Author Archives: Ajibola

Nigeria not broke, says Minister for Finance

Amid massive debt profile and economic crisis the  Minister of Finance, Budget and National Planning, Zainab Ahmed has stated that Nigeria is not broke. According to her, the country continues to disburse funds to the three tiers of government from the Federation Accounts Allocation Committee (FAAC) saying that disbursements have not stopped. In a statement, she added that the Federal ...

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NGX: Trading session gains with N184 billion market capitalization

The Nigerian Exchange Limited (NGX) closed today’s trading session with a gain of N184 billion in market capitalization, as bulls regain dominance on the local bourse. The All Share Index (ASI) rose by 0.23% to close at 47,322.97 points. In the same vein, market capitalization appreciated by N184 billion. As of the close of the market on Wednesday, the stock ...

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CBN not Introducing N5000 note- Official

The apex bank, Central Bank of Nigeria (CBN) has denied the report that it is planning  to introduce N5,000 denominated bank note as being rumoured. The disclosure was made by  Ahmed Umar, the Director, Currency Operations of CBN c at a three-day workshop organised by the Nigeria Deposit Insurance Corporation (NDIC), for members of the Financial Correspondents Association of Nigeria ...

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NGX: Nestle Nigeria Plc records loss of N199.036 billion

Nestle Nigeria Plc, has recorded a loss of about N199.036 billion at the end of last week to top the losers’ chart of the following sustained sell pressure witnessed on the stock. It should be noted that Nestle is one of the major fast consumer moving goods companies quoted on the Nigerian Exchange Group Plc (NGX), The consumer goods stock ...

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Minister advises artisanal miners on N100 million loan

The Federal Government has disclosed that artisanal miners can access N100 million loans at low-interest rates to boost the diversification of Nigeria’s mining industry. This was revealed in an interview by Nigeria’s minister of mines and steel development, Mr. Olamilekun Adegbite, recently in Abuja during a forum  Forum. He added that the first step towards accessing the loans is for ...

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NGX: Nestle Shareholders lose N94.326 billion

The selling pressure witnessed on the shares of Nestle Nigeria Plc during recent trading session on the NGX has resulted in shareholders losing about N94.326 billion. According to Nairametrics, the consumer goods stock dropped by 10% to N1,071 per share from N1,190.00 with which it opened the trading session yesterday. Further analysis showed Nestle closed the trading day with N848.934 ...

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Access Bank plans to increase Closa agents to 200,000 in 2023

In a bid to meet the needs of its customers and make banking easier, Access Bank Plc has disclosed its intention to increase its Closa agents from 160,000 to 200,000 nationwide in 2023. Regional Sales Manager of the bank,Chidozie Chukwu, who disclosed this yesterday during the unveiling of the Access Closa agent in Owerri said the bank intends to reach ...

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Inflation: Bakers beg govt to subsidise cost of cassava flour

Nigerian bakers under the umbrella of the Master Bakers Association have urged the Federal Government to subsidise the cost of cassava flour in Nigeria and boost adoption as flour prices remain high. The appeal was made by the association’s Chairman, Dr Chidi Orlu, during a capacity-building development for master bakers on the use of high-quality cassava flour for baking bread ...

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President Buhari officially unveils redesign Naira notes

President Muhammadu Buhari has formally  unveiled the newly redesigned naira denominations of ₦‎1000, ₦‎500 and ₦‎200 introduced by the Central Bank of Nigeria (CBN). The newly redesigned naira launch preceded the weekly Federal Executive Council (FEC) held inside the Council Chamber of the Presidential Villa, Abuja. Responding to questions from newsmen after the event on Wednesday CBN Governor, Godwin Emefiele, ...

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CBN hikes interest rate by 16.5 percent to curb Inflation

Worried by rising Inflation, the apex bank, Central Bank of Nigeria (CBN), has raised its benchmark interest rate, known as Monetary Policy Rate (MPR), for the fourth time in 2022 by 100 basis points to 16.5 percent. The announcement was made by the Governor of CBN  on Tuesday, after the two-day Monetary Policy Committee (MPC) meeting of the apex bank ...

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