PM News Nigeria

Poor Naira: Nigerian pilgrims cut down on spending

Many Nigerian pilgrims currently in Saudi Arabia for this year’s pilgrimage say they have cut down on their spending following the fall in the value of the Naira. A correspondent of the News Agency of Nigeria (NAN) reports that a number of the pilgrims interviewed in Medinah said they have restricted their spending to only […]

Why we hid NNPC’s dollars, FirstBank, others explain

Some banks on Wednesday clarified their positions on the alleged suspension from the foreign exchange market transaction by the Central Bank of Nigeria (CBN) over alleged non-remittance of the NNPC dollar deposits. The affected banks expressed their stance in statements and e-mails to customers on Wednesday in Lagos. The banks include the FirstBank Ltd., Fidelity, […]

We have recovered billions of Naira from looters – Buhari

President Muhammadu Buhari has once again disclosed that his administration has been able to recover billions of naira from those who looted the nation’s coffers. The president stated this at the graduation ceremony of course 24 participants of the National Defence College Abuja on Friday. Buhari added that through the implementation and enforcement of the […]

N100m Tax Debt: FIRS seals two firms in Abuja

The Federal Inland Revenue Service, Thursday, sealed the offices of two Abuja-based firms over tax liabilities totalling N100.8 million. The affected companies are Eurobond Construction Company Limited, which owes N70.9m for 2014 and 2015; and Design and Build Limited, indebted to the tune of N29.95m for 2014 and 2015. The enforcement exercise is part of […]

CBN directs banks to sell forex to BDCs

The Central Bank of Nigeria (CBN) has directed agent banks to approved international money transfer operators to sell foreign currency accruing from inward money remittances to licenced Bureau De Change operators (BDCs). The directive is in a circular with reference number, “TED/FEM/ FPC/GEN/01/004, dated July 22, 2016 and posted on its Website’’. The circular by […]

Police recover N60m stolen by bullion van driver

Okafor Ofiebor/Port Harcourt Rivers State Police Command says it has recovered the N60m stolen from a bullion van last Friday. It also vowed to smash the syndicate behind the theft. The driver of the bullion van working for Bullion Van Company allegedly made away with the money with other members of his syndicate. The deputy […]

Naira weakens against dollar

The Naira on Monday weakened slightly against the dollar at the parallel market. The Nigerian currency shed 1 point to trade at N353 by midday, from N352 it traded on Friday. However, the Naira hedged against the Pound Sterling and the Euro as it traded for N460 and N383, from N465 and N385 it traded […]

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