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World Bank predicts increase in global crude prices

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The World Bank is nudging up its 2015 forecast for crude oil prices from $53 in April to $57 per barrel after oil prices rose 17 per cent in the April to June quarter. The forecast is contained in the bank’s latest Commodity Markets Outlook released on Wednesday. The bank ...

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Toyota launches new generation seven-seater Fortuner

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Toyota has unveiled a second generation of its famous sport utility vehicle, Fortuner, riding on the global success of the outgoing model. The 2016 seven-seater family SUV was unveiled simultaneously last week in Australia and Thailand. No date has been fixed yet for its launch in other markets, including Nigeria. ...

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States owing salaries overlook N450bn internal food market

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Eighteen states of the federation which are owing their workers a total of N660 billion in salaries for between two and nine months are not taking full advantage of opportunities inherent in their monthly food markets, collectively worth about N450billion. If these state governments put on their thinking caps and ...

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Petrol subsidy hits N1.69bn daily

Fuel-Scarcity

The Federal Government now incurs about N1.69bn daily to subsidise petrol consumption, OKECHUKWU NNODIM writes Nigeria currently spends N1.69bn daily as subsidy on petrol despite the decline in the country’s oil exports and the resultant squeeze on the nation’s revenues. While industry experts and highly placed politicians canvass the stoppage ...

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CBN moves to encourage local rice production

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Central bank of Nigerian, CBN governor Godwin Emefiele has reiterated the need for Nigerians to embrace local food production as one of the ways of conserving scarce foreign currency. He stated this weekend during a meeting with Officials of State Governments and Rice Processing Companies in Abuja. According to him, ...

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Naira Going, Going …!!!

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The Central Bank of Nigeria (CBN) in February officially devalued the naira to N198 to one US dollar. This came barely three months, after it moved naira’s exchange rate to N168 from N155 to the dollar. Also, recently, Bank Chief Executive Officers in Nigeria called for a further devaluation of ...

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Uproar as Nigerians in UK pay N10, 000 for BVN

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Nigerians in London, United Kingdom, have expressed frustration over the compulsory payment of £30 (about N10, 000) for the registration of the Bank Verification Number, as directed by the Central Bank of Nigeria. Apparently sad over their plight, some of them during the week stormed the Nigeria High Commission in ...

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Ministry applauds ‘Maltina Teacher of the Year Award’

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THE Federal Ministry of Education (FME), has commended Nigerian Breweries (NB) Plc, the brain behind the “Maltina Teacher of the Year Award” for coming up with the initiative. The Permanent Secretary of the Ministry, Dr. MacJohn Nwaobiala, Nwaobiala while receiving the management team of the sponsoring firm recently in his ...

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West Africa may lead world’s next oil production boom

Oil-Refinery

Experts in the oil and gas sector have projected the West African region potentials to be among the best in world, advocating optimal exploitation of advanced technologies that could bring the dream to reality. Indeed, a Director at Atlantis Offshore, said Keith Millheim, said the small offshore oilfields (marginal fields) ...

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Naira drops to 241 against dollar

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The naira hit another record low of 241 against the dollar at the parallel market on Monday as the Central Bank of Nigeria’s restrictions on foreign exchange sale fuelled unofficial trade in dollars, Reuters reported. The ban on importers from accessing the Nigerian foreign exchange markets for the importation of ...

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Chinese ankara chases Nigerian brands out of market

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Despite the N100bn previously pumped into the textile industry, the Federal Government lifts the ban on importation of fabrics, BUKOLA ADEBAYO reports It was a busy Monday morning for the salesgirls at Kudy Fabrics. Though it rained heavily, many customers had a field day at the expansive shop at the ...

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Corruption: Buhari may probe CBN

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President Muhammadu Buhari may extend his investigation into recent activities of some government agencies and departments to the Central Bank of Nigeria. Buhari had while meeting state governors on June 23, stated that officials of the past government abandoned all financial and administrative instructions put in place in parastatals and ...

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Nigerians buy fuel for N120 per litre

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After some days of respite, fuel scarcity worsened in different parts of the country on Saturday with Premium Motor Spirit popularly known as petrol, selling as high as N160 per litre in some places. Reports by our correspondents from different states indicated that many petrol stations were still not selling ...

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Why CBN Won’t Devalue The Naira

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The Central Bank of Nigeria (CBN), Friday, disclosed insisted it will not devalue the naira in order to safeguard the Nigerian economy from the shocks and negative impact the depreciation will have. In a statement signed by Director, Corporate Communications, Mr. Ibrahim Mu’azu, in reaction to an article in the ...

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