Economy

Apr
18
2024
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By Abia ThinkTank
CBN Reduces Banks’ LDR To 50%

CBN Reduces Banks’ LDR To 50%

CBN/Commercial Banking, Economy, News Flash
CBN Reduces Banks’ LDR To 50% The Central Bank of Nigeria has announced a review of the loan-to-deposit ratio (LDR) for banks, from 65 percent to 50 percent to align with the current monetary tightening. The CBN disclosed this in a circular on Wednesday titled ‘Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian Economy’, signed by Adetona Adedeji, its acting director of the banking supervision department.
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Apr
17
2024
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By Abia ThinkTank
Dangote Crashes Diesel To N1,000 Per Litre

Dangote Crashes Diesel To N1,000 Per Litre

Economy, News Flash, Oil & Gas
Dangote Crashes Diesel To N1,000 Per Litre The $20 billion Dangote Petroleum Refinery has slashed the price of diesel by 16.6 per cent to N1,000 per litre, from N1, 200 per litre in order to assist in impacting Nigeria’s domestic economy. The price of diesel was relatively high for months, due mainly to the importation of the product from the global market and foreign exchange crisis associated with it. But in a statement obtained by Vanguard today, the company, stated: “In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to…
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Apr
17
2024
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By Abia ThinkTank
FG Begins Disbursement Of N200 Billion Palliative Loans

FG Begins Disbursement Of N200 Billion Palliative Loans

CBN/Commercial Banking, Economy, FGN, News Flash
FG Begins Disbursement Of N200 Billion Palliative Loans The Ministry of Industry, Trade and Investment says it has begun disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process. The government, through the Bank of Industry, had said it would be disbursing three categories of funding totalling N200bn to support manufacturers and businesses across the country. In a progress report posted on the trade minister’s official X (formerly Twitter) handle on Tuesday, Doris Aniete stated that an unspecified number of beneficiaries have received their grants, adding that by Friday, April 19, another significant disbursement will…
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Apr
16
2024
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By Abia ThinkTank
Peter Obi’s Speech At The African Development Conference Held At Harvard Law School USA Spark Reactions

Peter Obi’s Speech At The African Development Conference Held At Harvard Law School USA Spark Reactions

Economy, Columns/Opinions/Letters, News Flash
Peter Obi's Speech At The African Development Conference, Held At Harvard Law School USA, Spark Reactions The ex-Governor of Anambra State and 2023 presidential hopeful of the Labour Party, Peter Obi, responded following his speech at the African Development Conference held at Harvard Law School in Boston, Massachusetts, USA. Sharing on his Verified Twitter account, Peter Obi remarked, "During my address, I drew an analogy between Africa and China, the largest economy in Asia, to illustrate why Africa has not achieved universal success. Despite sharing remarkable similarities, such as China's 9.6 million km² land area compared to Africa's 30.3 million…
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Apr
16
2024
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By Abia ThinkTank
FG Releases New Rules To Compel Oil Producers To Sell Crude Oil To Domestic Refineries

FG Releases New Rules To Compel Oil Producers To Sell Crude Oil To Domestic Refineries

Economy, FGN, News Flash, Oil & Gas
FG Releases New Rules To Compel Oil Producers To Sell Crude Oil To Domestic Refineries The federal government through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has introduced new regulations requiring its oil producers to sell crude oil to local refineries in a move to reduce the country’s dependence on imported refined products. The new regulations mandate that all oil companies in Nigeria must supply crude to domestic refineries that are unable to procure it locally. Only after fulfilling these domestic supply commitments are producers permitted to export crude. The NUPRC will serve as a middleman between local refiners and…
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Apr
13
2024
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By Abia ThinkTank
Huge Appreciation As Naira Gains 7.2% Against Dollar At Official Market

Huge Appreciation As Naira Gains 7.2% Against Dollar At Official Market

CBN/Commercial Banking, Economy, News Flash
Huge Appreciation As Naira Gains 7.2% Against Dollar At Official Market Naira on Friday experienced huge appreciation at the official market, trading at N1,142.38 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, revealed that the Naira gained N88.23. This represents a 7.16 per cent gain when compared to the previous trading date on Monday, April 8, exchanging at N1,230.61 to a dollar before the Sallah holiday. The total daily turnover increased to $281.34 million on Friday up from $125.55 million recorded on Monday, according to…
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Apr
13
2024
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By Abia ThinkTank
Naira Best-Performing In April, To Exchange Below N1,000 Per Dollar – Goldman Sachs

Naira Best-Performing In April, To Exchange Below N1,000 Per Dollar – Goldman Sachs

CBN/Commercial Banking, Economy, News Flash
Naira Best-performing In April, To Exchange Below N1,000 Per Dollar – Goldman Sachs Goldman Sachs has described Naira as the best-performing currency this month (April), saying the currency will exchange below N1,000 per Dollar. The firm disclosed this in its latest report on Nigeria’s economic realities. According to a report by Goldman Sachs economists, with the appreciation rate of the Naira in the foreign exchange market, the currency may exchange below N1,000 per Dollar in the coming months. The report stated that the Naira rallied 12 per cent against the Dollar in April, adding to its 14 per cent surge…
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Apr
13
2024
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By Abia ThinkTank
We Are Holding Bobrisky In Male Facility; We’ll Protect Him From Sexual Predators – NCS Officials

We Are Holding Bobrisky In Male Facility; We’ll Protect Him From Sexual Predators – NCS Officials

Crime, Economy, News Flash
We Are Holding Bobrisky In Male Facility; We’ll Protect Him From Sexual Predators – NCS Officials Idris Okuneye popular know as Bobrisky, a crossdresser who delights in adorning female outfits, will be kept in the male section of the prison facility throughout his six-month imprisonment, Peoples Gazette has reliably learnt from officials of the Nigerian Correctional Service. Justice Abimbola Awogboro of the Lagos Division of the Federal High Court on Friday sentenced Bobrisky to jail after he pleaded guilty to a four-count charge of naira abuse. Bobrisky told Ms Awogboro that he was a man when asked to clarify his…
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Apr
13
2024
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By Abia ThinkTank
I Collected $3 Million Cash For Emefiele – CBN Employee Tells Court

I Collected $3 Million Cash For Emefiele – CBN Employee Tells Court

CBN/Commercial Banking, Crime, Economy, News Flash
How I Collected $3 Million Cash For Emefiele – CBN Employee Tells Court A Central Bank of Nigeria (CBN) employee has disclosed how he collected $3m cash for Emefiele. The witness, Mr Monday Osazuwa, on Friday told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches. Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN), said he was a dispatch rider in Zenith Bank in 2001 before he joined the CBN in 2014.…
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Apr
13
2024
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By Abia ThinkTank
Our Policies Geared Towards Growing Businesses, Attracting New Ones – Gov Otti

Our Policies Geared Towards Growing Businesses, Attracting New Ones – Gov Otti

Abia State, Economy, Good Governance, News Flash
OUR POLICIES GEARED TOWARDS GROWING BUSINESSES, ATTRACTING NEW ONES - GOV OTTI Abia State Governor, Dr. Alex Otti, OFR, says his administration has in the last 10 months worked towards growing businesses and attracting new ones into the state. Governor Otti described Abia as an investment friendly state, saying that it is his desire to see businesses operating in the state grow. The Governor stated this when he met with the Managing Director and management team of the Inner Galaxy Steel Company Limited, a Chinese conglomerate operating in the Ukwa-West axis of Abia State, who visited him on Thursday. "It…
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