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Banks’ lending to private sector drops to N15.74tr

Banks reduced lending to the private sector to N15.74 trillion in the fourth quarter of 2017 (Q4’17). The Nigerian Bureau of Statistics, NBS, disclosed this in its Q4 2017 report titled, ‘Selected Banking Sector Data: Sectorial Breakdown of Credit, e – Payment Channels, Deposits and Domestic Credit Breakdown and Staff

Guide to Doing Business in Nigeria Makes a Debut

The federal  government’s  drive to improve the ease for doing business  has received a boost as investors and would-be-business owners now have a handbook on how to obtain licences and permits when doing business in selected sectors in the country. Publishers of the handbook, A&E Law Partnership, in a statement yesterday

Nigerian equities down as global stock market plunges

Nigerian equities declined for the second consecutive trading session yesterday as investors stepped up profit-taking amidst concerns that global equities slowdown may negatively impact the domestic market. Most advanced and emerging global markets have witnessed contractions in recent days. With nearly three losers for every gainer, the benchmark index at the Nigerian

Bankers’ C’ttee Abolishes Commission on Retail Forex Transactions

The Bankers’ Committee rose from its meeting Tuesday with a consensus that commercial banks in the country should henceforth desist from charging customers commissions on retail foreign exchange (forex) transactions. Retail forex transactions include the purchase of dollars for personal travel allowance (PTA), business travel allowance (BTA), school fees and medicals. The

$60b wipes off value of crypto currency market in 24 hours

Investors in the crypto currencies may be going through difficult times, as over $60billion is being wiped off the value of crypto currencies, while bitcoin fell below $8,000 again for the third time in four days. Reports gathered from, Consumer News and Business Channel (CNBC), showed that the fall is amid

Forex repatriation: CBN to punish non-compliant exporters

The Central Bank of Nigeria (CBN)-backed Bankers’ Committee yesterday announced the commencement of sanctions against exporters who fail to repatriate foreign exchange (forex) proceeds from their business into the economy. The sanctions will be implemented by the apex bank. Addressing financial journalists at the end of the Bankers’ Committee meeting in

OLX Shutdown Offices In Nigeria

There are clear indications that OLX, an online marketplace, has shut down its offices in Nigeria, a move that will affect over 100 of its employees. It was gathered that the workers were formally informed of the decision on Tuesday, February 6, 2018, through a notice of termination, which will commence

Rice smuggling: FG to stop customs from raiding markets

The Federal Government is planning to stop the Nigerian Customs Service from raiding markets to seize imported rice, the Minister of Finance, Mrs Kemi Adeosun, has said. The minister spoke to State House correspondents on the outcome of the meeting of the Federal Executive Council (FEC), saying that the Federal Government

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