Naira sustains loss against dollar

This was in spite of the CBN’s intervention at the interbank market and Bureau De Change (BDC) window. The post Naira sustains loss against dollar appeared first on Premium Times Nigeria.

Forex: CBN opens special window for SMEs

…begins massive sale with $141m …sells $10,000 each to BDCs By Etuka Sunday The Central Bank of Nigeria (CBN) has opened a special Forex window for Small and Medium Enterprises (SMEs) to enable SMEs import eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter. Isaac Okorafor, the CBN spokesman, disclosed this…

Loading resumes at Mosimi Depot after 12 Months -NNPC

…vows to restore Kano, Jos, Suleja Pipelines By Etuka Sunday Nigerian National Petroleum Corporation (NNPC) yesterday announced resumption of petroleum products loading at its Mosimi Area depot in Ogun State. NNPC said, products supply and distribution had received a major boost following the resumption of loading activities over the weekend. Group Managing Director, NNPC, Dr….

FBNInsurance PBT hits N3.13bn

From Ngozi Onyeakusi, Lagos FBNInsurance Limited has announced a Profit Before Tax (PBT) of N3.13 billion in its 2016 operations. The figure represents 70 percent increase compared to N1.8 billion achieved in the previous year. However, the firm’s gross premium written (GPW) dropped by four per cent from N10.3 billion in 2015 to N9.9 billion…

NEITI urges FG to recover over $21bn unremitted funds

Nigeria Extractive Industry Transparency Initiative (NEITI) By Etuka Sunday The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged the Federal Government to put urgent machineries in motion to recover over $21 Billion unremitted funds disclosed by its independent reports of the extractive industry, to fund the country’s economic recovery plan. In a policy brief which…

UK Supreme Court grants reprieve to NNPC over $100m Bank Guarantee

By Etuka Sunday The Supreme Court of the United Kingdom in a unanimous judgment has granted a reprieve to Nigerian National Petroleum Corporation, NNPC, over a $100million Bank guarantee in a case involving the Corporation and a service company, IPCO (Nigeria) Limited. The reprieve was the latest in the protracted dispute arising from the contract…

CBN approves licence for DBN

CBN Governor, Godwin Emefiele By Etuka Sunday The Central bank of Nigeria (CBN) has approved the grant of a Wholesale Development Finance Institution Licence with national authorization to the Development Bank of Nigeria (DBN) Plc, the Minister of Finance, Mrs. Kemi Adeosun has confirmed. The approval was conveyed in a letter addressed to the Managing…

CBN crashes FOREX rate for invisibles to N360/$1

CBN Governor, Godwin Emefiele …pumps $185m into FOREX market By Etuka Sunday The Central Bank of Nigeria (CBN) has released the sum of $85 million for sale to Deposit Money Banks (DMBs) at the rate of N 357/$1 for onward sale to retail end-users at not more than N360/$1, for invisibles such as Basic Travel…

Media plays significant role in BPE reforms-Akpotaire

Bureau of Public Enterprises (BPE) By Etuka Sunday The media is a significant part of the reforms being carried out by the Bureau of Public Enterprises (BPE), the Acting Director General of BPE – Dr. Vincent Onome Akpotaire said this at an interactive session with the Finance Correspondents Association of Nigerian (FICAN) in Abuja. He…