Category Archives: Business News

CBN to resume liquidity mop-up, interbank market receives N425bn

Posted on in Business News, cover, Slider | Comments Off on CBN to resume liquidity mop-up, interbank market receives N425bn
cbn

The Central Bank of Nigeria (CBN) is expected to resume its liquidity mop up operations this week in response to inflow of N424.9 billion into the interbank money market. Last week the apex bank suspended liquidity mop-up by withholding Open Market Operation (OMO) treasury bills, though it conducted sale of Primary Market (fresh) treasury bills worth […]

NSITF creates special fund for compensation

Posted on in Business News, cover, Slider | Comments Off on NSITF creates special fund for compensation

The Nigeria Social Insurance Trust Fund (NSITF) has created a special fund to ensure prompt settlement of claims and compensation of injured workers. Its Executive Director, Operations, Mrs Kemi Nelson, said the decision was informed by the need to meet the 14 days payment timeline set by the management of NSITF. She said: “The management […]

NERC okays Mojec as Meter Asset Provider

Posted on in Business News, cover, Slider | Comments Off on NERC okays Mojec as Meter Asset Provider

Mojec International Lim-ited, an indigenous prepaid meter manufacturing company, has been granted  a ‘No Objection’ licence by the National Electricity Regulatory Commission (NERC) as an asset provider under the new Meter Asset Provider (MAP) policy. This was stated in a confirmation letter from NERC to the company dated June 7, signed by the agency’s Commissioner, […]

$48b foreign reserves, forex interventions keep naira stable

Posted on in Business News, cover, Slider | Comments Off on $48b foreign reserves, forex interventions keep naira stable

The naira will remain stable at both the official and parallel markets, with the rise in foreign reserves to $48 billion and the consistent dollar interventions by the Central Bank of Nigeria (CBN), analysts have said. Analysts at Afrinvest, an investment and research firm, said with oil prices above $70/barrel and the look-good state of […]

NEITI unveils data dashboard portal to simplify audit reports

Posted on in Business News, cover, Slider | Comments Off on NEITI unveils data dashboard portal to simplify audit reports

The Nigeria Extractive Industries Transparency Initiative (NEITI) has unveiled a data “DashBoard’’ platform to simplify its audit reports and ensure informed knowledge for public debate on transparency and accountability in the nation’s extractive industries. The NEITI’s dash board platform was developed as part of the implementation of the global Extractive Industries Transparency Initiative (EITI) policy […]

Utilisation of local raw materials hits 63 percent in 2017 – MAN

Posted on in Business News, cover, Slider | Comments Off on Utilisation of local raw materials hits 63 percent in 2017 – MAN

  The Manufacturers Association of Nigeria (MAN) says the utilisation of local raw materials in the country has steadily increased over the past three years, hitting 63.21 percent in 2017, due to increasing government support for backward integration. The President of MAN, Dr. Frank Jacobs, disclosed while commenting on the first quarter, 2018 (Q1’18)  Foreign Trade […]

New corporate governance code to take effect in 2020 – FRC

Posted on in Business News, cover, Slider | Comments Off on New corporate governance code to take effect in 2020 – FRC

The new Code of Corporate Governance in Nigeria (CCNG) is expected to take off on January 1, 2020, following the unveiling of the exposure draft of the new Financial Reporting Council (FRC). The Executive Secretary of the FRC, Mr. Daniel Asapokhai, stated this during the Annual General Meeting (AGM) of the International Chambers of Commerce […]

NSE all share index drops by 0.26 percent

Posted on in Business News, cover, Slider | Comments Off on NSE all share index drops by 0.26 percent

The Nigerian Stock Exchange (NSE) All-Share Index closed on Thursday with a loss of 0.26 per cent. The  index shed 103.25 points or 0.26 per cent to close at 38,928.47 against 39,031.72 achieved on Wednesday. The market capitalisation which opened at N14.139 trillion, lost N38 billion or 0.27 per cent to close at N14.101 trillion […]

CBN allocates $343.06ml to key economic sectors

Posted on in Business News, cover, Slider | Comments Off on CBN allocates $343.06ml to key economic sectors

The Central Bank of Nigeria (CBN) has intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $343.06 million, to meet forex demand of key sectors of the economy. Figures obtained from the Bank indicate that the amount released was for requests in the agricultural, airlines, petroleum products and raw materials and machinery […]

International customers pay $17.730m for Nigeria’s electricity

Posted on in Business News, cover, Slider | Comments Off on International customers pay $17.730m for Nigeria’s electricity

Nigeria’s international electricity customers remitted  $17,739,042.09 to the Federal Government last month, it was learnt yesterday. This was contained in the report of the Market Operator (MO) of the Transmission Company of Nigeria (TCN), Moshhod Saleeman, which he presented to the 28th power sector meeting in Kaduna earlier in the week. The document which The Nation stumbled […]