Francis Abel 
On Monday, the naira appreciated to N1,120 per dollar in the parallel part of the foreign currency (FX) market. The current FX rate is a 9.67% reduction from the N1,240/$ recorded on April 3. Bureau de change (BDC) operators, popularly known as street traders, in Lagos quoted the local currency’s buying rate at N1,100 and … Read more
The Central Bank of Nigeria (CBN) has prohibited the use of foreign denominated collateral for naira loans. However, the CBN exempted Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit. Announcing the ban in a circular titled, “The Use of Foreign-Currency Denominated Collaterals for Naira Loans”, … Read more
The Central Bank of Nigeria (CBN) has declared that it will once again sell dollars to bureau de change operators. This was announced in a circular posted on it’s website. The CBN stated that it intends to offer $10,000 to each BDC at N1101/$ and instructed the operators to sell at a margin no more … Read more
The leadership of the National Union of Electricity Employees, on Sunday demanded a reversal of the recent increase in electricity tariffs. The union, in a statement signed by its National President, Mr. Adebiyi Adeyeye, said the body would not hesitate to withdraw its members that would be used by distribution companies to impose the new … Read more
Customers of the Guaranty Trust Bank (GTBank) are currently having difficult times carrying transactions as a result of network downtime experienced in the bank. The ugly development, which is rendering transactions impossible via the bank’s app, USSD or Point of Sale terminals, is causing major frustration for customers of the bank. The network problem, which … Read more
Understanding Life Insurance Policy: A Comprehensive Guide If you have loved ones who depend on your income, then life insurance is one of the most important purchases you’ll ever make. This essential coverage provides a tax-free lump sum of money to your beneficiaries in the event of your death. The proceeds from a life insurance … Read more
The Federal Competition and Consumer Protection Commission (FCCPC) has called on the Nigerian Electricity Regulatory Commission (NERC) not to allow Distribution Companies (DisCos) to migrate unmetered consumers to a higher tariff band. The FCCPC, which commended the decision of NERC to impose N200 million fine on Abuja Electricity Distribution Company (AEDC) for infractions in the … Read more
Nigerian Breweries Plc has once again announced a hike in the prices of its products that would take effect from April 9, 2024, after it had made similar announcements in February and March 2024. A price review notification the Nigerian Breweries issued on April 5 to all direct customers in its west zone notified them … Read more
The Ibadan Electricity Distribution Company (IBEDC) has downgraded 27 feeder areas from Band A. IBEDC said the feeders formerly under Band A, have now been downgraded to Band B, C, D, or E. The electricity distribution company released the list of the downgraded feeders and their daily power supply in a Saturday statement. Band A … Read more
The Chartered Institute of Bankers of Nigeria (CIBN) has elected Prof. Pius Olanrewaju as the new President of the institute, along with other elected officers for the 2024-2026 tenure. The News Agency of Nigeria (NAN) reports that the election, announced by Mrs Caroline Anyanwu, Chairperson of the CIBN Election Committee, was conducted through electronic voting … Read more