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CBN Auctions FX 5 Times to Boost US Dollar Liqudity The foreign currency scarcity pressure caused the Central Bank of Nigeria (CBN) to intervene in the forex market five times in response to negative exchange rate movements. Overall, the apex bank injected $33 million to boost FX liquidity in the market. The CBN decision to […]

Banks’ Interest Income Spikes as Lenders Reprice Old Loans Banks earnings rose sharply in 2023 as Nigerian lenders earned higher interest income from loan book repricing.  In the latest earnings release by banking sector dominating lenders, their individual report showed interest income skyrocketed using effective pricing method. Many borrowers are paying higher interest on existing […]

PenCom Recovers N2.19bn from 31 Defaulting Employers in Q1 National Pension Commission, PenCom, said in a report that it recovered a total sum of N2.194 billion from defaulting employers in the first quarter (Q1) of 2024. To achieve the feat, the Commission said it maintained the services of 25 recovery agents (RAs) for the recovery […]

AEDC Sets June 3 to Disconnect Federal Ministries over Electricity Debts The Abuja Electricity Distribution Company (AEDC) has said it will disconnect all customers with outstanding electricity bills by Monday, June 3. The AEDC management disclosed this in a notice titled: “Notice of power disconnection for customers with outstanding bills”. “This is to inform the […]

CBN to Rollover N1.564trn Maturing Treasury Bills in Q3 The Central Bank of Nigeria (CBN) announced on Friday its plan to re-issue N1.56 trillion in treasury bills during the third quarter of 2024, matching the amount set to mature between June and August this year. This information was revealed in Nigeria’s treasury bills Program calendar, […]

FG Targets Increase Contribution from Solid Minerals The Federal Government (FG) is targeting a higher contribution from solid minerals as part of its plan to grow the economy to $10 trillion, driven by ongoing reforms. In a statement, the Minister of Solid Minerals Development, Dr Dele Alake, revealed determination to ensure that the sector’s contribution […]

NDLEA Intercepts Over N2.1bn Worth of Codeine Syrup, Loud Consignment The National Drug Law Enforcement Agency (NDLEA) has intercepted large consignments of codeine-based syrup and Loud, a synthetic strain of cannabis worth over N2.1 billion in street value. The NDLEA spokesman, Mr Femi Babafemi said this in a statement on Sunday in Abuja. Babafemi said […]

Nigerians Consume 1.6bn Litres of Milk, Products Annually – FG The Minister of State, Federal Ministry of Agriculture and Food Security, Sen. Aliyu Abdullahi says Nigerians consumed estimated 1.6 billion litres of milk and its products annually. Abdullahi, who stated this at news conference on Saturday in Abuja, to mark the 2024 World Milk Day, […]

JAMB Reschedules Exams for 24,535 Candidates The Joint Admissions and Matriculation Board (JAMB) says a supplementary 2024 Unified Tertiary Matriculation Examination (UTME) for 24,535 candidates has been scheduled for Saturday, June 22, 2024 for some candidates. This is disclosed in a statement to newsmen in Abuja on Sunday by the Board’s spokesperson, Dr Fabian Benjamin. […]

Nigerian Exchange Climbs by N995bn over 5-Day Rallies The Nigerian Exchange rose as equity investors gained approximately N995 billion in five trading sessions. Despite the higher yield on fixed interest securities, investor buying appetite increased significantly over the course of five trading sessions. As a result, the benchmark index advanced by 1.73% week-on-week to close […]

The Nasarawa State Judiciary has officially announced the commencement of the first Lafia Appeal session for the year 2024. According to a notice issued by the Chief Judge’s Chambers, the session is set to begin on June 3, 2024, and will conclude on June 21, 2024. The notice, addressed to the Chairman of the Nigeria […]

*Says Why Some Multinationals Are Leaving Nigeria Wale Edun, minister of finance and coordinating minister of the economy, says the minimum wage demanded by the labour unions is unaffordable across the board. The minister spoke on Sunday during Channels Television’s ‘Sunday Politics’ programme. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had […]