Policy

Nigeria’s Power Ministry Now Private Sector Driven
Policy

Nigeria’s Power Ministry Now Private Sector Driven

Nigeria’s federal minister of power, works and housing, Mr. Babatunde Raji Fashola, has revealed the new workings of the federal ministry of power. At a town hall meeting, Fashola said the new power sector has been restructured from a government operated sector, to a regulatory and policy based ministry. He […]

CBN Banned Forex Dealers From Auction Windows
Policy

CBN Banned Forex Dealers From Auction Windows

To prevent the usual manipulation and sharp practices in the Forex market, the Central Bank of Nigeria has restricted Forex dealers from accessing the discount window of the CBN on the settlement date for government securities’ auctions. In a statement released by the CBN, the apex bank said the decision […]

CBN Extends BVN Registration
Policy

CBN Extends BVN Registration

The CBN has announced an extension to the compulsory Bank Verification Number, BVN registration exercise. In a press release signed by Dipo Fatokun Director, Banking & Payments System Department, he said the new date for all customers to register has been extended to the 1st of January, 2016. See statement below: […]

CBN Insist Banks Must Write-Off NPLs
Policy

CBN Insist Banks Must Write-Off NPLs

The Central Bank of Nigeria, CBN has insist that banks must write-off by making immediate provision for all non-performing loans in their books instead of waiting for the mandatory full year. In a letter issued by Tokunbo Martins, CBN’s Head of Banking Supervision said: “The CBN acknowledges the request by […]

These Are The Contingency Plans Behind NIFEX
Policy

These Are The Contingency Plans Behind NIFEX

The Nigerian Inter-bank Foreign Exchange Fixing, NIFEX is the FMDQ OTC Securities Exchange reference rate for Foreign Exchange (FX) spot operations in the Nigerian FX market. NIFEX is an FX reference rate intended to represent spot FX market rates that are polled independently and objectively. NIFEX is published every business […]

NNPC Explains Its NGN26.51 Billion Net Loss
Policy

NNPC Explains Its NGN26.51 Billion Net Loss

The Nigerian National Petroleum Corporation, NNPC made a net loss of NGN26.51 billion for the month of June. However, the corporation has given out its position on the result. The corporation said its operations witnessed the major impact of incessant vandalism; during the month more than 261 vandalized points were recorded […]

Olisa Metuh Debunks Links With NDA
Policy

Olisa Metuh Debunks Links With NDA

Olisa Metuh, the former National Publicity Secretary of the People’s Democratic Party, PDP, Nigeria’s main opposition party has denied allegations that he is a sympathiser of the terror group called the Niger Delta Avengers, NDA. In a press statement, Metuh said: “My attention has been drawn to a false and […]

Obasanjo Denies Re-joining PDP
Policy

Obasanjo Denies Re-joining PDP

Former President Olusegun Obasanjo has denied ever going back to the Peoples Democratic Party, PDP. The PDP is Nigeria’s main opposition party that lost power to the All progressive Congress, APC. In a press statement just released by the office of the former president, he described the claim as false […]