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Naira firms against dollar


The Naira on Wednesday appreciated against the dollar in all the segments of the foreign exchange market. The currency gained 9.97 points to exchange at N310.24 from N320.21 it recorded on Tuesday, representing an appreciation of 3.1 per cent. It also gained a point against the dollar at the parallel ...

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SEE PHOTOS: At least 22 dead in Bangladesh factory fire


DHAKA: At least 22 people have been killed and 70 injured, many critically, in a huge fire triggered by a boiler explosion at a Bangladeshi packaging factory, officials said Saturday as firefighters struggled to contain the blaze. Around 100 people were working when flames tore through the four-storey building in ...

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Nigeria’s economic woes hit Eid ram sales



With the naira currency in free fall and inflation soaring, few Nigerians can escape the country’s economic troubles — and that includes Muslims preparing for Eid al-Adha. Livestock traders and buyers said the sale of rams for the annual festival of sacrifice have dropped sharply compared with last year, as ...

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IVM: Bridging the gap between imported and locally made vehicles


Innoson Vehicle Manufacturing Company (IVM), located at Nnewi, Anambra State, hometown of the Group Chairman and Chief Executive Officer of Innoson Vehicles Manufacturing Co. Ltd, the first indigenous vehicle manufacturing plant in Nigeria, Chief Innocent Ifediaso Chukwuma, popularly known as Innoson, started skeletal work in 2009 and full operation after ...

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How Godwin Emefiele caused many Nigerians to lose their jobs


The direct policies of the central bank of Nigeria, CBN have been and continue to be at the helm of the current economic crisis and recession that is permanently and irreversibly destroying life and hope for the Nigerian masses. We have repeatedly pointed out these cabal-favorable, masses-exterminating policy decisions that have ...

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PHOTOS: Facebook Founder Mark Zuckerberg Is In Nigeria

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The founder of Facebook, Mark Zuckerberg has said he is happy learning the “startup ecosystem in Nigeria.” Zuckerberg arrived Lagos on Tuesday for his first visit to the sub-Saharan Africa. The Facebook founder made the commendation on his Facebook page, during a vist to Co-creation Hub Nigeria, CcHUB, in Yaba ...

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So Far, 272 Companies Have Shut Down Over Poor Economy


Manufacturers and other private sector operators have revealed a gloomy picture of how the foreign exchange restriction placed on 41 items by the CBN had affected operations in the business sector. They said that since the restriction order was placed last year, about 272 firms had been forced out of ...

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Adeosun seeks Islamic Bank’s support to rebuild northeast


The Minister of Finance, Mrs Kemi Adeosun, has called on the Islamic Development Bank to support Nigeria in rebuilding the northeast ravaged by Boko Haram. She made the appeal on Monday in Abuja during the inauguration of the IDB Country Gateway office. Adeosun said that Nigeria was striving towards attaining ...

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LASG shuts ponmo factory


The Lagos State Government has closed down the ponmo (processed cow skin) processing section of the Oko-Oba Abattoir and Lairage Complex, Agege, and dislodged the processors in the complex. The Commissioner for Agriculture, Mr. Toyin Suarau, who led men of the Lagos State Task Force on Environmental and Special Offences ...

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Crashed oil price has made Nigeria a poor country- Pres. Buhari


President Buhari today said the sudden fall in oil price in the international market has made Nigeria to become a poor country. He said this while speaking at a meeting with the executive director of the United Nations Population Fund (UNFPA) and under secretary-general of the United Nations, Babatunde Osotimehin, at ...

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At least 226 ongoing Federal Government road projects across the country are likely to suffer a major setback as the huge contract sum of N2tn required for their completion has lessened in value due to the current forex crisis. The President, Federation of Construction Industry, an umbrella body for construction ...

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Dr. Ibe Kachikwu Removed As NNPC GMD


President Muhammadu Buhari has replaced Dr. Ibe Kachikwu as Group Managing Director of the Nigerian National Petroleum Corporation (NNPC). The President also dissolved the board of the NNPC and reconstituted a new one in line with section 1(2) of the NNPC act. Dr. Kachikwu will now serve as chairman of ...

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Central Bank dissolves Skye Bank board over capital issues

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Central Bank of Nigeria has sacked top executives of Skye Bank over failure to meet capital adequacy ratio, Daily Sun findings revealed. The Managing Director/Chief Executive Officer, Timothy Oguntayo, who led Skye Bank to acquire nationalised lender Mainstreet Bank in 2014, resigned before CBN made the announcement on Monday. Last ...

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Brexit: How will it affect Nigerians?


THE world lives in dangerous times. The unimaginable and surprises are springing up by the day. At odds with almost all conventional economic thinking the British voted to leave the EU. The entire world was shocked beyond measure. It sent cold wave down the economic spine of global markets. Demonstrators ...

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