Buoyed by the rate of the economy’s recovery, the Central Bank of Nigeria (CBN) is confident that the country will return to single digit inflation rate. CBN Governor Godwin Emefiele, in an interview with Arise Television yesterday, said with the improvement seen in growth from the negative 1.7 per cent in the last quarter of last year to the negative
Troubled mobile operator Etisalat Nigeria has got a new chairman. He is Central Bank of Nigeria (CBN) Deputy Governor Dr. Joseph Nnanna. In a statement, the firm also announced Mr Boye Olusanya, a former Deputy Managing Director of Celtel Nigeria (now Airtel Nigeria) as its Chief Executive Officer (CEO). Other board members were listed
The Central Bank of Nigeria (CBN) yesterday intervened in the foreign exchange (forex) market with a $195 injection into key segments of the economy. The forex inflow, which came on the first day of business after the Eid-el-Fitr celebration, went to various segments of the inter-bank market. The intervention was part of CBN’s plans to shore up the
The 13 banks that raised $1.2billion loan for mobile operator Etisalat Nigeria may press criminal charges against directors of Mubadala Development Company of the United Arab Emirates (UAE). This is the latest option the banks are considering to recover the outstanding part of the facility. It was gathered that the banks held a meeting at the weekend
Foreign investors are pushing for the adoption of the interbank rate as the only official exchange rate, The Nation has learnt. The interbank rate closed on Friday at N315.10/$1. It has remained the most stable exchange rate in the last six months. The new demand by investors followed earlier calls by the International Monetary Fund (IMF) and
Dangote Group’s investment in oil and gas will transform the economy from a single commodity market to a sustainable diversified economy, Chief Executive Aliko Dangote has said. His mission is to reverse Nigeria’s import-dependency to self-sufficiency in commodities it has spent its earnings to import, the frontline businessman said. Dangote told a
Twelve commercial banks have rejected a $58.9 million offer by Etisalat Nigeria as full and final payment for the $588.6 million the telecom giant owes, The Nation learnt yesterday. The loan comprises N114 billion ($361.6 million) in local currency and $227 million in foreign currency, putting the total obligation to the banks at $588.6 million.