Category: Business News
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CBN holds MPR at 11.5%, maintains other parameters
The Central Bank of Nigeria (CBN’s) Monetary Policy Committee has maintained its key lending rate at 11.5 per cent, with the asymetric corridor of +100 and -700 basis points around the MPR.
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Naira’s free fall: We won’t give Dollars to BDC operators; they’re promoters of terrorism – CBN
Amidst the dwindling fortune of Nigeria’s Naira in the parrallel market, the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele has said that some people are collecting dollars from Bureau De Change operators for the purpose of importing weapons into the country in order to harm Nigerians. He said this on Friday while…
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More woes as Nigeria’s Naira nosedives to N570/$1
THE gap between the official and unofficial market exchange rates widened to N157.94 at the close of business on Thursday, as one dollar exchanged for N570.00 due to scarcity of the greenback. In the same vein, one British pound exchanged for N770, while one Euro went for N655. Specifically, Naira fell significantly against the U.S…
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FIRS takes tax battle to NGOs, threatens sanctions
The Federal Inland Revenue Service (FIRS) has said all Civil Society Organisations (CSOs) are expected to register for tax purposes and obtain Taxpayer Identification Number (TIN).
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Nigeria’s inflation rate drops further
Nigeria’s inflation rate has dropped by 0.37 per cent to 17.01 per cent (year-on-year) in August, from the 17.38 per cent recorded in July.
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JUST IN: Naira nosedives further against dollar, pounds
The Naira depreciated further in the parallel market on Tuesday hitting N557 to the US dollar. While the value was stable on the official window at N409.51-N410.50, it continues to be blown apart in the black market and the BDC. Quotes by Abokifx.com, showed that the currency fell by 1.3 percent to hit an unprecedented…
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Kano Assembly demands sack of State Revenue Service chairman for performing far from Lagos
The Kano State House of Assembly has passed a resolution urging the State Government to sack the Chairman of the State Internal Revenue Service, Alhaji Abdulrazak Salihi.
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Forex malpractices: CBN threatens to suspend licences of commercial banks
The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to always observe due diligence and desist from all forms of malpractices in foreign exchange (FX) transactions.
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UBA posts N76.2bn profit for H1 2021
The Mr. Tony Elumleu and Mr. Kennedy Uzoka led United Bank for Africa, UBA, is soaring higher, posts N76.2 billion gross profit in the first half of 2021
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Naira’s fall: CBN moves to pump more Dollars through Banks to boost FX Supply
The Central Bank of Nigeria (CBN) is set to raise the volume of its dollar supply to authorised banks to boost foreign exchange supply in the system, reiterating that only those involved in illicit transactions patronised black market operators and paid outrageous rates. Senior central bank officials, who spoke with newsmen amid reports of Naira’s…