Business
Business

Nigeria’s External Reserve Increases With $3.15bn in May From $33.42 billion as of April

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Abuja (Precise Post) – Nigeria’s external reserves now stand at $36.57 billion, representing increase of $3.15bn from the $33.42 billion as of April 29, 2020. This development has given the apex bank of Nigeria the fire power to defend the Naira exchange rate as promised by Central Bank Governor Mr. Godwin Emefiele. The rise in the nation’s reserve can be attributed to rising oil prices and facility granted to the country by International Monetary Fund …

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Business

Makinde Inaugurates Marble Mining Company Board

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By Our Reporter Ibadan (Precise Post) – Oyo State Governor, Seyi Makinde on Friday inaugurated the board of the Nigerian Marble Mining Company, charging the board members to attract investments to the company within the shortest time so as to change the narrative of the company. The governor also assured of his administration’s support to the board to ensure that its operations were elevated from the subsistence level. He maintained that mineral development was one …

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Business

All Banks Must Resolve Backlog of all ATM, POS and Web Customer Refunds Within 2 Weeks – CBN

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By Ogechi Okorie Abuja (Precise Post) – The Central Bank of Nigeria has directed all banks in the country to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting from June 8, 2020. The apex bank in a statement on its verified Twitter page instructed that all banks, starting June 8, 2020, must resolve all backlog of ATM, POS and web customer transactions within two weeks. CBN instructed that henceforth …

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Business

Eid-el-fitr: CBN Reschedules Monetary Policy Committee Meeting

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Abuja (Precise Post) – Due to the public holidays declared for Monday and Tuesday by the federal government to mark the eid-el-fitr, the Central Bank of Nigeria (CBN) has said that the May edition of the Monetary Policy Committee (MPC) meeting earlier scheduled for May 25 and 26, 2020, respectively has been rescheduled to hold on Thursday, May 28, 2020. The spokesperson of the Central Bank of Nigeria (CBN), Isaac Okorafor, said on Thursday the …

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Business

Diversification: Fast-track Deregulation of Downstream Oil Sector – NECA to FG

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….Charges Govt to Plug Leakages in Oronsaye Report By Our Reporter Abuja – Director-General, Nigeria Employers’ Consultative Association (NECA), Dr Timothy Olawale, has harped on the need for government to fast-track the deregulation of the downstream oil sector and re-chart the course for rapid diversification of the economy. This is also as he has advised the government to go beyond the implementation of the Oronsaye Report by reducing leakages arising from bloated retinue of aides …

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Business

COVID-19 Impact: Amid Global Losses, Nigerian Equities’ Turnover Drops by 44%

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Abuja – Due to the emerging disruptions by COVID-19 pandemic and global economic challenges, Nigerian equities halted their month-long rally with a 44 per cent decline in turnover as investors appeared to take a pause on global stocks. Nigerian equities closed weekend with average decline of 0.72 per cent, equivalent to net capital depreciation of N90 billion. Nigerian stock market performance trailed global equities indices with declines across major advanced and emerging economies. United States …

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Business

Airtel Records 77.2% increase in Profit, Posts $598m Profit

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By Our Reporter Abuja – One of the leading telecommunication company in Nigeria, Airtel Africa Plc has posted a profit before tax of $598 million for the financial year ended March 31, 2020, an increase of 77.2 per cent on $348 million in 2019. Profit after tax stood at $408 million from $426 million recorded in 2019. According to the company, profit after tax was down by 4.4 per cent due to a one-off deferred …

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Business

NIS 2019 Revenue Hits N62.6bn, Representing 60% Increase From 2018

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By Simon Akwu Abuja – The 2019 revenue generated by the Nigeria Immigration Service (NIS), stood at N62,610,229,859.50k, representing sixty percent increase from the previous year’s revenue. Minister of Interior, Ogbeni Rauf Aregbesola made this known while presenting the 2019 Annual Report of the Nigeria Immigration Service in Abuja on Tuesday. In a statement signed by the public relations officer of the service, Sunday James, the agency said N59,654,547,856.12 was used as expenditure out of …

