Exchange Rates: BUY/SELL 1 USD=365/369 NGN, 1 GBP=474/480 NGN, 1 EURO=432/438 NGN

BUSINESS

CBN Reverses FOREX Ban on 41 Items for Small Imports

CBN Reverses FOREX Ban on 41 Items for Small Imports

The Central Bank of Nigeria (CBN) has lifted the restriction on 41 items listed as ineligible for foreign exchange. CBN, in 2015, shortly after President Muhammadu Buhari assumed office, placed a restriction on 41 items for which importers could no longer get dollars, including rice, toothpicks, cement, private jets, steel products, plastics and rubber, soap, cosmetics, furniture, Indian incense and foreign ...

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Forex: CBN bars First Bank, UBA, FCMB & More from SME Sales Window

Forex: CBN bars First Bank, UBA, FCMB & More from SME Sales Window

The Central Bank of Nigeria (CBN), on Tuesday, barred First Bank, the United Bank for Africa(UBA)  and 12 others from dealing in the Small and Medium Entreprises (SME) wholesale Forex window. The other banks affected by the order are  FCMB, Keystone Bank, Main Street Bank, Stanbic IBTC, Citi Bank, Enterprise Bank, Ecobank, WEMA Bank, Guaranty Trust Bank, Union Bank, SunTrust Bank and ...

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Millions lost as LG, Bedmate Showroom caught fire yesterday

Millions lost as LG, Bedmate Showroom caught fire yesterday

Yesterday was a bad day for LG Nigeria and their neighbors, Bedmate furniture as the building caught fire. The showroom located at New Road, Cheveron Drive caught fire at about 3pm and didn’t stop till 10pm. According to the LG staff, the fire escalated due to slow response of the Chevron Drive fire fighters team. They said they called them as soon as ...

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Dana aircraft loses one of it’s engines midflight and is forced to make an emergency landing

Dana aircraft loses one of it's engines midflight and is forced to make an emergency landing

A Dana aircraft traveling Friday from Lagos to Port Harcourt was forced to make an emergency landing after the aircraft lost one of its engines midflight. The flight with registration number 5N-SRI, which took off from the Murtala Muhammed Airport, Lagos, reportedly collided with a bird, leading to the loss of the engine. Mr Kingsley Ezenwa, Communications Manager of the airline, ...

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Snapchat CEO under fire after he brands India a poor country, several Indians unistall the app

Snapchat CEO under fire after he brands India a poor country, several Indians unistall the app

Snapchat’s CEO Evan Spiegel’s is under fire after he explains disinterest in expanding the business to “poor countries” like India. After he made that statement, the rating of the popular app dropped to a “single star” from an apparent “five star” on the App Store. Several users have also uninstall the app. US-based news website Variety on Saturday quoted Snapchat’s former employee ...

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Peak launches N40 powder sachet into the market

Peak launches N40 powder sachet into the market

One of the hallmarks of a super brand is the ability to appeal to consumers of different classes; keeping them happy without necessarily compromising qualities and values. Afterall, who says premium is not accessible? Peak Milk, a super quality brand that has been nurturing and nourishing generations since 1954 is not only premium but very accessible. Good! You say. However, ...

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President Buhari to launch Economic recovery and growth plan tomorrow

President Buhari to launch Economic recovery and growth plan tomorrow

President Buhari will launch the Economic Recovery and Growth Plan (ERGP) 2017-2020 tomorrow April 5th.A statement released by Special Adviser to President Buhari on media and publicity, Femi Adesina, states that the launch of the Economic recovery plan would help in the furtherance of the current administration’s drive to sustain and build on the successes so far recorded in tackling ...

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Tecno launches the PhonePad 3 at a glamorous event in Lagos

Tecno launches the PhonePad 3 at a glamorous event in Lagos

Africa’s frontier phone maker, TECNO Mobile unveiled its latest device at a launch hosted at the alluring Sheraton Hotel, Ikeja, Lagoson Monday, March 27, 2017.L-R Eason Duan, County Manager Tecno Mobile, Nigeria; Attai Oguche, Deputy Marketing Manager, PR and Sponsorships; Chidi Okonkwo, Regional Director, Transsion Holdings, West Africa; King Dong, Marketing Manager, TECNO Tablet Division; Eric iu, TenoTablet Division Manager; Emeka ...

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CBN reduces exchange rate from N370 to N360 for travel allowances, medicals and school fees

CBN reduces exchange rate from N370 to N360 for travel allowances, medicals and school fees

The Central Bank of Nigeria, announced that the exchange rate will be reduce from N370 to N360 for travel  allowances, medicals, and school fees. CBN made the announcement of it’s twitter page.

