archiveMay 8, 2017

The Nigerian naira traded at about 400 to the dollar in deals for investors on Monday, traders told Reuters, two weeks after the Central Bank of Nigeria (CBN) allowed investor trade in the currency at market-determined rates. Trading sources said investors were demanding rates above 400 naira per dollar while...

Some of the Chibok schoolgirls abducted three years ago by Islamist Boko Haram militants refused to be part of a group of 82 girls freed at the weekend, a mediator involved in the release said on Monday. The militants on Saturday released 82 schoolgirls out of the more than 200...

The Central Bank of Nigeria (CBN) said on Monday that it released $81.2 million for dollar requests in its continuing drive to improve liquidity. In a statement, the bank said it provided $44 million to meet requests for expenses such as medical and school fees, and to cover travel allowances....

The Nigerian Stock Exchange All-Share Index (NSE ASI) and the Market Capitalization increased by 0.70 per cent, while the year-to-date return stood at -1.70. The All Share Index closed at 26,418.33 against the previous close of 26,235.63 while Market Capitalization closed at ₦9.132 trillion against previous close of ₦9.069 trillion....

Acting President, Prof. Yemi Osinbajo, SAN, has congratulated Emmanuel Macron on his election as the next President of France. In a congratulatory letter to the President-elect, Osinbajo said he received the news of the election of the 39-year old Macron with satisfaction, noting that under successive governments, the relations between...

The Nigerian Civil Aviation Authority on Monday said domestic flight operations declined by 67 percent in the first quarter of 2017, compared to the same period last year. The NCAA’s Consumer Protection Department disclosed that 10,366 flights operated in the first quarter of 2017 compared to the 15,434 flights operated...

As part of its efforts at dominating Africa’s mobile banking space with the introduction of cutting edge technology-driven products and services, United Bank for Africa (UBA) Group has introduced a full-fledged banking platform, tagged UBA Magic Banking and enabled by dialling *919# within Nigeria. The product with USSD code *919#...

The Central Bank of Nigeria plans to offer $100 million in forwards at an auction on Monday to improve liquidity on the currency markets but did not disclose the settlement period, traders said, citing a memo from the regulator. Traders said the dollar auction would be both for spot and...

Lafarge Africa wants to raise 140 billion naira ($445.9 million) in fresh equity and convert some loans into shares as part of a planned rights issue after it reported losses last year. The Nigeria-based business of Franco-Swiss cement group Lafarge Holcim, will seek shareholder approval next month for the capital...

The Dangote Group has raised alarm over a Ponzi scheme in circulation alleging partnership between the “Dangote brand, Nestle, Cussons and other reputable food processing companies” in launching a multi-level marketing initiative that intends to “fight hunger, poverty and stop recession” by paying participants in food. According to a press...