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Digital Economy: FG Targets $88bn Revenue in Three Years

The Nigerian government is resolute in creating an enabling environment where digital economy opportunities are not just theoretical but become real, the Minister of Industry, Trade and Investment, Dr Okey Enelamah has said. According to the minister, the digital economy had been projected to generate $88 billion for the country and

FG Cancels $90 Biometric Visa On Arrival For Foreign Visitors

The Nigeria Immigration Service (NIS), has suspended the collection of $90 biometric Visa-On- Arrival policy it introduced about two weeks ago at the Murtala Muhammed International Airport, Lagos. The policy had sparked controversy and protest by some incoming passengers – who without prior knowledge of the policy – refused to pay

Equities Market Remains Bearish on Profit Taking in Banking Stocks

Trading at the stock market remained bearish wednesday as profit taking in banking stocks made the Nigerian Stock Exchange (NSE) All-Share Index (ASI) to close 0.06 per cent lower at 37,963.93. Similarly, market capitalisation shed N9.7 billion to close at N13.75 trillion. Profit taking on counters in the banking sector such

CBN Sensitises Stakeholders on Currency Swap Deal

Following its release of regulations for transactions with authorised dealers in Renminbi, the Central Bank of Nigeria (CBN) wednesday commenced the sensitisation of exporters, regulators and other stakeholders in three locations across three locations in the country on the details of the deal between the CBN and the People’s Bank

Investors Oversubscribe FGN Bond Auction

Investors oversubscribed the FGN Bond Auction for June 2018, which held wednesday, at which bonds in three tenors – five years, seven years and 10 years were offered. The Debt Management Office (DMO) said in a statement that investors bid for N66.7 billion compared to the N60 billion on offer. The debt

FG Plans Additional $2.8bn Foreign Loan to Finance 2018 Budget

The federal government plans to borrow $2.8 billion offshore to finance its 2018 budget and would explore all options to lower costs, the Director General, Debt Management Office (DMO), Ms Patience Oniha, disclosed in an interview with Reuters Wednesday in Abuja. The government, according to her, has laid out plans to

Currency-in-circulation Drops To N1.668 Trillion

The total value of currency-in-circulation in the country reduced by N269 billion year-on-year to N1.668trillion as of the end of March thisyear, down from the N1.937 trillionrecorded in February 2018, the Central Bank of Nigeria (CBN)revealed in its latest money and credit statistics for March. Currency- in- circulation refers to the

BOI Losses Court Case In Loan Dispute 

A firm, Austin Laz and Company has obtained a judgment against the Bank of Industry (BoI) in a loan dispute. In his lead judgment dated May 17, 2018, Justice Mudashiru Nasiru Oniyangi of the Court of Appeal, Benin, Edo State, set aside the judgment of the Federal High Court, Benin delivered

Nigerian Government To Close Down Borders Over Rice Smuggling

The Nigerian Government says it will shut the land border between it and a neigbouring country in a few days time to avoid smuggling of foreign rice into the country. Audu Ogbeh, the minister of agriculture and rural development, made the disclosure in Abuja on Monday, June 18, 2018, while speaking