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Oil Bloc: FG Removes Signature Bonus to Woo Investors

In a bid to attract fresh investments and ramp up oil output, the Federal Government yesterday, announced the removal of the signature bonus requirement in bidding for oil blocks. Minister of State for Petroleum Resources, and Oil, Mr Heineken Lokpobiri, disclosed this on the…
08/05/2024

CBN Directs Banks To Charge 0.5% Cybersecurity Levy

The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging 0.5% cybersecurity levy on transactions. This was contained in a circular dated May 6, 2024 by the apex bank to all commercial, merchant, non-interest and payment…
07/05/2024

Cardoso Breaks Silence Over Depleting Foreign Reserves

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) has said the bank is not strengthening the Naira with the country’s foreign reserves. Speaking at the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank, Cardoso said the Naira…
18/04/2024

CBN Reduces Banks’ Loan to Deposit Ratio to 50%

The Central Bank of Nigeria, CBN has reduced the Loan to Deposit Ratio, LDR of banks to 50 per cent from 65 percent. The reduction was announced via a circular to Deposit Money Banks titled “Re: Regulatory Measures to Improve Lending to the…
18/04/2024

Nigerian Breweries to Temporarily Shut Down Two Plants

Following the recent announcement of its business recovery plan, Nigerian Breweries Plc, yesterday, officially announced on the Nigerian Exchange Limited (NGX) plan to temporarily shut down   two of its plants as part of reorganisation. This move came after the company recorded a net…
17/04/2024

Dangote Slashes Diesel Price To N1,000 Per Litre

In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from N1,200 to N1,000 per litre. In a Tuesday release, the company said “While rolling out the products, the refinery supplied at a substantially reduced price…
17/04/2024

Inflation Rose to 33.20% in March – NBS

The National Bureau of Statistics has disclosed that Nigeria’s headline inflation rate increased to 33.20 per cent in March 2024, up from 31.70 per cent in February 2024. This represents a month-over-month increase of 1.50 per cent points in the headline inflation rate,…
16/04/2024

Nigeria’s Central Bank Fires 50 More Staff

The Central Bank of Nigeria (CBN) has sacked 50 more staff across 29 departments on Monday, adding to the list of ongoing disengagements in the apex bank. This brings the number to a total of 117 in the last 20 days. The dismissal cuts…
12/04/2024


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