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 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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Mobile giant MTN has paid N80 billion out of the N330 billion fine imposed on it for failing to deactivate more than five million unregistered SIM cards. Minister of Communications Adebayo Shittu stated this yesterday at the News Agency of Nigeria (NAN) Forum in Abuja According to him, the company paid the money for the first year of

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Power transmission projects worth about N6bn have remained stalled in the past few years due to lack of government funding, even as the nation seeks to achieve incremental power supply. The nation’s power generation and distribution companies were privatised in November 2013, but the transmission segment of the value chain was left in the

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The Standards Organisation of Nigeria (SON) has an inventory of over N400million worth of substandard tyres awaiting destruction in its warehouses, the Director-General, Osita Anthony Aboloma, has said. The SON chief said the destruction is to serve both as a deterrent and to also forestall a situation where such products, if left un-destroyed, could

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Ogun State civil servants are to be allocated land for agricultural purposes. Governor, Ibikunle Amosun, stated this while speaking to reporters during the visit of the Presidential Task Force on Agricultural Commodities and Production led by Kebbi State Governor Abubakar Dakingari. Amosun said the government took the decision as a way to improve

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The Nigerian National Petroleum Corporation (NNPC) is set to embark on a comprehensive rehabilitation of the nation’s three refineries located in Port Harcourt, Warri and Kaduna to achieve optimal capacity utilisation in the New Year. Speaking at the Annual General Meetings (AGMs) of the three refineries in Abuja yesterday, the Chief Operating

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