Business

$464m trapped funds: No law mandates CBN to provide FX to airlines, says Emefiele

$464m trapped funds: No law mandates CBN to provide FX to airlines, says Emefiele

The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele has said there is no law mandating the apex bank to provide dollars to foreign airlines operating in the country. Emefiele made this known on Tuesday while fielding questions from journalists after the monetary policy committee’s meeting at the CBN headquarters in Abuja. The development comes amid the foreign exchange crisis,…
Nigeria’s economic outlook uncertain, says World Bank

Nigeria’s economic outlook uncertain, says World Bank

The World Bank has said that Nigeria’s economic outlook is uncertain and its ability to attract domestic and foreign investments is also crashing. It also noted that the condition of welfare in Nigeria was worsening despite the economic recovery from recession. The Washington-based bank said this in its draft report for State Action on Business Enabling Reforms, which is available…
ISB will ensure internationally competitive, well-functioning capital market, says SEC

ISB will ensure internationally competitive, well-functioning capital market, says SEC

The Securities and Exchange Commission (SEC) has said that the passage of the Investments and Securities Bill 2022  would aid the functioning of the capital market as well as facilitate the on-going economic diversification in the country. This was stated by the Director General of the SEC, Mr. Lamido Yuguda during the public hearing on the ISB 2022 and the…
Nigeria Air: Ethiopian Air owns 49%, domestic investors 46%, FG reveals

Nigeria Air: Ethiopian Air owns 49%, domestic investors 46%, FG reveals

Minister of Aviation, Hadi Sirika has disclosed that Ethiopian Airlines (ET) consortium has been selected as the preferred bidder for Nigeria Air, owning 49 per cent of the national carrier, stating that domestic investors own 46 per cent stake. He disclosed this during a media briefing on Friday in Abuja. According to him, ET scored 89 per cent out of…
Equities market depreciates by N125bn

Equities market depreciates by N125bn

The equities market of the Nigerian Exchange Limited (NGX) on Thursday depreciated as investors remain cautious in anticipation of the upcoming Monetary Policy Committee (MPC) meeting next week. Thus, the NGX-All Share Index (NGX-ASI) declined by 231.57 basis points or 0.47 per cent to close at 49,190.34 basis points. Similarly, market capitalisation lost N125 billion to close at N26.533 trillion.…
Equities market depreciates by N12bn

Equities market depreciates by N12bn

The equities market of the Nigerian Exchange Limited (NGX) on Wednesday closed the trading session weaker as market capitalisation lost N12 billion. The All-Share Index (ASI) decreased by 23.40 basis points or 0.05 per cent to close at 49,421.91 basis points. Similarly, the overall market capitalisation size shed N12 billion to close at N26.658 trillion The downturn was impacted by…
Access Holdings gets CBN’s approval to operate payment service subsidiary, Hydrogen

Access Holdings gets CBN’s approval to operate payment service subsidiary, Hydrogen

Access Holdings Plc has received a regulatory nod from the Central Bank of Nigeria (CBN) on its wholly owned payment subsidiary, Hydrogen Payment Services Company Limited (Hydrogen) A disclosure signed by the Company Secretary, Sunday Ekwochi, stated that the new payment system is projected to become Africa’s most powerful business network for financial service providers and other stakeholders. According to…
Nigeria’s total debt raises to N42.84trn in June

Nigeria’s total debt raises to N42.84trn in June

The Debt Management Office (DMO) has stated that Nigeria’s total public debt stock, rose to N42.84 trillion in June 2022 from N41.60 trillion in the previous month. This is according to a statement obtained from DMO’s website. The total debt is the local and foreign debt stocks of the entire country including all the states. The DMO stated that the foreign component…
RT200 FX: Export remittances have improved significantly – CBN

RT200 FX: Export remittances have improved significantly – CBN

The introduction of the “Race to $200 billion in FX Repatriation” (RT200 FX) by the Central Bank of Nigeria (CBN) has spurred significant improvement in the country’s export remittances, the apex bank has revealed. Principal Manager, Trade and Exchange Department, CBN, Mrs Anne Nnenna Ezekhennagha, disclosed this at the recently concluded Finance Correspondents Association of Nigeria (FICAN) 2022 annual conference…
World Bank, IMF invite Jimoh İbrahim for ancillary meeting in Washington in October

World Bank, IMF invite Jimoh İbrahim for ancillary meeting in Washington in October

Business mogul, Dr. Jimoh Ibrahim has been officially invited by the World Bank and the International Monetary Fund (IMF) to attend and participate in their ancillary meeting in Washington, United States in October. The invitation personally addressed to the billionaire businessman was jointly signed by the two international monetary bodies.  The letter reads in part: “We are pleased to inform…
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