BUSINESS

Naira gains further, exchanges at N461.10 to dollar

Daily Dispatch February 10, 2023

The Naira on Thursday exchanged at 461.10 to the dollar at the Investors and Exporters window. The figure represented an appreciation by 0.02 per cent compared with the 461.17 it exchanged on Wednesday. The open indicative rate closed at N461.25 to the dollar on Thursday. An exchange rate of

BUSINESS

New Naira Policy: IMF asks FG, CBN to extend February 10 deadline

Daily Dispatch February 8, 2023

The International Monetary Fund has called on the Federal Government and the Central Bank of Nigeria to extend the February 10 deadline set for the cessation of old 200, 500 and 1000 notes to be legal tenders in Nigeria. The IMF gave the advice on Wednesday in a statement signed by Labara Bonet on behalf […]

BUSINESS

BOI, AFD sign €2.5m grant agreement

Daily Dispatch February 8, 2023

Bank of Industry (BOI) and the French Development Agency (AFD) have signed a grant agreement for €2.5 million delegated by the Green Climate Fund (GCF) which will further their partnership to fight climate change in Nigeria. A statement on Thursday by the French Embassy in Nigeria, said France having committed more than €1.5 billion to […]

BUSINESS

Again, Nigeria’s foreign reserves decline by $3bn in one year

Daily Dispatch February 8, 2023

Nigeria’s foreign exchange reserves have remained under severe pressure, declining by $3billion to $37billion in January, 2023 from its $40billion in January, 2022, which represents a 7.6 per cent decline year-on-year. According to the country’s apex bank, the Central Bank of Nigeria CBN, Nigeria’s external reserves declined by 7.6per cent year-on-year to $37.0billion in

BUSINESS

Remove subsidy: IMF gives Nigeria ultimatum

Daily Dispatch February 8, 2023

The International Monetary Fund has urged the Federal Government to deliver on its commitment to remove fuel subsidy by mid-2023. The IMF said the government needed to make bold fiscal reforms to create the needed policy space, secure public debt, and reduce vulnerabilities. The Washington-based lender stated this on Wednesday in a report titled ‘IMF Executive […]

BUSINESS

Shell Petroleum to Reconcile Accounts With NDDC

Daily Dispatch February 8, 2023

The Managing Director of Shell Petroleum Development Company of Nigeria Limited, SPDC, and Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor, has pledged to work with officials of the Niger Delta Development Commission, NDDC, to reconcile the statutory financial contributions of the oil company to the Commission. Okunbor made the promise when a delegation […]