "oil (subsidy) premium" in the 2019 budget proposal.Speaking on Channels TV on Monday, Keyamo said the Nigerian National Petroleum Corporation (NNPC) by the NNPC Act has the powers to spend [...]
Zainab Ahmed, the minister of finance, says Nigeria’s spot on the Human Capital Development ranking released by the World Bank is depressing.The newly-appointed minister expressed her views while speaking with journalists on Sunday at a press conference to mark the end of the 2018 annual meetings of the International Monetary Fund (IMF) and World Bank Group.The World Bank had ranked [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says more state-owned enterprises will be privatised.The governor made this known to journalists at a press conference to mark the end of the annual meetings of the International Monetary Fund (IMF) and World Bank, in Bali, Indonesia.Udoma Udo Udoma, minister for budget and national planning, Zainab Ahmed, minister for finance [...]
Former president Olusegun Obasanjo says President Muhammadu Buhari's hands are too weak to sign the African free trade agreement (AfCTA).He made the statement on Saturday while speaking at the Babacar Ndiaye lecture series in Bali, Indonesia.Obasanjo said he hopes that Nigeria will soon have a president who will sign the agreement."Africa cannot overcome fears of trade wars till it achieves [...]
