Category: Business News
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CBN sells another $20,000 to Each BDC at N1,590/$ for Invisible transactions
Following its efforts at boosting foreign exchange liquidity within the retail market segment, particularly for personal and business transactions classified as invisible, the Central Bank of Nigeria (CBN) has approved the sale of US$20,000.00 to each eligible Bureau de Change (BDC) operator at the rate of N1,590/$.
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Naira Stabilization Effort: CBN releases $876.26M to support currency
The Central Bank of Nigeria (CBN) has sold $876.26 million to end users through 26 banks in an effort to stabilize
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Despite protests, Naira records gain against Dollars
The naira showed a notable gain against the dollar in the foreign exchange market, despite ongoing hunger protests. According to FMDQ data, th
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Popular Abuja filling station gutted by fire
station along the Kubwa expressway near the Public Service Institute of Nigeria in Abuja was engulfed in flames on Thursday evening. The fire started around 4:30 pm when a tanker began discharging fue
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Internal, external factors responsible for previously outrageous high airfares – Allen Onyema
Allen Onyema, Chief Executive Officer of Air Peace, has heaped external and internal intrigues for the previously outrageous high prices that foreign airlines were charging for international trips. Onyeama while granting an interview to newsmen on Wednesday attributed the fall of the naira to these airlines.
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CBN stops international oil companies from remitting 100% of forex proceeds
The Central Bank of Nigeria (CBN) has issued a circular in addition to its barrage of moves to boost foreign exchange liquidity, with the latest barring international oil companies (IOCs) from repatriating 100 per cent of their foreign exchange proceeds at once.
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Uproar as MultiChoice hikes DStv, GOtv subscription rates
Nigerians have flayed MultiChoice as reactions continue to trail the recent hike in the subscription rates of DStv and GOtv.
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FG waives VAT on CNG purchases, establishes seven CNG conversion centres
The presidential Compressed Natural Gas (CNG) Initiative Steering Committee has said on Friday said 7 CNG conversation centres have been established in the country. Mr Zacch Adedeji,the Chairman of the Committee, made this known during the launch of the much awaited CNG initiative with the handing over of 2 CNG buses to the State House,…
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Naira appreciates slightly against dollar
The naira within a span of hours appreciated by N166 to the dollar at the parallel market on Friday as currency traders review their mode of operations. The naira peaked at N1279/$ on Thursday evening but settled at N1113/$ before close of work on Friday night.
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Equity market soars as investors gain N409 billion
Investors in the equities market gained N409 billion as the Nigerian Exchange Limited witnessed a slight increase in trading activities in the past week, resulting in the All-Share Index rising by 1.12 per cent week-on-week to reach 67,200.69 points. The market capitalization of listed equities also saw a 1 per cent increase week-on-week, reaching N36.919…