Economy
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Naira gains value against dollar at Investors and Exporters window, closes at N756
The naira appreciated against the dollar at the Investors and Exporters window on Tuesday. It exchanged at N756.61 representing 1.79 per cent appreciation when compared with N770.38 it was exchanged on Monday. The open indicative rate closed at N701.75 to the dollar on Tuesday. An exchange rate of N781 to the dollar was the highest rate recorded within the day’s…
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Afreximbank, BCA honour Dangote, First Bank, others
By Bolaji Adebiyi in Accra, Ghana President of Dangote Group, Alhaji Aliko Dangote, and Nigeria’s pioneer bank, First Bank of Nigeria, were some of the business leaders honoured at the inaugural Pan-African Business and Development Awards held Monday night at the 30th Afreximbank Annual Meetings in Accra, Ghana. The awards were instituted by the Bank in association with the Business…
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FG demands 10 years tax liabilities from ship owners
…gives three months grace to reconcile accounts The Federal Government has issued demand notices to ship owners, requiring them to remit tax liabilities accumulated over the past 10 years. This was disclosed by the Special Adviser to the President on Revenue, Zacchaeus Adedeji, while speaking with State House correspondents in Abuja on Monday. He said the government’s action is in…
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Tinubu seeks better cooperation with US over energy transition
President Bola Tinubu has called for a stronger and better cooperation with the United States, as Nigeria and the rest of the world move in the quest for renewable and other sources of clean energy. He spoke during a meeting with United States Assistant Secretary of State, Bureau of Energy Resources, Ambassador Geoffrey Praytt, at the State House, Abuja on…
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CBN suspends restriction on $10,000 deposit for domiciliary account holders
The Central Bank of Nigeria (CBN) has said that cash deposits into domiciliary accounts will not be restricted, as customers “shall have unfettered and unrestricted access to funds in their accounts.” This was contained in a statement issued by the apex bank after a meeting with the bankers’ committee on Sunday night. The meeting was meant to provide further guidance…
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Afreximbank entices investors with AfrexInsure, to bridge Africa’s $120bn infrastructure financing gap
Bolaji Adebiyi in Accra, Ghana Investors, who worry about the security of their investments in Africa, now have a reason to smile as African Export-Import Bank, Afreximbank, this morning in Accra, Ghana unveiled its finance insurance arm, Insurance Management Company, AfrexInsure. Designed to de-risk large projects and the investment required to develop the infrastructure networks necessary for the development of…
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PHOTO NEWS: Shettima launches Nigeria assembled electric vehicle
Vice President Kashim Shettima on Friday launched an assembled and designed in Nigeria Electric car presented by Mr. Jelani Aliyu, the Director General/Chief Executive Officer of the National Automotive Design and Development Council (NADDC) at the State House, Abuja.
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Nigeria-Morocco Gas Pipeline Project advances as multiple countries sign MoUs
In a significant development for the Nigeria-Morocco Gas Pipeline Project, four Memoranda of Understanding (MoUs) were signed at the headquarters of the Economic Community of West African States (ECOWAS). The signing ceremony marks a crucial milestone for the project, which aims to enhance gas monetization and establish an alternative export route to Europe. The tripartite MoUs were signed between the…
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JP Morgan predicts N600/$1 in coming months
An American financial firm, JP Morgan has predicted that the Naira will settle in the “high 600s” in the coming months. The financial institution made the prediction via a statement in the wake of the unification of all segments of the forex exchange (FX) market by the Central Bank of Nigeria. “While it will take a few days for USD/NGN…
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Danbatta woos investors at GITEX Africa on Nigeria’s broadband future
The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has invited international telecom companies and potential investors to take advantage of the opportunities presented by Nigeria’s population of over 200 million people to invest in its telecom sector, especially in infrastructure provisioning for broadband. Danbatta, who spoke at the inaugural edition of the Gulf Information…
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