In less than one week, the naira has gained over N85 against the dollar – thanks to the increased liquidity in the foreign exchange market. The currency exchanged for N430 to the greenback yesterday at the parallel market. It was N460 to the dollar at the weekend. The Central Bank of Nigeria (CBN) yesterday released $100million into the wholesale

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In another dramatic raid, the Nigeria Customs Service (NCS), Oyo/Osun Command, has seized 9,000 bags of imported rice in a warehouse in a market in Ibadan, the Oyo State capital. The Controller, Temitope Ogunkua, who vowed to stop illegal importation of goods, spoke yesterday at a briefing on the achievements recorded by the command in the

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The Federal Government has concluded arrangements to launch its first-ever savings bonds into the domestic bond market next month, providing the retail investing public opportunity to invest in sovereign bond issue for as low as N5,000. Market sources and parties to the savings bonds, to be known as Federal Government of Nigeria Savings

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Ogun State Governor Ibikunle Amosun has promised to wade into the rift between the Nigeria Customs Service (NCS) and rice traders in Sango/Otta. He made the promise yesterday when traders, who carried placards, marched on his office in Abeokuta, the state capital.. They begged Amosun to tell the Service to return their bags of rice and kegs

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Two Chinese are to be prosecuted for their involvement in the importation of fake and substandard tyres worth N5 billion into the country MessrsTaolung Shen and Xu Jing Yao were arrested and their company Sino Nigeria Import and Export Limited’s warehouse in Lagos sealed by the Standards Organisation of Nigeria (SON). Director-General of SON

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With N72 billion, 16 banks funded $220 million Central Bank of Nigeria (CBN) allocations under the Forex Forwards policy meant to stabilise the naira, it was learnt yesterday. Banks are calling for bids from retail end-users in preparation for the business travel allowances, school fees and medical bills auction. The CBN is expected to from tomorrow

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Acting President Yemi Osinbajo yesterday gave a directive for speedy conclusion of projects critical to easing ways of doing business in the country. He spoke after paying a surprise visit to Nigeria’s major international airport in Lagos. Already, the Presidential Enabling Business Environment Council, (PEBEC) has adopted a 60-day Action Plan to

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