Business

The Nigerian naira has moved from being overvalued to undervalued following the government’s long-awaited foreign exchange reform, analysts at US-based Bank of America said in a June 28 note to clients as reported by Businessday. The newspaper quoted the analysts saying, “We now see a USDNGN fair value of 680...

Oil marketers have projected that the pump price of petrol could rise above N700 per litre in Northern Nigeria starting from July. The National Controller Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, told The PUNCH on Wednesday that prices could rise to above N700 in the north once...

The sustained advocacy of the Mohammed Bello Koko- led Management of the Nigerian Ports Authority (NPA) for the decongestion of the ports to pave way for efficient operations received a boost on June 23, 2023, when the Permanent Secretary, Federal Ministry of Transportation, Dr. Magdelene Ajani, led an inter-agency team...

Vice President Kashim Shettima has assured Nigerians that the administration of President Bola Tinubu will promptly address the infrastructural deficits in the country. Shettima gave the assurance on Wednesday in Maiduguri when he paid a Sallah homage to the Shehu of Borno, Alhaji Abubakar Ibn Garbai El-Kanemi. He said that all the...

The World Bank has approved a fresh $500 million loan for Nigeria to help improve the livelihood of women in Nigeria. Disclosing this in a statement, the World Bank said, “The World Bank has approved $500 million for Nigeria for Women Program Scale Up (NFWP-SU). The scale-up financing will further...

The Abuja Electricity Distribution Company (AEDC) has appealed to its customers to disregard the planned tariff increase as approval for such an increment had not been received. AEDC management made the appeal in a statement on Monday in Abuja. “Please disregard the circulating communication, regarding the review of electricity tariffs....

The Federation Account Allocation Committee (FAAC) adopted N436.38/$ as exchange rate for the calculation of the forex component of federally corrected revenues for June, TheCable can report. This was based on the advice of the Central Bank of Nigeria (CBN), a development that did not go down well with the...

Financial institutions have been mandated by the Central Bank of Nigeria (CBN) to obtain the social media handles of customers for the purpose of identification. It also asked financial institutions to obtain e-mail addresses, telephone numbers, and residential addresses, among other things, from customers. This is contained in the new...

The management of the Nigerian Ports Authority (NPA) has raised the alarm over plans by some unnamed groups and individuals to embark on a campaign of calumny and smear against some of its officials, especially, the Chief Executive, Mohammed Koko Bello, alleging sharp practices and other financial infractions. In a...

The African Development Bank (AfDB) Group, African50 and the African Union Commission (AUC) have received commendations for creating the Alliance for Green Infrastructure in Africa (AGIA). The AfDB in a statement said the commendation came from World leaders, investors and heads of intergovernmental institutions. The stakeholders spoke during a presidential...