CBN directs BDCs to sell dollar at N362

The Central Bank of Nigeria (CBN), on Tuesday, crashed the rate at which it sells forex to Bureaux De Change (BDCs) in Nigeria to N360 and directed the BDCs to sell to end users at not more than N362/$1. The decision came barely 24 hours after its directive to Deposit Money Banks (DMBs) in the country to sell foreign exchange obtained from it to retail More...

by Bar and Bench | Published 15 hours ago
By Bar and Bench On Tuesday, March 28th, 2017
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PEF vows to sanction petroleum marketers over alleged unethical practices

The Petroleum Equalisation Fund (Management) (PEF) Board on Monday threatened that no oil marketer who engages in falsification of documents for the movement of petroleum products in the country would go unpunished. PEF, More...

By Bar and Bench On Tuesday, March 28th, 2017
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AMCON recovers N682bn bad debt in 6 years

Stakeholders urged to support debt recovery efforts The Asset Management Corporation of Nigeria (AMCON), on Monday, said it has so far recovered about N681.5 billion from debtors over the last six years. AMCON More...

By Bar and Bench On Monday, March 27th, 2017
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CBN introduces financial education curriculum in primary, secondary schools – Official

The Central Bank of Nigeria (CBN) has developed and introduced a Financial Education Curriculum for basic and senior secondary schools, to educate children on how to use financial services responsibly. The Head More...

By Bar and Bench On Monday, March 27th, 2017
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41 Banned Items: Buhari’s ministers, others plotting Emefiele’s sack

  Strong indications emerged at the weekend that some ministers in President Muhammadu Buhari’s cabinet are plotting the sack of Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, over his refusal More...

By Bar and Bench On Sunday, March 26th, 2017
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As Naira appreciates, Bureau de Change operators lose N130 million in one week – Official

The Naira recorded an appreciation of 12.36 per cent at the parallel market in the last one week, the News Agency of Nigeria, NAN, reports. While the Naira appreciated, the leader of bureau de change operators in More...

By Bar and Bench On Sunday, March 26th, 2017
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NCAA fines airline N9.5m for violating Nigerian airspace

The Nigerian Civil Aviation Authority (NCAA) has imposed a fine of N9.5 million on a non-schedule airline for operating in the country without flight clearance. NCAA spokesman, Sam Adurogboye, said in a statement More...

By Bar and Bench On Sunday, March 26th, 2017
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Whistleblowing: Bank workers under surveillance

As ‘big’ customers mount pressure on owners Strong indications emerged at the weekend that commercial banks in the country have placed their workers on surveillance. The development, it was learnt, was informed More...

By Bar and Bench On Saturday, March 25th, 2017
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Court set to review AMCON’s takeover of Arik Air

A Federal High Court sitting in Lagos on Friday fixed May 15, 2017 for ruling on two preliminary objections  challenging the takeover of Arik Air Limited by the Assets Management Corporation of Nigeria. AMCON More...

By Bar and Bench On Friday, March 24th, 2017
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Naira gains strength, now 380 per dollar

The Nigerian currency on Friday afternoon exchanged between N380 (buying rate) and N390 (selling rate), stronger than N400 recorded on Thursday, while the pound sterling and Euro closed at N490 and N430. At the More...