Business News

Petroleum Products Pricing Regulatory Agency (PPPRA) says it would no longer provide a price band at which marketers will sell petrol. PPPRA executive secretary, Mr Abdulkadir Saidu, said retail price of petrol would henceforth be determined by demand and supply of the commodity and the international price of crude oil. With this move, it means that the downstream sector of the oil industry has been fully deregulated. Saidu, who was represented by PPPRA general manager for administration and human resources, Mr Victor Shidok, also said the agency would remain the regulator to ensure that oil marketers do not cheat consumers.…
Total deposits in the banking sector rose from N25tn in January to N29.7tn as at the end of August. Within the same timeframe, bank loans rose by N2tn. Director, Corporate Communications, CBN, Mr Isaac Okorafor, disclosed these in a statement on Tuesday titled ‘Re: Matters of urgent attention’, in response to a press statement issued by Nigerian Economic Summit Group (NESG). He said, “Over the past several months, we have noticed an increasingly large gap between total deposits in the banking system and total credit to the economy. “While total deposits stood at about N25tn in January 2020, total loans…
Barely 24 hours after Central Bank of Nigeria (CBN) resumed dollar sales to Bureau De Change (BDC), Naira reversed the gain made against the dollar. Naira traded at N441 to the dollar on Tuesday, losing N6 from N435 recorded on Monday at the parallel market in Lagos. Pound Sterling and Euro closed at N585 and N515, respectively. At BDC window, naira was sold at N386 to a dollar, while Pound Sterling and Euro closed at N585 and N515, respectively. Trading at the investor’s window saw naira closing at N386.21 to a dollar as investors traded a total of 45.22 million…
From Microsoft to fighting Covid-19, the billionaire says his approach hasn't changed. Bill Gates has done a few things in his life. I mean, there's Microsoft, one of the most valuable companies on earth, which Gates founded and led until 2008. There's also the Gates Foundation, which has tackled some of the world's largest public health problems like eradicating Polio from its last few strongholds, for one. Of course, there's also the work the foundation is doing to fund Covid-19 vaccines, as well as work to increase access to rapid testing. For someone who could easily sit back and enjoy…
The Naira on Monday gained N5 to close at N435 to the dollar at the parallel market in Lagos. The Pound Sterling and the Euro closed at N575 and N515, respectively. At the Bureau De Change window, Naira traded at N386 to the dollar, while Pound Sterling and the Euro closed at N575 and N515, respectively. Trading at the investor’s window saw the Naira exchanging at N386 as investors transacted a total of 45.22 million dollars. The Naira, however, closed at N379 to the dollar at the official CBN window. Mr Aminu Gwadabe, President, Association of Bureau De Change Operators…
Want to be a better boss? I asked one million LinkedIn followers what they wish every boss would start doing, and here are some of the answers. Great organizations are built by great bosses. (That's why identifying and attracting talented people is almost as important as developing talented people.) How do you become a better boss? You could take a page from the Google book and match your skills to what Google determined are the key behaviors of top managers. Or you could check out the following. I asked one million-plus LinkedIn followers a simple question: "If you could cause…
Real estate services sector contracted by 17.18 per cent in the second quarter of the year, statistics available from National Bureau of Statistics have shown. NBS disclosed this in its second quarter report on the country’s Gross Domestic Product report. Part of the report said, “In nominal terms, real estate services in the second quarter of 2020 declined by 17.18 per cent per cent, or 19.27 per cent points lower than the growth rate reported for the same period in 2019 and lower by 18.31 per cent points compared to the preceding quarter.” Quarter-on-quarter, the sector growth rate was lower…
Emirates has announced it will resume passenger services to Lagos on September 7 and Abuja September 9. The resumption of flights to both Nigerian cities takes Emirates’ African network to 13 destinations. Flights to Lagos will operate four times a week on Monday, Wednesday, Friday and Sunday. Flights to/from Abuja will operate as a daily service. Tickets are open for booking on the airline’s website. The addition of Nigerian cities expands the airline’s network to 84 destinations. Passengers travelling from both cities in Nigeria to the Americas, Europe, Middle East and Asia Pacific can enjoy safe and convenient connections via…
Monday, 07 September 2020 05:18

Naira set to gain as CBN resumes forex sales

Resumption of forex sales to Bureau De Change operators by Central Bank of Nigeria on Monday (today) will strengthen the exchange rate of the naira to the dollar, according to the operators. In a circular, CBN had announced plans to resume sale of foreign exchange to BDCs today as part of effort to enhance accessibility to foreign exchange. The naira, which traded on the parallel market at N420 to a dollar on Friday sold for N480 a week earlier. President, Association of Bureaux De Change Operators of Nigeria, Mr Aminu Gwadabe, expressed support for CBN action on forex sale. “The…
Central Bank of Nigeria (CBN) has increased the N50 billion Target Credit Facility (TCF) to N100 billion with interest rates slashed to 5 per cent from 9%, to keep MSMEs afloat in business. Director, Development Finance, CBN, Mr Yusuf Yila, speaking at the virtual launch of the first Pan-African MSME Academy said MSMEs are an important sector, hence CBN and the bankers committee put in place combined stimulus packages directed at them. Yila, said the apex bank had emplaced several funding support initiatives to enable Micro, Small and Medium Enterprises (MSMEs) survive Covid-19 pandemic and beyond. He encouraged MSMEs to…
December 20, 2024

Naira expected to weaken further, says CBN business survey

Nigerian businesses anticipate further depreciation of the naira through early 2025, despite maintaining overall optimism…
December 20, 2024

Atiku questions alleged hack of NBS website, says timing suspicious

Former Vice President Atiku Abubakar has raised concerns over the recent claim that the website…
December 22, 2024

How to know if your memory lapses are serious or not

The older I get, the more panicked I become when something slips my mind. Is…
December 21, 2024

‘Professional Back-Scratchers’ charge up to $130 per hour

The Scratcher Girls is an unconventional relaxation therapy studio that charges clients up to $130…
December 21, 2024

NAFDAC busts illegal rice repackaging operations in Nasarawa, Abuja

The National Agency for Food and Drug Administration and Control (NAFDAC) has cracked down on…
December 22, 2024

Here’s the latest as Israel-Hamas war enters Day 443

Israel and Hamas appear close to a ceasefire deal. These are the sticking points Israel…
December 20, 2024

OpenAI launches voice and text access to ChatGPT through new phone service

OpenAI has introduced a novel way to interact with its popular ChatGPT artificial intelligence system…
December 17, 2024

Ademola Lookman named 2024 CAF Men’s Player of the year. These players won in other…

Ademola Lookman, the Super Eagles winger, was crowned the 2024 CAF Men’s Player of the…

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