Tuesday, December 12, 2017

Savings accounts can now be operated with cheques – CBN

The Central Bank of Nigeria on Tuesday released four new guidelines for the banking industry, top of which was an approval for bank customers to make cheque deposits into their savings accounts. Prior to this...

FAAC: FG revenue rises by N301bn, shares N559bn with states, LGs

For the first time in the 2016 fiscal period, the federal, states and local governments got monthly allocation from the Federation Account of N559.03 billion. This is as the gross revenue generated by the federation...

Plateau sacks 579 workers; 101 to refund N70m

NO fewer than 478 former employees of Plateau State government have been taken off the salary payroll for varied offences. Similarly, 101 others who had stayed in service beyond their terminal dates, have been ordered...

Manufacturers slam commercial banks for forex racketeering

Manufacturers have accused commercial banks in the Nigeria of engaging in foreign exchange racketeering, which has been fueled by acute shortage of hard currency in the economy. The manufacturers also called for the immediate review...

IMF warns Nigeria, others over rising foreign debts

The International Monetary Fund has warned Nigeria and other oil-exporting countries over rising foreign debts, saying there is a need to make external borrowings sustainable. The Fund, however, commended Nigeria for the recent reforms aimed...

Oil sells at $57.8 over fears of new Iran sanctions, Iraq conflict

Oil markets jumped on Monday on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq. An explosion at a U.S. oil rig and reduced exploration activity also supported prices there. Brent...

Zuckerberg’s Anger At ‘Malicious’ Employees

Facebook boss Mark Zuckerberg has apparently reprimanded employees after "Black Lives Matter" slogans on the company's campus were crossed out and replaced with "all lives matter". In an internal post to employees obtained by tech...

UBA denies link to Turkey coup attempt

One of Nigeria's biggest financial institutions, UBA has denied any link to the recent coup attempt in Turkey. The denial follows allegations in one of Turkey's pro-government newspapers that the bank was used to move funds for...

PenCom set to increase retirees’ pensions this month

The National Pension Commission is set to raise the pensions of retirees who opt for programmed withdrawal and would be paid by the Pension Fund Administrators this month. The Acting Director-General, National Pension Commission, Aisha...

Emefiele: CBN’s Policies in Best Interest of Nigerians At This Time

The Governor of Central Bank of Nigeria, Mr Godwin Emefiele, yesterday offered insights into the prevailing economic crisis in the country, explaining that it was caused by the nation’s failure to diversify the base...

NNPC To Produce Biofuel

The Nigerian National Petroleum Corporation on Wednesday announced that it had commenced the integration of biofuels production from selected energy crops through its agriculture development programme. It stated that it had started mobilising to site...

Forex users dump BDCs as naira/dollar rates converge

These are not the best of times for Bureaux de change (BDCs) operators. They have been shunned by foreign exchange users following the convergence of naira/dollar rates at the parallel market  and BDCs for the...

Economy threatened as Saudi Arabia cut oil prices

The world’s largest crude oil exporter, Saudi Arabia has cut all official selling prices for its crude sales to Asian and the United States clients in August, signalling mounting competition for Nigeria and others. The...

Apple loses $399m patent appeal to Samsung

The US Supreme Court on Tuesday overturned a $399m penalty imposed on Samsung for copying Apple’s iPhone design, in a case watched closely for patent infringement in the digital era. The justices ruled 8-0 that...

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