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Business and Economy

License of 38,000 firms have been withdrawn – Corporate Affairs Commission

It's only fair to share...The Corporate Affairs Commission on Tuesday said it had delisted the names of over 38,000 companies from its register for failing to file annual returns.   The Registrar-General, CAC, Mr. Bello Mahmud, stated this during a chat with journalists in Abuja.   He said that the delisting of the companies had been gazetted by the commission, ...

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Naira crashes to a new record low at N520 per $1 in the black market

It's only fair to share...The Nigerian Naira has again crashed to a new record low at parallel market as it now trades at N520 per United States dollar on Monday, February 20.   The Naira plummeted at the parallel market from N516/dollar on Friday, February 17, to a new record low of N520/dollar.   The local currency also depreciated to ...

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Naira crashes to N516 to $1 and N630 to £1

It's only fair to share...The Nigerian Naira has again crashed to a new record low at parallel market as it now trades at N516 per United States dollar on Thursday, February 16.   The Naira plummeted at the parallel market from N510/dollar on Wednesday, February 15, to a new record low of N516/dollar.   The local currency also depreciated to ...

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Nigeria: Increasing rate of inflation hits 18.72 per cent

It's only fair to share...From 18.55 per cent in December 2016, Nigeria’s inflation rate increased to 18.72 per cent in January 2017, the National Bureau of Statistics, NBS, has said. According to the Bureau, the Consumer Price Index, CPI, which measures inflation increased by 18.72 per cent (year-on-year) in January 2017, 0.17 percentage points higher from the rate recorded in ...

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Naira: Fake currencies Make’s up to 20% in Total Circulation in Nigeria – CBN

It's only fair to share...Twenty percent of the total currency being circulated across the country is fake, a former Deputy Governor of Central Bank of Nigeria (CBN), Dr. Obadiah Mailafia, disclosed on Monday. Mailafia made this disclosure while speaking at the opening session of a three-day public hearing on the 2017 budget appropriation process in the National Assembly on the ...

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AMCON takes over Arik Air, sacks its management over claims of 135 Billion Naira debt

It's only fair to share...The Asset Management Company of Nigeria (AMCON) has announced the takeover of the management of Arik Air.   AMCON in a press statement on Thursday sacked the management of Arik Air and replaced them with new ones.   Arik Air owes AMCON N135b and has been struggling to service the debt. “The airline would now be ...

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Warren Buffet bought $12 billion stock after favored candidate Hilary Clinton lost election

It's only fair to share...The failure of Warren Buffett’s favoured candidate to capture the White House has not dimmed the billionaire’s appetite for stocks.   Mr. Buffett revealed that he has bought $12 billion of stock for his company Berkshire Hathaway Inc (BRKa.N) since the Republican Donald Trump beat Democrat Hillary Clinton in the November 8 US presidential election.   ...

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Naira Hits 499 per dollar in the Black Market

It's only fair to share...Lagos – Nigeria’s naira was quoted as low as 499 to the dollar on the black market on Tuesday, 39 percent weaker than on the official market, where the central bank has been selling the greenback to support the local currency. On the official market, the naira was quoted at 305.25 on Tuesday, the level it ...

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Recession: State governors rejected advice from Okonjo-Iweala and Sanusi to save – Ex-governor Peter Obi

It's only fair to share...Former Anambra State governor, Peter Obi has said state governors refused to save for the unseen future during the tenure of Goodluck Jonathan, despite warning from economic experts.   Obi while speaking in an interview with CNBC Africa said Dr Ngozi Okonjo-Iweala, former Minister of Finance, and Sanusi Lamido Sanusi , former governor of the Central ...

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Despite sale of over $250m USD to licensed BDCs, Naira crashes further at N498 to $1 USD

It's only fair to share...The Naira on Thursday remained indifferent to the sale of over $250 million to licensed Bureau De Change (BDC) operators nationwide as it suffered another loss against the dollar. The News Agency of Nigeria (NAN) reports that the Naira inched against the dollar at the early hours of Thursday morning by 2 points but could not ...

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