Nigeria identifies 22 foreign exchange earning sectors to replace oil

July 8, 2019

About 22 sectors capable of generating foreign exchange for the federal government in place of crude oil have been identified, Segun Awolowo, the executivedDirector, Nigerian Export Promotion Council (NEPC), has said.   Awolowo disclosed this on Friday while speaking with State House correspondents after a meeting with President Muhammadu Buhari. He did not disclose the 22 identified sectors. He said […]

CBN explains why dirty, mutilated naira notes are in circulation

July 8, 2019

The Central Bank of Nigeria on Monday attributed the proliferation of dirty and mutilated Naira notes in circulation to poor and improper handling. The bank made this known at a two-day sensitisation of Nigerians to their rights with commercial banks, noting that many Nigerians find it difficult to access loans from commercial banks because they cannot […]

CBN approves DMBs operating mobile money without giving it notice

July 5, 2019

By Kenneth Afor The Central Bank of Nigeria (CBN) has given Deposit Money Banks (DMB) in the country the approval to operate mobile money services without its notice. This was stated in a circular titled: ‘Operation of mobile money wallets by DMBs’ released by the country’s apex bank on Thursday. The circular stated, “The Central Bank of Nigeria […]

Capital market key to national development – New SEC chairman  

July 4, 2019

By Tola Akinmutimi     Olufemi Lijadu, the newly appointed chairman of the board of the Securities and Exchange Commission (SEC) on Thursday described the capital market as one of the strongest channels of attracting funds for national development agenda. He made the remarks during the maiden meeting of the new board with members of […]

Standard Chartered Bank to open digital-only bank in Nigeria in September

July 4, 2019

Standard Chartered Bank will launch its digital bank in Nigeria in September this year as it accelerates its momentum of digital strategy across Africa, the bank has said. The launch of its Nigeria’s digital bank is coming after its ambitious multi-market launches of its digital bank in eight African countries between 2018 and now. The […]

Alleged tax evasion: Lagos seals 14 firms  

July 4, 2019

The Lagos State Internal Revenue Service has resumed the sealing of companies and hospitality firms over unpaid consumption taxes. LIRS sealed 14 firms during its tax law enforcement exercise on Wednesday.  Seyi Alade,the LIRS director of legal services,  said that two enforcement teams had been mobilised by the service for the state-wide exercise. Now, the […]

FG identifies competitive OPS as key to nation’s economic growth

July 4, 2019

By Tola Akinmutimi     The federal government on Wednesday said that only a competitive private sector can drive the type of economic growth Nigeria required to improve the standard of living and economic prosperity for its projected 400 million population by year 2050. Ernest Umakhihe, the permanent secretary, ministry of budget and national planning, […]

Nigeria’s capital importations rise by 216%, hits $8.48bn in Q1 

July 3, 2019

By Samson Echenim  Capital importations by Nigerian businesses rose by 216.03 percent in first quarter of 2019 with the total capital import value reaching, $8.48″ billion from $2.1 billion in fourth quarter of 2018, figures from National Bureau of Statistics have shown. In a report released by the National Bureau of Statistics (NBS), this figure […]