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SECTOR INSIGHT

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Economy Records Over $1.5bn Inflow in Days – CBN

The Central Bank of Nigeria has disclosed that over $1.5bn came into the Nigerian economy over the past few days, indicating that its monetary policy efforts are effective. The CBN’s Acting Director of Corporate Communications Department, Mrs Sidi Ali, disclosed this in a…
30/03/2024

CBN Pegs Minimum Capital Base For Banks At ₦500bn

The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at ₦500 billion. A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all…
29/03/2024

Blackout Hits Nigeria As National Grid Collapses Again

Nigeria has been plunged into darkness yet again as the national electricity grid, centrally managed from Osogbo, Osun State, suffered a collapse at about 4:30 pm on Thursday, leaving millions of homes and businesses without power. This development marks the fourth time the…
29/03/2024

NNPCL Denies Adjusting Petrol Price

The Nigerian National Petroleum Company Limited (NNPCL) has described rumours of petrol price adjustment as false. Dispelling the rumours in a statement on Wednesday, the Chief Communications Officer, NNPCL, Olufemi Soneye, urged Nigerians to disregard them entirely. He reaffirmed the NNPCL commitment to sustaining…
28/03/2024

Eko DisCo Removes Tinuade Sanda As MD

The managing director of the Eko Electricity Distribution Company (EKEDC), Tinuade Sanda, has been relieved of her appointment with immediate effect. This is according to a letter signed by  the chairman of the DisCo, Dere Otubu, In the letter dated March 21, 2024, titled…
27/03/2024

CBN Raises Interest Rate To Record 24.75%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent. This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting…
26/03/2024

CBN Sells FX To BDCs At N1,251/$1 As Naira Rebounds

As the naira gradually appreciates against the dollar after months of unprecendented uncertainties, the Central Bank of Nigeria (CBN), on Monday, announced the sales of $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate…
26/03/2024
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