PETROLEUM Tanker Drivers, PTD, branch of the Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, yesterday, directed members to begin nationwide indefinite strike and shut all loading depots and fuel terminals until further notice. Tankers The workers are protesting non-renewal of their Collective Bargaining Agreement, CBA, that

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Bank chiefs caught frustrating efforts by the Central Bank of Nigeria (CBN) at getting more dollars to end-users risk severe punishment, the apex bank warned yesterday. The warning came on the backdrop of reports that lenders are setting difficult hurdles for foreign exchange (forex) end-users wanting to make purchases for Business Travel

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Banks are to sell dollar at N360 for travel allowances, tuition and medical fees. A statement from the Central Bank of Nigeria (CBN) yesterday noted that “ $85 million for sale to Deposit Money Banks (DMBs) at the rate of N 357/$1 has been released by the apex bank for onward sale to retail end-users at not more than N360/$1, for invisibles, such as

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Nigeria’s quest to secure a $1.4billion loan from the international funding agencies may be hindered, if the country fails to buy-in to reforms being pushed by the International Monetary Fund (IMF), a report has indicated. The IMF, Reuters said, is expected to warn Nigeria that its economy needs urgent reform, saying a failure to imbibe the measures,

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Nigeria is on track to realising its industrialisation target, Africa’s richest man said yesterday. Aliko Dangote, who is Dangote Group’s President, spoke of the conglomerate’s plans in the next few years. Speaking in Lagos at the Ninth Bola Tinubu Colloquium, he said inconsistency in government policy had been the bane of industrial development over the

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Business seems bad for Bureaux De Change (BDCs) — no thanks to the naira’s new strength that has hit them with heavy losses. The naira has strengthened below N381 to the dollar, the rate at which BDCs buy International Money Transfer Operators (IMTOS) cash from the Central Bank of Nigeria (CBN). The naira exchanged at N375 to the dollar in

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The Central Bank of Nigeria (CBN) has received bids for $100 million from dealers in the interbank market to meet customers’ requests. The sale will be settled today. CBN spokesman Isaac Okorafor said no intervention was made by the bank to meet requests for invisibles. Okorafor reiterated that the CBN will continue to intervene in the interbank

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