Business

The Governor,  Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso  has said reforms initiated by the apex bank are yielding positive results in the foreign exchange market, disclosing that the market received a boost of over $1 billion in liquidity within a “few days”. Cardoso spoke on Friday during a presentation to lawmakers at the senate in Abuja. “We have…

 The Nigerian Communications Commission (NCC) on Thursday announced that the interconnect debt dispute between MTN Nigeria Communications Plc. (MTN) and Globacom Limited (Globacom) has been amicably resolved. The Director, Public Affairs, NCC, Reuben Muoka in a statement stated that,  “In accordance with this resolution, the disconnection approval granted to MTN for the disconnection of Globacom has now been withdrawn.” According…

The Chairman, Senate Committee on Capital Market and Institutions, Osita Izunaso has assured the commitment of the Senate in driving legislative reforms that would propel the Nigerian capital market to new heights. He made this promise when he led the delegations visit to Nigerian Exchange Group (NGX Group) on Tuesday. Izunaso emphasized the pivotal role of the capital market in…

The Bank Directors Association of Nigeria (BDAN) on Monday said it is in support of the Central Bank of Nigeria (CBN) limit on banks foreign currency exposure, stating that the directive, along with other prudential requirements outlined in the circular, plays a critical role in ensuring the effective management of foreign currency exposures The apex bank in a circular last…

The Governor, Central Bank of Nigeria (CBN), Mr. Yemi Cardoso on Monday revealed that not all $7billion foreign exchange claims are valid, stressing that the apex bank is investigating $2.4billion. Speaking in an interview with Arise Television, Cardoso revealed that the CBN has contracted Deloitte Management Consultant to do a forensic of all these obligations and to disclose what was…

Kunle Sanni  The Independent Media and Policy Initiative (IMPI) has expressed that the new policies introduced by the Central Bank of Nigeria (CBN) will help sanitize the banking sector, stem the volatility in the foreign exchange (FX) market, and stabilize the naira. The group said in a policy document signed by its Chairman, Niyi Akinsiju, that the new move is…

Wigwe University, a private University owned by Group Managing Director, Access Holdings Plc, Mr. Herbert Wigwe is committing an offence against Nigerian law with the practice of demanding tuition fees in dollars instead of the local currency. It is illegal in Nigeria for any goods and service providers, including school proprietors to demand fees in dollars. The Central Bank of…

President of the Republic of Senegal, Macky Sall, has described Aliko Dangote, President of Dangote Group, as a blessing to Senegal and Africa as a whole. He lauded the entrepreneurial and philanthropic activities of the frontline businessman and said, the highest civilian award in Senegal, the National Order of the Lion Award, was bestowed on Dangote, in recognition of the…

Salaries of federal workers and pensioners for January 2024 are to be delayed, Westernpost gathered.  For the federal worker, the delay is on the backdrop of non-conclusion of the 2024 appropriation on the Government Integrated Financial Management System (GIFMIS) platform by the Office of Accountant-General of the Federation (OAGF). The Pension Transitional Arrangement Directorate (PTAD) in a notice to pensioners…

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…