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Business - Page 355

Nigeria Launches N590bn Power Sector Bond to Clear GENCO, Gas Arrears

The Federal Government of Nigeria has issued its debut bond under the Presidential Power Sector Debt Reduction Programme, raising N590 billion to settle verified arrears owed to power generation companies and gas suppliers. The bond, guaranteed by the full faith and credit

December 21, 2025

EFCC's Invasion Of Dangote Group Office May Scare Away Potential Foreign Investors - MAN DG

Business

GSK, P&G Exit: Nigerians Should Worry More About Impact Of Heavy Import On Economy – MAN DG

As reactions trail the recent decision of some foreign companies to stop production in Nigeria and resort to import, there are concerns that it would have a more long-term impact on the economy.

December 11, 2023

Energy, Exchange Rate, Transportation Top Three Drivers Of Inflation In Nigeria - CBN Survey

Business·News

CBN Suspends Processing Fees On Large Cash Deposits In Banks

The Central Bank of Nigeria (CBN) has suspended the processing fees on cash deposits above N500,000 until April 2024. This was announced in a circular issued on Monday by the CBN acting director of banking supervision, Adetona Adedeji. The apex bank had

December 11, 2023

Economy: Don’t Suffocate Businesses, CPPE Warns Regulatory Agencies

Business·Currency·News

CPPE Urges CBN To Reconsider Exchange Rate Surge For Sustainable Economic Growth

Dr. Muda Yusuf, CEO of the Centre for Promotion of Private Enterprise (CPPE), raised concerns over the Central Bank’s decision to elevate the customs exchange rate, emphasizing the potential detrimental impact on businesses and citizens alike. “Such a move worsens our production

December 11, 2023

NGX stock market. Photo credit: TheCable

Business·Markets·News

Nigerian Banking Index Soars By 6.08% As Capital Adequacy Concerns Spark Investor Caution

The Nigerian Exchange Limited witnessed a surge in the banking index, marking a notable 6.08% increase in investor wealth by N66 billion this past week. However, this upward trajectory was met with caution as concerns over capital adequacy ratios in banks with

December 11, 2023

Lagos Gov Sanwo-olu Under Fire Over ‘N7.5m Fragrance, N18m Christmas Chickens’

Business·News

CACOBAG Urges Lagos Govt To Tackle Corruption Among Building Agency

A non-governmental organization, Coalition Against Corruption and Bad Governance (CACOBAG), has issued a direct plea to Governor Babajide Sanwo-Olu of Lagos State to address corrupt practices within the Lagos State Building Control Agency (LASBCA). In an open letter signed by its chairman,

December 11, 2023

Business·News·Oil & Gas

Eterna Plc, TotalEnergies, MRS Oil Forecast N290bn Revenue In Q1 2024 Amidst Market Surge

In a bold toward Q1 2024, three major oil and gas entities—Eterna Plc, TotalEnergies Marketing Nigeria Plc, and MRS Oil—have revealed projections totaling N290 billion in revenue, as disclosed in their earnings forecast filed with the Nigerian Exchange Limited. Eterna Plc eyes

December 11, 2023

How Nigeria’s External Reserves Rose By 5.6% To $38.8bn In 2024 — CBN

Business·Finance & Economy·News

Nigerian Govt Records N1.54tn Fiscal Deficit Amid Revenue Boost

In a financial disclosure from the Central Bank of Nigeria (CBN), the Federal Government faced an N1.54 trillion fiscal deficit during July and August 2023, despite a surge in revenue streams. The CBN’s monthly economic report for August shed light on this,

December 11, 2023

Business·News

TCN Urges Govt Intervention As Vandals Menace Power Infrastructure

The Transmission Company of Nigeria’s Port Harcourt Region has sounded an alarm concerning the escalating interference with its lines’ Right of Way across communities within its six mandate states. Dr. Inugonum Thomas, the General Manager, expressed concern over vandals and thieves attacking

December 11, 2023

CBN Reforms Yielding Positive Returns As FX Transactions Surge To $800m, CBN Gov Assert

Business·Finance & Economy·News

Nigeria’s External Reserves Decline By $520 Million In 5 Weeks, CBN Warns Of Economic Challenges

The Central Bank of Nigeria (CBN) disclosed a $520.22 million reduction in the country’s external reserves within five weeks, plummeting from $33.396 billion as of October 31, 2023, to $33.004 billion by December 7, 2023. During the Chartered Institute of Bankers of

December 11, 2023

Nigeria Blocks $802 million Revenue Belonging To Foreign Airlines

Business·Currency·Transport

‘Foreign Airlines May Exit Nigeria’s Airspace’ – IATA Ranks Nigeria Country With Highest Trapped Funds

It has emerged that over $792 million belonging to foreign airlines are currently trapped in Nigeria leaving them without dollar bills for their business, a development that is currently hampering their operations globally and making them consider quitting the country’s airspace altogether.

December 11, 2023

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Nigeria Launches N590bn Power Sector Bond to Clear GENCO, Gas Arrears

The Federal Government of Nigeria has issued its debut bond

Dollar Trades Flat In Black Market, Appreciates In Official Window

The dollar traded at N1,487.01/$1 in the parallel market on

Venezuela Condemns Trump’s Threat, Pledges to Defend Sovereignty

The government of Venezuela has condemned what it described as

Bank of Japan Poised to Lift Rates to 30-Year High as Inflation Pressures Persist

The Bank of Japan (BOJ) is set to raise its

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Business - Page 355

Nigeria Launches N590bn Power Sector Bond to Clear GENCO, Gas Arrears

GSK, P&G Exit: Nigerians Should Worry More About Impact Of Heavy Import On Economy – MAN DG

CBN Suspends Processing Fees On Large Cash Deposits In Banks

CPPE Urges CBN To Reconsider Exchange Rate Surge For Sustainable Economic Growth

Nigerian Banking Index Soars By 6.08% As Capital Adequacy Concerns Spark Investor Caution

CACOBAG Urges Lagos Govt To Tackle Corruption Among Building Agency

Eterna Plc, TotalEnergies, MRS Oil Forecast N290bn Revenue In Q1 2024 Amidst Market Surge

Nigerian Govt Records N1.54tn Fiscal Deficit Amid Revenue Boost

TCN Urges Govt Intervention As Vandals Menace Power Infrastructure

Nigeria’s External Reserves Decline By $520 Million In 5 Weeks, CBN Warns Of Economic Challenges

‘Foreign Airlines May Exit Nigeria’s Airspace’ – IATA Ranks Nigeria Country With Highest Trapped Funds

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