• RECESSION: CBN attacked Sanusi, claiming its former boss were behind economic crisis

    RECESSION: CBN attacked Sanusi, claiming its former boss were behind economic crisis

    The Central Bank of Nigeria on Saturday blamed past political office holders who failed to take steps to save the country for Nigeria’s present economic woes.

    The CBN said this in reaction to the several accusations of the Emir of Kano, Alhaji Muhammadu Sanusi II, on the state and handling of the economy.

    Chief among the accusations by Sanusi, a former Governor of the CBN, was that there are five exchange rates in the country.

    The CBN said it does not allocate dollars […]

  • Nigerian equity market increased by 1.88 percent to extend an uptrend for the third consecutive day

    Nigerian equity market increased by 1.88 percent to extend an uptrend for the third consecutive day

    The Nigerian equity market on Friday increased by 1.88 percent to extend an uptrend for the third consecutive day with the market capitalisation improving by N164 billion.

    The market capitalisation inched N164 billion or 1.88 per cent to close at N8.855 trillion against N8.691 trillion achieved on Thursday.

    Also, the All-Share Index rose by 475.75 points or 1.88 per cent to close at 25,740.83 compared to 25,265.08 posted on Thursday, amid huge gains by some blue chips.

    Market analysts said that the market […]

  • Why Naira will continue to fall – Bureau De Change Chief

    Why Naira will continue to fall – Bureau De Change Chief

    The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has identified speculation, hoarding and increasing zero confidence of foreign investors among others as the reason for the continued spike in the exchange rate.

    The ABCON chief also said that the existence of a Non-Derivable Forward market in London that enjoyed the patronage of Nigerian companies and foreign investors contributed to dollar liquidity challenge.

    Gwadabe said said the NDF market rate hovers around N430 to a dollar.

    He said, “The […]

  • Beware of Fake Dollar Notes – CBN Warns

    Beware of Fake Dollar Notes – CBN Warns

    The Central Bank of Nigeria (CBN) has warned Nigerians against fake 100 banknotes of Hong Kong Dollar (HK$100) in circulation.

    This was stated in an official circular issued by CBN’s acting Director of Trade & Exchange Department, WD Gotring, to all authorized dealers, Bureau De Change operators and the general public.

    CBN disclosed that they were alerted by the Hong Kong authorities on the circulation of the fake currency.

    The circular reads: “The fake notes which were printed on normal A4 paper using […]

  • Closed Banks: NDIC set to pay failed bank depositors

    Closed Banks: NDIC set to pay failed bank depositors

    The Nigeria Deposit insurance Corporation (NDIC) has called on depositors who lost their money in any closed banks to file their claims through appointed 10 agent banks nationwide.

     

    The Managing Director of the Corporation, Umaru Ibrahim, made the call on Wednesday in Kano at NDIC’s Special Day at the ongoing 37th Kano International Trade Fair.

    According to him, the appointed agent banks include First Bank of Nigeria Plc, United Bank of Africa, Zenith Bank and Wema Bank.

    Others are Heritage Bank, Union Bank, […]

  • Dangote to build 250,000 metric tonnes capacity rice mill in Kano

    Dangote to build 250,000 metric tonnes capacity rice mill in Kano

    Dangote Group of Companies has finalised plans to establish a large scale rice mill in Kano, Kano State, with a capacity to produce 250,000 tonnes per annum.

    Executive Director Hajiya Halima Dangote, who spoke at the Dangote Day at the 37th Kano Trade Fair, said the mill would process rice harvested from Sokoto, Zamfara and Kano states.

    She noted that the group’s fertilizer project will be inaugurated by end of next year, adding that it will be the largest fertilizer plant in […]

  • Naira has lost 85 percent of its value in two years – CBN

    Naira has lost 85 percent of its value in two years – CBN

    The Central Bank of Nigeria, CBN, has revealed that the nation’s currency has lost about 85 per cent of its value in the last two years, harping on the need for risks managers in banks to brace up to the risks facing the banking sector.

    The Director, Banking and Payment System, CBN, Mrs. Tokunbo Martins, stated this at the weekend in a presentation made at a round-table discussion organised by the Risk Managers Association of Nigeria, RIMAN, in Lagos.

    She said the […]

  • Recession: Dangote turns to coal to power cement in Nigeria

    Recession: Dangote turns to coal to power cement in Nigeria

    Coal, rather than gas is now used to power Dangote cement plants in Nigeria, according to the company’s chairman Aliko Dangote, who said coal also reduces costs.

    Dangote said his plants  turned to locally-mined coal because of gas shortages due to militant attacks on gas pipelines in Niger Delta.

    “All our cement plants have been converted to coal,” Aliko Dangote, the company’s billionaire majority owner and chairman, told a business conference on Thursday, adding they would use 12,000 metric tonnes of coal […]

  • Oil and gas should not be neglected – Dangote

    Oil and gas should not be neglected – Dangote

    Africa’s richest man and Chairman of the Dangote group, Alhaji Aliko Dangote, has emphasized that diversifying the Nigerian economy does not mean we should neglect our oil and gas sector.

    Dangote, who was the Guest Speaker at the 44th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), in Abuja, said the oil and gas sector needs to be deepened and expanded to enable us to unlock the full benefits in the hydrocarbon value chain.

    He said diversification was basically aimed […]

  • Naira in free fall, plunges to N490/dollar

    Naira in free fall, plunges to N490/dollar

    The naira plunged further against the United States dollar to a new record low of 490 on Thursday, down from 472 it recorded on Wednesday.

     

    The currency had continued its two-week free fall on Monday, closing at 445 to the dollar after tumbling to 439 on Friday.

    On Tuesday, the currency closed at 452 to the greenback. Also on Tuesday, the external reserves hit an 11-year low of $24.61bn.

    “Dollar is very scarce in the market right now because many people don’t know […]

  • Naira crashes to N465/ USD as CBN issues new directives on domiciliary accounts usage

    Naira crashes to N465/ USD as CBN issues new directives on domiciliary accounts usage

    As Naira came under fresh pressures in the parallel market Wednesday, the Central Bank of Nigeria, CBN, issued more directives restricting usage of domiciliary accounts by bank customers, apparently to stem the pressures and improve official supply of foreign exchange to the interbank market.

    As a result of the pressure, Naira crashed to between N460 and N465/ USD1, against the opening rate of N445/USD1 in the parallel market segment, though the interbank rate depreciated just marginally to N312.9/ USD1, against N310 […]