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CBN urges customers to report banks on BTA/PTA FOREX

The Central Bank of Nigeria (CBN) has reliably gathered that some banks are turning back customers that come to purchase BTA/PTA and forex for pilgrimage. The CBN, in a statement on Wednesday, in Abuja, stated that, “We hereby appeal to bank customers to go straight to their banks to buy forex as the CBN has…

Lagos to begin embedded power project in July

… To Name 13 Pilot Locations Soon The Lagos State Government on Wednesday said that all is now set for the commencement of the much anticipated the Embedded Power Supply Project by July 2018. The Lagos State Embedded Power Programme, a brain child of the present administration is targeted towards generating 3,000 megawatts electricity for…

Forex: CBN intervenes with another $210m

The Central Bank of Nigeria (CBN) has made available the sum of $210million, to meet customers’ requests in various segments of the foreign exchange market. In its quest to meet customers’ needs in the various segments of the market, the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the…

Niger, NIRSAL kickstart mechanised farming with 200 tractors

Niger State Government is partnering with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) to boost mechanized farming in the state and opportunities in the agricultural value- chain. The state Governor, Alhaji Abubakar Sani-Bello, stated this when he played host of the management of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL)…

Oil prices rise over mounting Iran tension

Oil prices rose on Monday after the U.S. announced a bellicose list of demands on Iran, leaving little chance of a new accord. Oil prices were up “specifically because of Pompeo’s speech,” Thomas Pugh, commodities economist at Capital Economics, told the Wall street Journal. “It certainly looks like the U.S. is going to go as…

MPC retains interest rate at 14.0% again

The Monetary Policy Committee (MPC) met on the 21st and 22nd of May, 2018, retaining the interest rate at 14.0%. The MPC meeting of nine of its members, also retained CRR at 22.5 per cent; Liquidity Ratio at 30.0 per cent; and Asymmetric corridor at +200 and -500 basis points around the MPR. The committee’s decision, in a…

Gas: Nigeria produces 3.054trn cubic feet in one year

Nigeria’s gas production from January 2017 to January 2018 has reached 3.054.33 trillion cubic feet (tcf), representing an average daily production of 7.709.89 billion standard cubic feet per day (bscfd) during the period. On a monthly basis, a total of 248.78 bcf of natural gas was produced in the month of January 2018, translating to…

Investor to provide $10bn for rail projects in Nigeria

A United States-based investor, Ameri Metro Incorporation, said it would provide $10bn for the construction of speed rails in Nigeria. The firm told the Federal Government that it had the capacity to fund rail projects across the country while making a presentation at the headquarters of the Federal Ministry of Transportation in Abuja. Officials of…

IOCs, govt to invest N1.7tr In Niger Delta

The Ministry of Petroleum Resources has said that about N1.7 trillion will be invested in Niger Delta by the Federal Government, International Oil Companies (IOCs) and others in the next three years. While the Minister of State for Petroleum Resources, Ibe Kachikwu, insisted that government is putting framework together to sustainably address the issue of…

FG inaugurates N2.156bn erosion project in Osogbo

The Federal Government has inaugurated a 10 kilometre channelisation and desilting of flood prone Okomo and Ogbagba rivers in Osogbo, Osun State. The project costs N2.156 billion. Minister of Information and Culture, Alhaji Lai Mohammed, who inaugurated the project on behalf of President Muhammadu Buhari, said the project was executed by the Ecological Fund Office…

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