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CBN suspends cheque-clearing over COVID-19

The Central Bank of Nigeria (CBN) Monday suspended clearing of cheques until further notice. The Director of Banking Services at CBN, Mr. Sam Okojere, who disclosed this in a circular to banks and Nigeria Interbank Settlement System (NIBSS), said the decision followed the government’s restriction of movement in Lagos Abuja and Ogun. He added that the need […]

Group lauds Communications Minister over National Broadband Plan on economy

Few days after President Muhammadu Buhari unveiled National Broadband Plan 2020-2025 with the commissioning of the communications and digital economy complex, the Telecommunications Watch Group (TWG) has lauded the Minister of Communications and Digital Economy, Issa Pantami for the successful completion of the mega projects to boost Nigeria’s economy. The group, in a statement on […]

NARPO ready to volunteer 10,000 members to contain covid-19

By Gena Lubem   In order to contribute its quota towards containing the spread of the coronavirus disease (covid-19) pandemic, the National Association of Retired Paramilitary Officers (NARPO) has expressed readiness to deploy its activated 10,000 members as volunteers.     The Federal Capital Territory (FCT) Coordinator, Prof. Adesoji Adesugba dropped this hint in Abuja […]

Sir Emeka Offor donates $30m medical equipment to Nigeria, 18 others

  The Chairman of the Chrome Group, Sir Emeka Offor, has donated medical equipment and educational materials worth $30 million to Nigeria and 18 other African countries.     Offor, who set up the Sir Emeka Offor Foundation (SEOF) to alleviate suffering of the less privileged across Africa, said several medical institutions and higher institutions […]

COVID-19: CBN halts Forex sales to BDCs

The Central Bank of Nigeria (CBN) has suspended sales of foreign exchange to Bureau de Change (BDCs) until the COVID-19 pestilence is over. The disclosure was contained in a response to a request by Association of Bureau de Change Operators and signed by A.S Jibrin on behalf of the director, trade and exchange department, Central […]

CBN, Dangote plan N120bn COVID-19 fund, Elumelu, Rabiu donate N6bn

The Central Bank of Nigeria and the private sector, led by Aliko Dangote Foundation and Access Bank, have set up a coalition aimed at raising N120bn towards the fight against COVID-19 in Nigeria. The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, said at a press briefing in Lagos on Thursday that the Nigerian Private […]

COVID-19: NANTA Sends SOS To FG, CBN On Interest Free Loan Bailout

Seriously overwhelmed by the negative effect of the COVID-19 on the travel industry and its value chain, the National Association of Nigerian Travel Agencies (NANTA) has called on the Federal Government and the Central Bank of Nigeria (CBN) for a bailout through interest free loan to help cushion the unprecedented business twist suffered by its […]

Nigeria: Planned Phase Out of Petrol Cars, Threat to Nigerian Economy – Report

The proposed ban on the use of petrol and diesel-powered vehicles in the coming years by some buyers of Nigerian crude oil, including China and The Netherlands, among others, will have severe impact on the country’s economy, a report by Financial Derivatives Company (FDC) has said. However, FDC, in its latest monthly economic outlook report, […]

Nigerian industrialist, Abdulsamad Rabiu donates N1b in cash to support Covid-19 response in Nigeria

  …Places  orders for medical equipment and supplies   As part of efforts to strengthen national response to COVID-19 in Nigeria, Industrialist and Founder of BUA Group, Abdul Samad Rabiu, has announced a donation of One Billion Naira (N1bn) in cash through the BUA Foundation and has also placed an order for an additional donation […]

Businesses worried about inflation, lingering constraints

Although many businesses surveyed under the Central Bank of Nigeria’s Business Expectations Survey (BES) for the month of March expressed optimism about the macroeconomy, they are equally worried about the inflationary trend and lingering constraints in the business environment. Indeed, respondents’ outlook on the volume of total order, business activity and financial conditions (working capital) […]

Why we are investing $580m in varsities in Nigeria, west, central African countries

The World Bank said it is investing over $580m in 53 universities in Nigeria and other West and central African countries through its African Centres of Excellence (ACE) project to address common regional development challenges and strengthen their capacities to deliver high quality training and applied research. World Bank education specialist for west and central Africa, […]

Coronavirus: IMF, World Bank suspend debt payments by Nigeria, others

The International Monetary Fund and World Bank on Wednesday announced a hold on debt payments from Nigeria and other sub-Saharan Africa nations so that they can battle the coronavirus pandemic. Debt Management Office in January stated that the Federal Government and the 36 states, as well as the Federal Capital Territory, owed a total N26.22tn as of September 30, […]

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