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Entrepreneurs Threaten To Shut Down Nigeria’s Economy


Uyo – Entrepreneurs under the aegis of the National Association of Enterprise Employers (NAEE) have threatened a two-week shutdown on the nation’s economy over the refusal of the Central Bank of Nigeria (CBN) to release a N2billion grant requested by the body. The two-week strike is planned to shut down ...
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T-Bills Market Ends Bearish as CBN Conducts Special OMO Auction


Friday, December 14, 2018/ 06:54AM / Zedcrest Capital
***Q3 2018 records overall BOP deficit *** - CBN KEY INDICATORS Indicator Value Commentary Inflation 11.28% As at December 14, 2018. A c.2bps increase from 11.26% recorded in October 2018 ...
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Capital Hotels pays N503.6 million to ex customer following court order


In a notice to the Nigerian Stock Exchange (NSE) recently, Capital Hotels Plc stated that it had the sum of N503.6 million deducted from its account with Guaranty Trust Bank, on Friday December 8, 2018, following the execution of a garnashee order. Why did this happen? According to the ...
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Nigeria: Untold Story of MTN’s ‘Illicit’ Repatriation of Billions of Dollars From Nigeria


By Bassey UdoNigeria, Africa's largest economy by gross domestic product (over $380bn), recently grabbed global attention following reports that South Africa's telecoms subsidiary, MTN Nigeria, illegally repatriated huge profits from the country and avoided paying appropriate taxes to the government. The report highlighted growing concerns about rising illicit financial flows ...
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Nigeria leads Africa in Non-Performing Loans


One would have expected that after the Asset Management Corporation of Nigeria (AMCON) took over the toxic loans in Nigeria, non-performing loans would be controlled more effectively by banks. This does not seem to be the case as non-performing loans have started creeping up once more in the banking ...
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See how VFD Group plans to reposition Nigeria’s economy


VFD Group Limited recently held its 2nd Annual General Meeting in Lagos, during which the board of directors obtained shareholders’ approval to raise capital for expansion purposes. To better understand the situation, Nairametrics visited the company’s corporate headquarters in Marina, where we had a sit down with the Group ...
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Understanding the dynamics of Interest rates on loan


When the IMF released its financial outlook for 2018, one of the salient issues raised was the worrisome issue of non-performance of loans in developing countries. As a country that is now consistently leading the frontline in negative statistics, Nigeria was one of the countries listed with a high ...
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Oil price slump triggers concern over naira stability — Voiceheadlines


After over two years of naira stability, the Nigeria’s foreign exchange market had in the last two weeks experienced a rise in volatility due to fears over plunging oil prices. Tony Chukwunyem writes Given Nigeria’s dependence on oil exports for over 90 per cent of its foreign exchange earnings, global crude ...
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TSA and the N20trn unremitted stamp duty question


By Akin Okunade IT is good to note that the presidential directive  to consolidate inflows from all Ministries, Departments and Agencies of government into a unified account, known as the Treasury Single Account, TSA –  has recorded countless strides in Nigeria’s public financial regime within three years of its full ...
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Oil price fluctuations, investors’ apathy, election spending swinging naira value – Daily Trust


The uncertainty in the international oil market with the resultant fluctuations in the price of oil, apathy by foreign investors and political campaign spending are jointly responsible for the recent fall in the value of the Naira, experts have told Daily Trust. Though the Naira lost about N10 last ...
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Oil price slump triggers concern over naira stability


After over two years of naira stability, the Nigeria’s foreign exchange market had in the last two weeks experienced a rise in volatility due to fears over plunging oil prices. Tony Chukwunyem writes   Given Nigeria’s dependence on oil exports for over 90 per cent of its foreign exchange ...
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Oil price fluctuations, investors’ apathy, election spending swinging naira value


Dr. Yelwa said the fall in oil price would also affect the value of the Naira as the CBN may not have enough foreign reserves to defend the value of the ...
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CBN injects $210m to boost Forex market – WorldStage


WorldStage Newsonline– The Central Bank of Nigeria (CBN) has injected another sum of $210 million to boost sales in the inter-bank segment of the foreign exchange market, in continuation of its intervention in the market. It was the first intervention after the apex bank issued a circular to confirm ...
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“Why I Did Not Attend Peace Accord Signing” – Atiku – Nairaland – Nigerian Bulletin


The Presidential Candidate of the Peoples Democratic Party, PDP, Atiku Abubakar has revealed why he was absent at the Peace Accord Signing earlier today in Abuja.President Muhammadu Buhari alongside a few other presidential candidates signed a peace accord for the 2019 general elections. The National Peace Committee, which …View ...
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System Liquidity Falls To Negative Territory Amid Continued OMO Auctions


Tuesday, December 11, 2018/ 05:24PM / Zedcrest Capital***Nigeria's credit profile constrained by exposure to shocks*** - Moody’s
KEY INDICATORS Indicator Value Commentary Inflation 11.26% As at November 21, 2018. A c.2bps down from 11.28% recorded in September 2018 ...
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How CBN, ABCON partnership stabilises naira


The ongoing strategic partnership between the Central Bank of Nigeria (CBN) and the Association of Bureaux De Change Operators of Nigeria ...
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Nigerian banks and the under utilisation of human resources


Nigeria is a country blessed with abundant supply of human resources. Unofficially, there are upward of 200 million people in Nigeria. Nigerians are known to be smart people many of whom have excelled in various endeavours. The news media is replete with news about Nigerians achieving one feat or ...
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These companies may benefit from the CBN’s latest FX policy


The Central Bank of Nigeria (CBN) Governor Godwin Emefiele, made good his threat to add other items to the list of those banned from the official exchange market. In a circular issued yesterday (but which curiously will retroactively take effect on Friday the 7th of December 2018), the apex bank removed fertilizer from the official ...
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CBN, EFCC to Punish Forex Policy Violators |


  • CBN, EFCC to Punish Forex Policy Violators
SANCTIONS await banks, their customers and businesses that abuse the Central Bank of Nigeria’s (CBN’s) policy restricting foreign exchange (forex) allocation to 41 items.Culprits are to be investigated and sanctioned, the apex bank said yesterday through its Director, Financial Policy & Regulation Department, Kelvin ...
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CBN pledges to revitalise export stimulation fund


Omodele Adigun and Steve Agbota Worried that the Export Stimulation Fund (ESF) is not achieving its desired impact, the Central Bank of Nigeria (CBN) has vowed to reinvigorate the initiative to make it serve as foreign exchange earner for the country. According to its Governor, Godwin Emefiele, who stated ...
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Nigeria: Faltering Oil Prices Set Naira, Budget On Risky Path


By Chijioke Nelson and Femi AdekoyaFaltering crude oil prices have put the nation's local currency, the 2018 budget implementation and the fragile economic growth on a crisis path. Already, the near-convergence of all rates at N360/$, except the official exchange rate of the Central Bank of Nigeria (CBN), has been ...
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CBN ends forex for fertilizer importation, raises concern over banks sharp practice


The Central Bank of Nigeria (CBN) in a circular ‘Inclusion of some imported goods and services on the list of items not valid for forex in the Nigerian forex market.’ released yesterday has added fertilizer to the list of 41 import items classified as ‘not valid for foreign exchange’ ...
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INEC: Politicians Sandwich Naira In Bread To Buy Votes​


The Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, has accused politicians of inducing voters with money tucked in slices of bread on election days. Speaking in the same vein, the Senate President, Dr. Bukola Saraki, implored INEC, police and other security agencies to ensure free, ...
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