Business

The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) to sell their excess dollar stock latest February 1, 2024, as part of moves to stabilise the nation’s volatile exchange rate. In a new circular released on Wednesday, the apex bank also warned lenders against hoarding excess foreign currencies for profit. Titled, “Harmonisation of Reporting Requirements on Foreign…

Following the release of all outstanding backlogs of $64.44 million in blocked airline funds by the Central Bank of Nigeria (CBN), the National Association of Nigerian Travel Agents (NANTA) has said that foreign airlines have no further reason and justification to restrict inventory in the Nigerian market. The national president of NANTA, Mrs Susan Akporiaye in a statement on Wednesday…

In view of the recent downtime experienced on the e-tax portal, the Lagos State Internal Revenue Service (LIRS) has extended the filing of employers’ annual tax returns by 1 (one) week starting from February 1 to February 7, 2024. The Executive Chairman of LIRS, Mr. Ayodele Subair conveyed this in a public notice released by the agency on Tuesday. Statutorily,…

The Central Bank of Nigeria (CBN), fulfilling its pledge to clear the backlog of foreign exchange owed foreign airlines in the country, has concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned airlines. Confirming the figures on Tuesday, the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, noted…

The Central Bank of Nigeria (CBN), on Monday warned all authorised foreign exchange dealers to desist from reporting inaccurate and misleading information on transactions concluded in the financial market. Naira of lately has witnessed speculative trading at the foreign exchange market, leading to its free fall to N1,348.63 against the dollar as of January 29, 2024 at the Nigerian Autonomous…

At least 1,500 members of staff of the Central Bank of Nigeria (CBN) will on Friday resume at its Lagos office following their redeployment from the headquarters. A source at the apex bank told our correspondent exclusively that the plan, though heavily criticised, was still in motion, and affected staffers would be resuming on Friday. “Yes, the plan is still…

As the equities market maintained its positive momentum, Dangote Cement Plc on Monday crossed the N13trilliion in market capitalisation on the floor of the Nigerian Exchange Limited (NGX) as investors’ demand persisted. The price on Monday gained N1.17trillion in market capitalisation when the stock price gained N68.90 or 9.93 per cent close on Monday at N763 per share from N694.10…

The Central Bank of Nigeria (CBN) has released $500 million to various sectors to further address the backlog of verified foreign exchange transactions. This comes barely a week after the apex bank paid approximately $2 billion to settle outstanding commitments across manufacturing, aviation, and petroleum sectors. The Acting Director of the Corporate Communications Department at the CBN, Mrs. Hakama Sidi…

Access Holdings Plc has announced a major development in its ongoing growth strategy. Access Golf Nigeria Limited, a majority shareholder of Access Pensions Limited (‘Access Pensions’) which is a subsidiary of Access Holdings, has received the ‘no-objection’ of the National Pension Commission and the approval of the Federal Competition and Consumer Protection Commission for its proposed acquisition of a majority…

Minister of aviation and aerospace, Festus Keyamo  has  said Nigeria is discussing with the United Kingdom (UK) to actualise direct flights from Lagos to London. The minister spoke during a meeting with the management of NORSE Atlantic Airways, led by Ben Boiling, its chief executive officer (CEO), in London on Friday. This was disclosed in a statement on Saturday by…