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BUSINESS NEWS BRIEF – Monday, August 29th, 2016




Naira falls further to 414/dollar
The naira fell to a new low of 414 against the United States dollar on Sunday amid the continued scarcity of foreign exchange in the country, with economic experts predicting further pressure in the forex market this week. [Read More…]

Monthly cheque transactions decline to N489bn
A steady decline in the traditional cheque transaction may push the growth of mobile money in the country, a new report has shown as captured by OZIOMA UBABUKOH. [Read More…]

LCCI faults allocation of 60% forex to manufacturers
The Lagos Chamber of Commerce and Industry has faulted the allocation of 60 per cent foreign exchange to the manufacturing sector, describing it as one of the policy inconsistencies of the government making it difficult to regain the confidence of investors. [Read More…]

CBN warns banks against illegal money transfer
The Central Bank of Nigeria has directed the Deposit Money Banks to conduct Know Your Customers’ Business to ensure customers do not make illicit remittances through the banking industry. [Read More…]


Afreximbank offers $83m to region’s factors
A fresh vista has been opened for the continent’s businesses engaged in factoring, as African Export-Import Bank (Afreximbank), approved $83 million lifeline, covering activities since 2012. [Read More…]


Core investor acquires Wema’s 75% stake in GNI
Wema Bank Plc has secured  approval of the Nigerian Stock Exchange (NSE) to sell its 75 per cent majority equity stake in Great Nigeria Insurance (GNI) Plc to Insurance Resourcery and Consultancy Services Limited. [Read More…]


Again, CBN Meets Bank CEOs Monday, Considers All Options
In bid to ensure financial system stability and integrity, while restoring calm, the Central Bank of Nigeria (CBN) will today meet with the Body of Bank CEOs, following which it will consider the plea by eight bank executives whose institutions were suspended from the foreign exchange (FX) market last Tuesday. [Read More…]


FG, states, LGs allocations by N65bn for July – Ministry
The revenue accrued for allocation to the federal, states and local governments dropped by N65bn in July, from N559bn realised in June, the Federal Ministry of Finance has said. [Read More…]

Nigeria’ll be top investment hub by 2019, Buhari says
President Muhammadu Buhari has assured the global community that Nigeria will be one of the most attractive and easiest places of doing business in the world by 2019. [Read More…]

Ajaokuta: Stakeholders identify flaws in FGs concession deal
Some technical experts in the iron and steel sector have called on the Nigerian government to reverse the agreement it recently signed with Global Steel Holdings Limited on Ajaokuta Steel Company Ltd. (ASCL) and National Iron Ore Mining Company Limited (NIOMCO) aimed at resuscitating the companies. [Read More…]

Dangote Rice hits market soon as first harvests begin
The much expected Dangote Rice is billed to hit the market soon as the company commences harvest of its first tranche. [Read More…]


Nigeria LNG Awaits VP’s Directives On Downstream Investment
Nigeria Liquefied Natural Gas (NLNG), said it was awaiting directives from the office of the vice president to commence investment in the downstream sector of Nigeria’s petroleum industry. [Read More…]


Oil prices fall on rising Iraq output, doubt over producer talk prospects
Oil prices fell early on Monday as output from Iraq rose and as Iran said it would only cooperate in upcoming producer talks to freeze output if fellow exporters recognised its right to fully regain market share. [Read More…]


Emerging Markets Fall as Divergent Fed Boosts Dollar; Oil Slides
Emerging-market assets declined and the dollar strengthened versus most peers after comments from central bankers highlighted the divergence between monetary policy in the U.S. and other parts of the world. European shares were little changed. [Read More…]

fake richard mille
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