Category: Business News
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JUST IN: Naira falls to N522 after CBN bans forex sales to BDCs
Naira fell marginally against the U.S dollar at the parallel market on Wednesday, after the Central Bank of Nigeria (CBN) announced that it has ended the sales of forex to Bureau De Change operators. Data recorded on abokiFX.com, a website that collates the parallel market rates in Lagos, showed that naira traded at N522.00 per…
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CBN Dollar Ban designed to further enrich commercial banks – BDC operators
…apex bank failed to adequately monitor us …insist ban will further make Naira to slide beyond N600 …alleged that most staff of CBN run BDCs By Emman Ovuakporie Some Bureau de Change, (BDC) operators on Tuesday said the Central Bank of Nigeria, (CBN) directive to ban their operations is primarily designed to further enrich commercial…
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Wema Bank appoints two Non-Executive Directors
Wema Bank Plc has announced the appointment of two Non-Executive Directors to its Board of Directors following the approval of the Central Bank of Nigeria. The two new directors are Prince Olusegun Adesegun and Mr Adeyemi Adefarakan, both of whom are bringing a wealth of corporate administrative experience to the bank. Prince Olusegun Adesegun is…
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BREAKING: CBN bans sale of forex to BDCs
The Central Bank of Nigeria (CBN) on Monday announced immediate discontinuation of sale of Foreign Exchange (forex) to Bureau de Change (BDC) operators in the country. Mr Godwin Emefiele, the CBN Governor , made this announcement on Tuesday, while presenting a communique from the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja. Emefiele said…
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CBN to launch digital currency Oct 1
The Central Bank of Nigeria (CBN) has perfected plans to launch its own digital currency on October 1, 2021. According to reports, the CBN alongside stakeholders picked Independence Day as its launch date. At a recent press briefing, the IT Director, Rakiya Mohammed, confirmed this development and noted that the apex bank has studied the…
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FG removes 7 percent surcharge on imported aircraft, spare parts
The Airline Operators of Nigeria (AON) has commended the Federal Government for its swift response in removing 7 per cent surcharge on imported aircraft and spares and the Nigeria Customs Service (NCS) for the support it has given to the operators. The Vice Chairman of AON who is also the Chairman and CEO of Air…
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FIRS dissolves Staff Union
The Board of the Federal Inland Revenue Service (FIRS) has dissolved the Nigeria Civil Service Union (NCSU), FIRS Unit. Mr Abdullahi Ahmad, the FIRS Director, Communications and Liaison Department made this known in a statement in Abuja on Monday. Ahmad explained that the union whose excecutives were purportedly made up of senior staff of FIRS,…
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CBN restricts sugar importation to three Nigerian companies
The Central Bank of Nigeria on Friday limited the importation of sugar into the country to three companies: Dangote Sugar Refinery Plc, BUA Sugar Refinery Limited, and Golden Sugar Company, which is owned by Flour Mills of Nigeria Plc. According to the CBN, in a statement signed by its director of trade and exchange department,…
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![[TNG Weekend Extra] Meet six women calling the shots in Nigeria’s banking industry](https://thenewsguru.ng/wp-content/uploads/2021/07/Nigerian-Banks.jpg)
[TNG Weekend Extra] Meet six women calling the shots in Nigeria’s banking industry
The Nigerian banking industry has never had it this good in a long while having six women call the shots in a relatively male dominated industry. What started as a ‘one-off’ case is now gradually becoming the norm in the highly competitive industry. In just one week, two big industry players joined the list of…
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Nigeria’s inflation rate drops further
Nigeria’s consumer price index (CPI), a measurement of the rate of change in prices of goods and services, has declined to 17.75% in June from 17.93 recorded in May 2021. The ‘Consumer Price Index Report for June’ released by the National Bureau of Statistics (NBS) on Friday, means that the prices have continued to increase…