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Naira Going, Going …!!!


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


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’


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


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


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


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


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


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


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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Robot kills worker at Volkswagen plant in Germany


A robot has killed a contractor at one of Volkswagen’s production plants in Germany, the automaker has said. The man died on Monday at the plant in Baunatal, about 100km (62 miles) north of Frankfurt, VW spokesman Heiko Hillwig said. The 22-year-old was part of a team that was setting ...

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BVN: Remove Barriers From Banks, PWDs Tasks CBN

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In view of the extension of the deadline for the registration of the Bank Verification Number (BVN), people with disabilities (PWDs) have called on the Central Bank of Nigeria(CBN) to remove all barriers from banking halls to enable them partake in the exercise. They have also called for the extension ...

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‘Inadequate Gas Supply Is Frustrating NIPP Initiative’


The former chairman of the Nigerian Electricity Regulatory Commission (NERC), and managing director of Aiteo Power and Gas, Dr Ransom Owan, has lamented that inadequate gas supply to thermal power stations is frustrating reform in the sector. Owan, who spoke at the West African Power Industry Convention (WAPIC) in Lagos, ...

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Naira falls to 230, dollar supply dries up

naira and dollar

These are definitely not interesting times for the nation’s economy, particularly the national currency, the naira, no thanks to the depleting reserves and the subsequent banning of importers of 41 items from the foreign exchange market by the Central Bank of Nigeria. Barely 10 days after the CBN stopped forex ...

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Chinese Investors To Invest $54m In Kwara


A group of Chinese investors have expressed their commitment towards investing about $54m in the industrial sector of Kwara state in the next couple of years. The leader of the team, Mr Shi Zengchao during a courtesy call on the state governor, Alhaji Abdulfatah Ahmed said about $15m would be ...

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