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Business

National Bureau of Statistics Says 82.9 Million Nigerians Live Below Poverty Level

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Abuja – The figures published by the statistics office on Monday showed that forty per cent of people in Nigeria live below poverty level, highlighting the low levels of wealth in a country that has Africa’s biggest economy, Reuters reported on Monday. The National Bureau of Statistics (NBS), in a report about poverty and inequality from September 2018 to October 2019, said 40 per cent of people in the continent’s most populous country lived below …

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See Why Nollywood Actress, Belinda Affa Said Lockdown Blessing In Disguise

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Abuja – Belinda Affa, a nollywood actress has said that the lockdown occasioned by COVID-19 pandemic has been a blessing in disguise. The nollywood actress opened up on the effect of the lockdown in her life. Hear her: According to the actress, the lockdown has been a blessing in disguise for her. In an interview with Nollywood Insider, Effah said; ”For me, this lockdown has been a blessing in disguise. I have been able to …

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Business

COVID-19 Distress: Access Bank Moves to Sack 75% of Staff Strength

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Lagos – Group Managing Director of Access Bank, Mr. Herbert Wigwe has informed of the bank’s plan to retrench 75% of its staff strength over what he said was the outcome of the COVID-19 lockdown. Wigwe, who spoke via video conferencing in a town hall meeting with the bank’s staff, said those to be affected by the mass retrenchment are 75% of the bank’s staff, most of whom are outsourced and are offering “non-essential services.” …

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Business

Payment of School Fees, SMEs: CBN Begins $100m Weekly Sales

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By Simon Akwu Abuja – To ease payments of children’s school fees abroad by parents and to enable Small and Medium Enterprises (SMEs) make essential imports, the Central Bank of Nigeria (CBN) has started the $100 million weekly dollar sales. In a statement, CBN’s Director of Corporate Communications, Isaac Okorafor, said the regulator would begin dollar sales to bureau de change operators on commencement of international flights. “In view of the gradual easing of the …

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Business

Nigeria’s Economy Drifting Towards Fiscal Crisis

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By Our Reporter Abuja – Except extreme measures are taken by the Federal Government in the light of the dwindling crude oil prices and the looming global economic downturn, the Nigerian economy would be faced with disastrous fiscal consequences, while oil producers might be forced to suspend production activities. These were the views of experts in the petroleum industry who spoke on the issue in Abuja. In separate interviews, the experts were unanimous in their …

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Business

DiamondXtra: Access Bank to Splash Millions to 10 Lucky Customers in May

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By Our Reporter Abuja (Precise Post) – “To deliver on our promise to continually reward our customers for their loyalty and savings culture, 10 lucky customers will be rewarded with N1million each in the May monthly draw The draw isscheduled to take place on Wednesday, May 13, 2020. According to Adaeze Ume, Group Head, Retail Products and Segments, Access bank Plc, “We have been encouraging our customers to stay safe and stay connected by using …

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Business

Fight Against COVID-19: Capital Market Moves to Raise N1b

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By Our Reporter Abuja (Precise Post) – In an effort to support the fight against the coronavirus (COVID-19) pandemic, especially in reducing its impact on the economy, the capital market community has launched an initiative with the aim of raising N1billion within the shortest possible time. The Acting Director-General, Security and Exchange Commission (SEC), Ms. Mary Uduk, who stated this yesterday in Abuja, explained that the fund is expected to assist to cushion the effects …

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Business

Historic! World Bank, IMF, G20, Paris Club Suspend Debt Service

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By Chris Udochukwu Abuja (Precise Post) – International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, has informed that four global multilateral institutions – World Bank, International Monetary Fund, G20 and Paris Club – yesterday agreed to a time-bound debt service payment  suspension for world’s poorest economies that request forbearance. The IMF boss , who broke the news yesterday said the move was the first time that the four institutions agreed to suspend debt service for …

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