BUSINESS

Dollar crashes further as CBN sells $25m in new FX window

Daily Dispatch April 26, 2017

The Central Bank of Nigeria on Tuesday commenced interventions in the new Investors’ and Exporters’ FX Window with the sale of $25 million to customers through authorized dealers. This was disclosed by the Bank’s spokesman, Isaac Okorafor, who reiterated that the window was established to boost

BUSINESS

AfDB approves $280m to support Nigerian youths in agriculture — Adesina

Daily Dispatch April 26, 2017

The President of the African Development Bank, Dr. Akinwumi Adesina, says the $280 million approved by the bank would be used to encourage Nigerian youths to go into agro-business. Adesina, represented by Dr. Chiji Ojukwu, a Director in AfDB, stated this on Tuesday in Ibadan, Oyo State at the African Youth Agripreneurs Forum organised by […]

BUSINESS

FG, states, LGs share N467.8bn for March

Daily Dispatch April 26, 2017

The Federation Account Allocation Committee (FAAC) yesterday shared N467.8 billion as revenue for March to the federal, states and local governments. The amount was N38.7 billion more than the amount shared by the three tiers of government for February. The Accountant-General, Mr Ahmed Idris, who represented the Minister of Finance, Mrs Kemi Adeosun, at the […]

BUSINESS

CBN to stop bank accounts without BVN from August 1

Daily Dispatch April 25, 2017

The Central Bank of Nigeria,CBN, said all customers without Bank Verification Number, BVN, linked to their bank accounts will not be allowed to make withdrawal from those accounts, as from August 1. The apex bank said the measure becomes necessary as the absence of a unique identifier in the banking industry is a major challenge […]

BUSINESS

DisCos to FG: Release our N100b electricity subsidy, resolve transmission hiccups

Daily Dispatch April 25, 2017

The Association of Electricity Distribution Companies has appealed to the Federal Government to provide the N100 billion subsidy it promised after private investors took over the power sector utilities on November 1, 2013. ANED, in a statement by its Executive Director, Sunny Oduntan, also appealed to the government to inject funds into the transmission section […]

BUSINESS

FOREX: CBN injects $246.2m for Wholesale, SMEs, Invisibles

Daily Dispatch April 25, 2017

The Central Bank of Nigeria on Monday offered $246.2 million to authorized dealers at the forex auction in the interbank wholesale window, Small and Medium Enterprises and invisibles segments. A breakdown of the total offer indicates that the sum of $150 million was auctioned at the wholesale window, while SMEs and invisibles got $52 million […]