Policy

CBN Warns Against Selling Forex As Free Funds
Policy

CBN Warns Against Selling Forex As Free Funds

The Central Bank of Nigeria, CBN said it has noticed that some Authorised Dealers have continued to buy and sell foreign exchange referred to as “free funds”. This is ‘despite the provision of the circular referenced TED/AD/29/2004 dated March 4, 2004 on the subject. Against the background, Authorised Dealers are […]

CBN Re-Admits UBA Into Forex Market
Policy

CBN Re-Admits UBA Into Forex Market

After the fallout of the ban on specific banks from the forex market, the Central Bank of Nigeria said it has lifted the ban on the United Bank of Africa PLC. In a statement released by Tokunbo Martins, Director of Banking Supervision, CBN, said: “United Bank for Africa (UBA) re-admitted […]

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Policy

This Is Nigeria’s Medium Term Plan Till 2019

The Federal Government of Nigeria has released the Medium Term Expenditure Framework, MTEF till 2019. Among other things, the framework already approved by the executive arm says oil will be given a conservative role. According the MTEF, crude oil price benchmark will be peggedUSD45 and USD50 per barrel in 2018 […]

All Unclaimed Dividends To Be Forfeited After 12 Years
Policy

All Unclaimed Dividends To Be Forfeited After 12 Years

Unclaimed dividends will no longer have unlimited lifespan. The Securities and Exchange Commission has just declared that after 12 years, all unclaimed dividends will be forfeited to the Nigerian Capital Market Development Fund. This is contained in a statement introducing a proposed new rule the SEC is about to introduce […]

Lagos Taxi Law: What Is Next For Uber?
Policy

Lagos Taxi Law: What Is Next For Uber?

It seems Uber is about to get the biggest shocker of its life. The new Lagos taxi law would probably at least change its business model in Lagos albeit Nigeria. The new Lagos taxi law requires all taxi and cab operators to register under specific franchises. According to the contained in […]

Stable Electricity: Rare Good News From Nigeria
Policy

Stable Electricity: Rare Good News From Nigeria

One of the rare good news out of Nigeria for the past three weeks is that electricity generation has increased and somewhat stable to a near record high. Data from Nigerian Electricity Regulatory Commission, NERC has also substantiated the fact. Acrooding to the commission, power generated as at two weeks […]