Forex Market To Be Boosted By 50% Export Proceeds From Oil Firms

International Oil Companies (IOCs) operating in Nigeria could inject up to 50 per cent of their oil and gas export proceeds in the Nigerian foreign exchange (forex) market through direct sales and settlement of several domestic financial obligations. In an update to its forex management policies, the Central Bank of Nigeria (CBN) yesterday permitted IOCs to use 50 per cent of their oil and gas export proceeds to settle specified local transactions and for sale to the Nigerian Foreign Exchange Market (NFEM).

NGX Begins The Month On A Bullish Run, Group Appoints Chinelo Emeh Acting CFO

The Nigerian Exchange (NGX) has started May on a positive note, with the All-Share Index rising by 0.55% and gaining 537.15 points to close at 98,762.78 points. Market capitalization also rose to N55.85 trillion, up from N55.55 trillion recorded on April 30th, 2024, giving investors a gain of N300 billion. It's great to see the market sentiment turning positive again after a month in which the market fell by 6.06% and stocks lost N3.57 trillion in value. The Group has also appointed Messrs. Chinelo Emeh as acting chief financial officer.

Lagos-Calabar Highway Contract Followed Due Process - Minister

The Federal Government yesterday insisted that the Lagos-Calabar Coastal Highway contract followed the procurement process. Minister of Works, David Umahi, said the 700-kilometre, 10-lane highway was conceived as an Engineering, Procurement and Construction plus Financing (EPC+F) project.

Electricity Tariff: CSOs Set For Mass Protest, Call For Power Min. Resignation

The Civil Society Organizations, CSOs, have condemned plans by the Minister of Power, Adebayo Adelabu insisting on electricity tariff hike, hence mobilizing to embark on mass protest.

The Federal Government has reduced the electricity tariff for Band A customers. The Nigerian Electricity Regulatory Commission (NERC), had charged customers with a daily supply of a minimum of 20 hours to pay N225/Kwh.
However, under the approved review, Band A customers are now to pay N206.80/Kwh.

NLC Pegs Living Wage At N615K

The President of the Nigeria Labour Congress (NLC) Joe Ajaero has said that the living wage for workers should be N615, 000. Ajaero stated this while speaking during an interview on Channels Television on Wednesday. The Federal Government approved an increase of between 25 per cent and 35 per cent in salary for civil servants across various consolidated salary structures.

FG Begins Disbursement Of N50b Grants To Small Firms

Beneficiaries of the Federal Government’s N50,000 grant for nano business owners have started receiving credit alerts. Minister for Industry, Trade and Investment Dr Doris Uzoka-Anite, who confirmed this at the weekend, said no fewer than 200,000 small business owners have received the payment. According to her, 800,000 others will get their grants before the close of the programme by May 31.

NERC Announces Deregulation Of Prepaid Meter Prices

The Nigerian Electricity Regulatory Commission (NERC), has announced deregulation of meter prices under the Meter Asset Provider (MAP) Scheme for end-user customers. This is according to a statement by the commission in Abuja on Monday signed by Mr Garba Sanusi, the Chairman of NERC and Mr Dafe Akpeneye, the Commissioner Legal, Licensing and Compliance, NERC.

FG Raises Maximum Deposit Insurance Coverage For Banks

The Federal Government has reviewed upward the Maximum Deposit Insurance Coverage for banks operating within the country. In a recent briefing with journalists, Nigeria Deposit Insurance Corporation Managing Director, Bello Hassan disclosed the new coverage benchmarks.

NNPCL Promises To Clear Fuel Queues by May 1

The Nigerian National Petroleum Company Ltd. (NNPCL) has assured Nigerians that the ongoing fuel scarcity and queues will be cleared out by Wednesday, May 1. Chief Communications Officer, NNPCL, Mr Olufemi Soneye stated this on Tuesday in Lagos.