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The World Bank has disbursed a total of $13.63bn in loans and grants to Nigeria as of March 31; a summary of the country’s debt portfolio provided by the bank has shown. The disbursement is out of a total of $21.44bn that had been approved by the bank’s...

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Naira shortage force banks boycott CBN dollar sale

Deposit Money Banks lacked naira liquidity to bid for the $100m offered for sale by the Central Bank of Nigeria on Thursday. Findings showed that banks were unable to buy over $39m out of the $100m offered for bid by the apex bank. The Nigerian interbank lending rates rose sharply by around 100 percentage points on Thursday, as commercial lenders scrambled for cash to pay for bond purchases and cover their positions. Overnight lending rates rose to around 300 per cent from 200 per cent at the end of trading on Wednesday, as naira liquidity dried up in the banking system and some banks were forced to borrow from the CBN, Reuters reported. The Federal Government raised N105.32bn from bond...

CBN Releases $250m to Petroleum Marketers, Agriculture, Others

Comments Off on CBN Releases $250m to Petroleum Marketers, Agriculture, Others

The Central Bank of Nigeria on Wednesday released additional $250m on seven to 30-day forwards for agriculture, airlines, petroleum products and raw materials. The apex bank also called for bids for wholesale spot for $100m for Basic/Personal Travel Allowances, medicals and tuition fees. READ ALSO: CBN...

World Bank disburses $13.63bn loans and grants to Nigeria

The World Bank has disbursed a total of $13.63bn in loans and grants to Nigeria as of March 31; a summary of the country’s debt portfolio provided by the bank has shown. The disbursement is out of a total of $21.44bn that had been approved by the bank’s Board of...

CBN releases another $418m to sustain forex intervention

The Central Bank of Nigeria on Sunday vowed to sustain its intervention in the foreign exchange market to ensure liquidity in that segment of the financial sector. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, stated this in a statement issued...

‘Lucozade is free of benzoic acid’

Suntory Beverage & Food Nigeria Limited, manufacturers of Lucozade, has assured its consumers that its product does not contain benzoic acid and as such is safe and healthy for human consumption. The...

by Emperor Zola

MedView Airline to be Listed on NSE

Medview Airline, one of Nigeria’s fastest growing flag carriers, will be listed by introduction on the Nigerian Stock Exchange on Jan. 31, a senior official said on Sunday in Lagos. Medview’s Executive Director, Business Development, Mr Isiaq Na-Allah, said the listing would enable the airline to expand its route network and acquire more aircraft to boost its operations. According to him, Medview is the first airline to list its shares on the local bourse in the last decade. Harping on the advantages, Na-Allah said the growth projection and market forecast informed the airline’s decision to be listed on the NSE to give members of the public the opportunity to be part of the airline through share holding. He named Kedari Capital Ltd and Trustyields Securities Ltd as the financial...

Guinness Nigeria Plc has finalized plans to seek shareholder approval to raise N40 billion via a rights issue. The company hopes to secure shareholders approval at an Extra Ordinary Meeting scheduled for the 23rd of January 2017. Nairametrics...

WEMA Bank Appoints Ademola Adebise as DMD

The Board of Directors of Wema Bank Plc has announced the appointment of Ademola Adebise as its Deputy Managing Director following approvals by the Central Bank of Nigeria (CBN). He will oversee Wema Bank’s Corporate and Business Directorate...

Dangote Tomato Firm Re-opens

Managing Director of Dangote Tomato Processing Company, Kano State, Abdulkarim Kaita, has said the firm would resume full operations in the first week of February. Speaking in an interview with The Guardian, Kaita said, “When we stopped...

Two planes collides at Lagos Airport

Two aircraft belonging to Air Peace on Thursday had a ground collision, when one of the planes was being towed to position for take-off at the Murtala Muhammed Airport, Lagos. The Corporate Communications...

MedView Airline to be Listed on NSE

Medview Airline, one of Nigeria’s fastest growing flag carriers, will be listed by introduction on the Nigerian Stock Exchange on Jan. 31, a senior official said on Sunday in Lagos. Medview’s Executive Director, Business Development, Mr Isiaq Na-Allah, said the listing would enable the airline to...

Snake in the Plane! Emirate Cancels Flight After Snake was Spotted on Board

A Dubai-based airline, Emirates, on Monday said one of its flights from Muscat, Oman, to the UAE was cancelled the previous day after a snake was spotted slithering in the cargo hold. It added that no...

Buhari sacks aviation heads, appoints Akinkuotu, others

President Muhammadu Buhari on Monday sacked the heads of four aviation agencies and promptly appointed their replacements. The agencies affected include the Nigerian Airspace Management Agency, Nigerian...

ExxonMobil Makes Fresh Investment in Power

ExxonMobil, an international oil company operating in Nigeria, has indicated interest to make fresh investment in the country’s power sector, making it the second IOC to declare such intention this year. ExxonMobil...

CBN Releases $250m to Petroleum Marketers, Agriculture, Others

The Central Bank of Nigeria on Wednesday released additional $250m on seven to 30-day forwards for agriculture, airlines, petroleum products and raw materials. The apex bank also called for bids for wholesale...

Aminu Goronyo, national president of Rice Farmers Association of Nigeria (RIFAN) says a 50 kilogramme of the commodity will sell at N10, 000 as from June 2017. While speaking on the current development...

Bayelsa Drags Agip to Court Over Oil Spill, Demands N1.6t

The Bayelsa Government has dragged Nigerian Agip Oil Company Ltd. to a Federal High Court in Port Harcourt over an oil spillage from the company’s SBM Sirius in Brass Local Government Area of the state. The...