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AMCON hands over Keystone Bank to new investors

AMCON hands over Keystone Bank to new investors

Following the sale of Keystone Bank to Sigma Golf-Riverbank Consortium by the Asset Management Corporation of Nigeria (AMCON), the new investors have finally taken possession with a view to repositioning the bank immediately.A statement from the bank said the handover took place last Friday after the Completion Board Meeting to consummate the acquisition and pave way for the takeover was ...

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Photos: Pres Buhari receives briefing from CBN governor, Godwin Emefiele

Photos: Pres Buhari receives briefing from CBN governor, Godwin Emefiele

President Buhari today received briefing from CBN governor, Godwin Emefiele at the state house Abuja. He also signed the instrument of ratification of the treaty on the establishment of the Abidjan-Lagos corridor among the Governments of Republic of Benin, Cote D’ivoire, Ghana, Togo and Nigeria. See photos below:

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FG denies reopenning of N-Power portal for new applicants

FG denies reopenning of N-Power portal for new applicants

The Federal Government has denied reports that its has reopened the N-Power portal for new applicants. The Senior Special Assistant on Media & Publicity to the President, Laolu Akande made this known in disclaimer on Tuesday. He said the reports circulating especially on the Social Media that new N-Power applications are now being is false and fraudulent. The disclaimer read thus: ‘Our attention ...

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Cashthrills gives you 200% of your investment

Cashthrills gives you 200% of your investment

This is a sponsored post Cashthrills is a community of people who participate in a peer-to-peer passive income generation. This is a community of like-minds. The need to invest wisely have always been emphasized. Humans always have the desire to increase in wealth. Those who do not mind an extra income, passively flowing into their pockets with ZERO risk. Cashthrills ...

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Facts you need to know about the new mobile electricity service powered by MTN

Facts you need to know about the new mobile electricity service powered by MTN

Recently, MTN Nigeria launched a new initiative to help ease power issues in the country. The company partnered with global solar experts, Lumos, to introduce an innovative alternative source of power supply to homes and small business owners. The Mobile Electricity device is an alternative power supply device that only needs solar energy and an active MTN line to supply power for ...

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Recession: NCC reveals that the internet users in Nigeria declined to 91.2 million in January 2017

Recession: NCC reveals that the internet users in Nigeria declined to 91.2 million in January 2017

The Nigerian Communications Commission (NCC) has revealed that the number of internet users in Nigeria’s telecommunications networks declined to 91, 274,446 in January. This was disclosed in its Monthly Internet Subscribers Data for January 2017. Internet users dropped to 91,274,446 in January as against 91,880.032 users recorded in December 2016, showing a decline of 605,586. GSM service providers, according to the ...

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FG appoints five Directors, GM for NCAA

FG appoints five Directors, GM for NCAA

The Federal government has appointed five new directors and a general manager for Nigerian Civil Aviation Authority NCAA. According to a statement released by the General Manager, Public Affairs of NCAA, Sam Adurogboye, today, February 27th, 2017, announced the newly appointees Which include: Captain Edem Oyo-Ita (Director of Air Transport Regulations, DATR); Ahmed Abbas Sanusi (Director, Human Resources and Administration, DHR & ...

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Naira Extends Gain at Parallel Market, Now N460 to $1

Naira Extends Gain at Parallel Market, Now N460 to $1

The Naira has been gaining steadily against the Dollar as well as other foreign currencies in the parallel market since Tuesday. As at Tuesday the dollar sold for N510 and has dropped to N460 Friday afternoon. This is coming after the Central Bank of Nigeria (CBN) released $500m to the interbank market, of which 23 banks bought $371m. The Pound Sterling and ...

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Imo state launches airline, Imo Air

Imo state launches airline, Imo Air

Imo State Government has entered into a partnership with Dana Air to launch Imo Air, to be operated by the airline. Governor Owelle Rochas Okorocha together with members of the State Executive Council and Imo state residents/indigenes were at the Sam Mbakwe Cargo Airport yesterday to celebrate the acquisition of the first Imo state owned flight. The 140-Seater plane is reportedly one of five ...

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Nigeria Central Bank bars banks from Bitcoins transactions

Nigeria Central Bank bars banks from virtual currency transactions

The Central Bank of Nigeria, CBN, releases a statement signed by its director, financial policy and ‎regulation department, Kelvin Amugo, barring banks in the country from doing any transaction using Bitcoin or any other kind of virtual currency. A virtual currency or virtual money is a type of unregulated, digital money, which is issued and usually controlled by its developers, and used ...

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IMF predicts Nigeria to recover from recession this year

IMF predicts Nigeria to recover from recession this year

The International Monetary Fund IMF, has predicted Nigeria will recover from the current economic recession this year. The international body stated this in its latest World Economic Outlook released yesterday Monday January 16th. According to the outlook, Nigeria’s Gross Domestic Product is expected to grow by 0.8 per cent this year and 2.3 per cent in 2018 due to increased oil production ...

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