FAAC: Nigeria records N13.1 billion revenue boost

The Federation Account Allocation Committee (FAAC) on Friday shared N400 billion, which is N13.1 billion more than what the three tiers of government shared as revenue in December. The Minister of Finance, Kemi Adeosun, said the N400 billion was distributed under four sub-heads. They are: statutory allocation, where the sum of N224.88 billion was allocated, More...

by Bar and Bench | Published 1 day ago
By Bar and Bench On Friday, January 20th, 2017
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FG denies increase in fuel price

Oil marketers have refused to resume the importation of petroleum products, particularly petrol, until the Federal Government can guarantee them access to dollars at the official exchange rate fixed by the Central More...

By Bar and Bench On Thursday, January 19th, 2017
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Naira depreciates further against dollar

The Naira on Thursday remained indifferent to the sale of over $250m to licensed Bureau De Change operators nationwide as it suffered another loss against the dollar. The Naira inched against the dollar at the early More...

By Bar and Bench On Wednesday, January 18th, 2017
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CBN bars banks from transactions in virtual currencies

The Central Bank of Nigeria (CBN) on Tuesday stopped banks from engaging in any transactions involving virtual currencies. Director, Financial Policy and Regulation Department of the CBN, Mr. Kelvin Amugo, who More...

By Bar and Bench On Monday, January 16th, 2017
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Nigeria’s forex earnings hit $24bn in third quarter 2016

The federal government aggregate foreign exchange (forex) inflow as at the third quarter of 2016 moved up remarkably to $24 billion, a member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria More...

By Bar and Bench On Saturday, January 14th, 2017
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Why Nigeria failed to save Naira from plunging–IMF

The International Monetary Fund (IMF) on Thursday identified the main reasons why efforts to save the naira by rationing foreign exchange failed. The IMF gave the explanations in its policy paper on macroeconomic More...

By Bar and Bench On Friday, January 13th, 2017
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Nigeria’s inflation hits 18.5 per cent

National Bureau of Statistics on Friday announced that the Consumer Price Index which measures inflation with the index rising, hit 18.55 per cent in the month of December. A report said the 18.55 per cent is an More...

By Bar and Bench On Friday, January 13th, 2017
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MMM: SEC warns Nigerians against investing in digital currency business

The Securities and Exchange Commission (SEC) has warned Nigerians against investing in digital currencies such as Bitcoin, Swisscoin and OneCoin. SEC gave the warning in a public notice on its website on Thursday. It More...

By Bar and Bench On Friday, January 13th, 2017
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Again, Naira plunges, exchanges at N497 to $1

Naira on Friday depreciated further at the parallel market as dollar scarcity worsened, the News Agency of Nigeria (NAN) reports. NAN reports that the Naira may be seeing its worst times as the CBN will be resuming More...

By Bar and Bench On Friday, January 13th, 2017
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NNPC proposes increase in oil royalty, scrapping of Investment Tax Credit in PSC 

NNPC The Nigerian National Petroleum Corporation (NNPC), on Thursday proposed some key amendments to the Deep Offshore and Inland Basin Production Sharing Contract (PSC) Act to enable the Federal Government optimize More...