The power sector lost more than N534billion of revenue in 2016, the Nigerian Electricity Supply Industry (NESI) has revealed. Of this figure, the industry lost N1.525 billion on December 24, last year alone. According to NESI, the N534billion amounts to the value of electricity lost on account of the challenges, part of which could have been used to

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Oil prices hit 18-month highs yesterday, the first trading day of 2017, buoyed by hopes that a deal between Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members to cut production, which kicked in on Sunday, will drain a global supply glut. Benchmark Brent sweet crude jumped more than two per cent to a high of 58.37

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Central Bank of Nigeria (CBN) Governor Godwin Emefiele said yesterday that Nigeria spends the equivalent of N1trillion in foreign exchange annually to import rice and wheat. Emefiele spoke in Jibia, Katsina State, at the launch of the CBN Anchor Borrowers Programme and 2016/2017 Dry Season Farming. ‘’Nigeria’s import bill is exceptionally high;

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The Naira yesterday weakened to N490 to a dollar at the parallel market after appreciating to N485 to a dollar during the Christmas break. The News Agency of Nigeria (NAN) reports that the Naira lost five points, representing a depreciation of 1.03 per cent, while the Pound Sterling and the Euro closed at N590 and 502, respectively. At the Bureau

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The Central Bank of Nigeria (CBN) has deregulated the Merchant Service Charge (MSC) and will be implementing a new pricing regime on electronic transactions by the second quarter of this year. MSC is a fee paid by merchants for e-transactions done through Point of Sales (PoS) terminals. CBN Director, Banking and Payment System Department

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The Bank of Industry (BoI) has shortlisted 200 persons in Kano to benefit from the N140billion Government Enterprise and Empowerment Programme (GEEP). GEEP is a Federal Government inituiative aimed at empowering vulnerable groups in the country. Vice President Prof Yemi Osinbajo who spoke during a town hall meeting in Kano said GEEP

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The naira was sold for 485 per dollar on the streets of Lagos and Abuja on Tuesday, three days to the end of the year. Currency analysts expect the naira to weaken further to 500/dollar before the end of the year. Foreign exchange traders said the naira had been trading at 485/dollar at the parallel market since Friday. On Thursday, the naira was

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