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Business News Brief – August 07, 2015



CBN Orders Banks To Pay For Dollar Purchases 48hrs In Advance

The Central Bank of Nigeria (CBN) on Thursday directed banks in the country to pay for their dollar purchases 48 hours in advance, as part of efforts to curb foreign exchange demand.[Read More…]

FG Set For Forensic Audit Of NNPC, NIMASA, Customs, NPA, Others

Federal Government is to appoint two reputable international firm for a forensic audit of accounts of the all its revenue generating agencies, in a bid to promote and transparency in public accounting system.[Read More…]


Emefiele: CBN’s Forex Demand Management is Starting to Work

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has maintained that CBN policies aimed at managing demand for foreign exchange were beginning to have the desired impact.[Read More…]

TCN Wheels out Record 101,088MW Hours of Electricity to Grid

The Transmission Company of Nigeria (TCN) on Thursday disclosed that it had attained an all-time maximum energy transmission per day of 101,088 megawatt hours (MWH) on the national grid.[Read More…]

Shell Declares Force Majeure on Gas Supply to NLNG

Nigeria’s export of Liquefied Natural Gas (LNG) has suffered setback as Shell Petroleum Development Company (SPDC) has declared force majeure on gas supplies to the Nigeria Liquefied Natural Gas (NLNG) plant on Bonny Island in Rivers State.[Read More…]

Committee Recommends N37.2 Billion Investment to Resuscitate Textile Industry

The federal government committee set-up to examine and map-out strategies towards resuscitation of Nigeria’s moribund Cotton,Textile and Garment (CTG) industry, has recommended  investment of N37.2 billion to revive the industry.[Read More…]


Naira depreciates by N7

The naira yesterday could not sustain the gains recorded on Wednesday, as it depreciated against the US dollar in the parallel market, closing at N222 to a dollar.  This represents a depreciation of N7 from Wednesday when a dollar exchanged for N215 in Lagos and Kano, and N220 to a dollar in Abuja.[Read More…]


Cash crunch hits House of Reps

The cut in the budget of the National Assembly from N150bn to N120bn is beginning to hit members of the House of Representatives hard, resulting in unpaid salaries.[Read More…]

Substandard goods imports rise by 200% –SON

The Standards Organisation of Nigeria has said lack of presence of its personnel at the nation’s seaports to check containers bringing goods into Nigeria accounts for a 200 per cent rise in the volume of substandard goods in the country in the last four years.[Read More…]


Nigerian Recieves $7m World Bank Grant

A 2014 fellow of the Mandela Washington Fellowship, a flagship programme of President Barrack Obama’s Young African Leaders Initiative, Saidat Shonoiki, has received a $7 million grant from the World Bank to build a sustainable agricultural training centre.[Read More…]

NIMC Set To Deploy Service Link To MDAs, Banks

The National Identity Management Commission (NIMC), yesterday, said that it has completed all plans to deploy the National Identification Number (NIN) authentication and verification service link to all ministries, departments and agencies (MDA’s) and banks across the country.[Read More…]

UBA Acquires, Deploys Banking Software In 17 Countries

To consolidate its leadership position and safeguard its vast assets, the management of United Bank for Africa (UBA) has approved the implementation of a-state-of-the-art accounts reconciliation software, CLIREC, across all branches in Nigeria and global operations in 17 countries.[Read More…]

Kaduna Closes Down Multiple Bank Accounts

The Kaduna State Government yesterday announced its decision to close down its multiple bank accounts in commercial bank to enable it to commence the implementation of the Treasury Single Account (TSA) framework by September 1, 2015.[Read More…]


Four banks hold 34% of industry’s toxic assets

The “name and shame” exercise has revealed more about the depth of toxic assets in four of the worst hit banks so far published – Union, Diamond, Unity and First banks.[Read More…]


Lafarge-Holcim merger to produce 14mtpa

The completion of ongoing Lafarge-Holcim merger is expected to produce about  14 million tons per annum (Mtpa) of cement.Already, the merger has increased the  production capacity of the firm to 8.5 mtpa.[Read More…]


Asian shares set for third weekly drop; dollar up

Most Asian shares slipped on Friday, on track for a third consecutive weekly loss, and the dollar rose as caution mounted ahead of U.S. jobs data that could spur the Federal Reserve to raise interest rates in September.[Read More…]


Japan Shame Index Dumps Toshiba After Scandal, Adds Olympus

oshiba Corp. was kicked off a stock index showcasing Japan’s best companies after a $1.2 billion accounting scandal, while Olympus Corp. made the cut.[Read More…]


fake richard mille
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The latest and best quality materials in today's watch field are used in conjunction with precious metals to make it surrounded by a luxurious and noble aura when it is born. The detailed processing of each screw and each plane is a manifestation of its high quality. It perfectly combines the unconventional skull design with the tourbillon technology that Richard Mille is famous for. It gives people visual enjoyment and brings us thinking about the ultimate problem of life, which is evocative. endless. Coupled with a movement that has applied many advanced technologies to show the beauty of machinery in front of people, its performance is beyond doubt!