CBN refunds N35m capital deposits to BDCs with pending applications

CBN refunds N35m capital deposits to BDCs with pending applications

After the decision of the banking sector regulator to immediately halt the sales of foreign exchange to bureau de change (BDC) operators and channel the weekly intervention to commercial banks in Nigeria, the Central Bank of Nigeria (CBN) has said it will begin the refund process of capital deposits and licensing fees to promoters who […]

Nigeria’s $2.8bn AKK gas pipeline on course for delivery, NNPC assures 

Nigeria’s $2.8bn AKK gas pipeline on course for delivery, NNPC assures 

  GMD says project to create prosperity   The $2.8 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline project currently being executed by the Nigerian National Petroleum Corporation (NNPC) is on course to hit delivery schedule, the corporation has assured.   A 614 kilometers pipeline, the NNPC is plugging  the project as a potential prosperity creator through massive […]

Nigeria targets N250bn lottery industry in new revenue drive

Nigeria targets N250bn lottery industry in new revenue drive

To acquire CMS to wedge revenue leakages from lottery business Says Nigerian gaming market grossed N250bn in 2019 with FG receiving N1bn as revenue   Nigeria is targeting its growing lottery industry, which is conservatively estimated to be worth N250 billion in revenues, in its continuous drive to plug what it has called leakages in […]

IMF keeps Nigeria’s GDP growth forecast at 2.5% in 2021, 2.6% in 2022

IMF keeps Nigeria’s GDP growth forecast at 2.5% in 2021, 2.6% in 2022

  Policy efforts from countries to drive recovery amid pandemic   The International Monetary Fund (IMF) has maintained that Nigeria continues to hold the prospects of growing its gross domestic products (GDP) at 2.5 percent this year and 2.6 percent in 2022. In its July World Economic Forecast titled, ‘Fault Lines Widen in the Global […]

IMF says adopting crypto assets as national currency a step too far

IMF says adopting crypto assets as national currency a step too far

The International Monetary Fund (IMF) has stated that adopting crypto assets as national currency is a step too far, noting that some countries may be tempted by a shortcut in its adoption. In a blog report at the start of the week, it also noted that it believed, however, that in most cases risks and […]

NGX yields investors N25bn on profit-taking

NGX yields investors N25bn on profit-taking

  As new CBN FX policy seen driving investors to strategic positioning   The new foreign exchange policy by the Central Bank of Nigeria (CBN) halting the sale of international currencies, particularly the dollar, to bureaux de change operators (BDCs) on Tuesday, is expected to begin to drive investors into strategic positioning to re-price some […]