Category: Business
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How Banks Raked in N72.7bn from Customers in 2023
Eleven commercial banks listed on the floor of the Nigerian Exchange, generated N72.723 billion from account maintenance charges in the half year of 2023. This is according to data extracted from the half-year financial statements of the listed commercial banks in the Nigerian stock market. Zenith Bank, Access Holdings, GTCO, and UBA led. Others…
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Dangote refinery misses production deadline, PENGASSAN reacts
The 650,000 barrels per day Dangote Refinery is yet to begin production after the August commencement date, earlier announced by the President, Dangote Group, Aliko Dangote. While delivering his speech at the official commissioning of the refinery by former President Muhammadu Buhari in May, he said, “Your excellencies, distinguished guests, our first product will be…
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FG delists 37 illegal loan apps
The number of delisted loan apps rose from nine to 37, according to the Federal Competition and Consumer Protection Commission’s new report. The number of fully approved loan apps also grew to 164 from 154 as of its last updates obtained by The PUNCH from its website on Monday. The number of loan apps with…
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BDC operators disregard directive as CBN restricts forex trading
The Central Bank of Nigeria has announced operational mechanism for the Bureau De Change segment of the market to trade foreign currencies at similar rates obtainable on the Investor & Exporter forex window. It gave the directive to all BDCs and the general public in a circular number TED/FEM/PUB/FBC/001/007 dated August 17, 2023, titled, ‘Operational…
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BREAKING: Dealers dump Dollar, count losses as Naira gains about 15%
Naira inched close to a 15 per cent gain against dollar in the parallel market within a week, trading around N820/$ in Lagos and Abuja yesterday evening. Reliable sources informed The Guardian that traders at major market clusters were hurriedly dumping dollars yesterday as fear of a further slide in the value of the greenback…
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Naira Rebounds Against Dollar at Parallel Market
The naira rebounded against the United States dollar at the parallel market on Wednesday, closing at 850/dollar. This came about two days after the Central Bank of Nigeria announced its planned intervention in the foreign exchange market. The naira was sold for around 950/dollar at the parallel market on Monday. It gained further and…
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First Bank Appoints Popular Billionaire As Director
Shareholders of FBN Holdings (FBNH) have approved the appointment of Lagos businessman, Mr Femi Otedola as a non executive director of Nigeria’s oldest financial services group. At the just concluded annual General Meeting (AGM), shareholders also approved increase in authorised share capital and a proposed N150 billion rights issue, with mandates to the board…
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(JUST IN) Forex: CBN moves to stop naira free fall
The Central Bank of Nigeria has said it is set to take new measures to stabilise the naira against the dollar. Acting Governor of the CBN, Folasodun Sonubi, made the disclosure to State House Correspondents after briefing President Bola Tinubu on what the bank was doing the halt the slide on Monday at the State…
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Dangote recruits 30,000 Nigerians, expatriates for refinery
The Management of Dangote Refinery has debunked a report published on the online platforms of some media organisations that the company employed 11,000 skilled workers from India, while allegedly neglecting youths from Nigeria and other African countries. Reacting to the publications, the Group’s Chief Branding & Communications Officer, Anthony Chiejina, said the report was written…
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Update: Naira appreciates on Investor & Exporter forex window against dollar
The naira appreciated against the United States dollar on the Investor & Exporter forex window on Wednesday, closing at 793.70/$. The local currency had earlier traded at N825 a week earlier on the I&E window. According to figures obtained from the FMDQ, the trading, which commenced at 778.07/$ on Wednesday reached a high of 853/$…