• CBN released $867 million in October

    CBN released $867 million in October

    In continuation of its resolve to ease foreign exchange pressure on the strategic actors of the economy, the Central Bank of Nigeria (CBN) granted access to about 7,792 requests for $867 million in October.

    According to statistics obtained from the CBN’s website, the raw materials sector received about $355.75million or 40.99 per cent of the total value of forex utilisation for the month at $867.8 million..

    The data also show that other end users like the manufacturing and petroleum industries got access […]

  • Nigeria signs $500 million agreement with World Bank

    Nigeria signs $500 million agreement with World Bank

    According to reports, the Federal Government on Thursday ruled out the need for the poorest and vulnerable Nigerians to apply online before they can benefit from the monthly N5,000 Conditional Cash Transfer.

    This was contained in a statement issued by the Vice President Yemi Osinbajo’s media office.

    The statement was responding to some misleading reports in the media regarding the implementation of the N500 billion Social Investment Programmes of the Buhari administration.

    It reads: “While we understand the need for an ongoing public […]

  • EFCC arraigns a Bureau de Change Operator for N28.4 Million fraud

    EFCC arraigns a Bureau de Change Operator for N28.4 Million fraud

    The Economic and Financial Crimes Commission EFCC on Thursday arraigned one Nura Amadi before Justice Olasumbo O. Goodluck of the FCT High Court, Abuja on a 5 count charge bordering on misappropriation of funds and issuance of dud cheques.

    Amadi, a former staff of Balis Bureau de Change Limited, Abuja sometime in 2014 was allegedly entrusted by his company with about N24.4 million including $20,000USD for the purpose of trading for the company, but dishonestly converted same to his personal use.

    In […]