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CORONAVIRUS PANDEMIC – CONSUMERS INCOME DROPS BY 30%

CORONAVIRUS PANDEMIC – CONSUMERS INCOME DROPS BY 30%

Consumer income levels have fallen by 30 per cent in Nigeria since March due to the impact of the COVID-19 pandemic on the economy. This was disclosed in a recent survey conducted by REACH Technologies, a Nigeria-based fintech, on behalf of FBNQuest. The survey corroborated findings by the National Bureau of Statistics that the Nigerian...

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JUST IN: FLIGHTS TO RESUME OPERATION ON..

JUST IN: FLIGHTS TO RESUME OPERATION ON..

Virgin Atlantic has announced its intention to resume flights from Lagos to London Heathrow from August 24, 2020. According to a statement by the airline, the international flight will be operated on its new A350-1000 aircraft and will provide connections to a range of US destinations. In addition, the airline promised to resume flying to...

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CBN imposes N216bn CRR levy on banks

CBN imposes N216bn CRR levy on banks

In a bid to mop up liquidity and prevent speculation in the foreign exchange market, the Central Bank of Nigeria (CBN) on Friday deducted N216 billion from banks accounts as Cash Reserve Ratio (CRR) . In addition, the apex bank mopped up N80 billion through sale of secondary market (Open Market Operations, OBB) treasury bills....

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COST OF RUNNING NIGERIAN GOV’T IS EXPENSIVE – OSIBANJO

COST OF RUNNING NIGERIAN GOV’T IS EXPENSIVE – OSIBANJO

The Vice-President, Prof Yemi Osinbajo, has said Nigeria needs a national debate to examine the issues around the size and cost of governance, which has often been described as expensive and unsustainable. He explained that it could be difficult for the government to do something about its cost by itself but that it is something...

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JUST IN: NAIRA SLUMPS TO 425/$

JUST IN: NAIRA SLUMPS TO 425/$

The dollar exchanged for N452 at the parallel market on Wednesday over speculations by operators in the market and the effect of the country’s rising foreign debt. The Central Bank of Nigeria resumed foreign exchange sales in April ending to commercial banks, to be made accessible to customers wishing to pay school fees, and businesses...

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FOREIGN RESERVE DROPS BY $129.83M IN ONE WEEK

FOREIGN RESERVE DROPS BY $129.83M IN ONE WEEK

The country’s foreign reserves have commenced a downward trend, dropping by $129.83m in one week, the latest data from the Central Bank of Nigeria have shown. The reserves, which stood at $36.57bn as of June 3, fell to $36.45bn on June 11. According to the CBN, the reserves had maintained a steady rise at a...

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NEW ELECTRICITY TARIFFS WILL TAKE EFFECT IN JULY – MINISTER OF POWER

NEW ELECTRICITY TARIFFS WILL TAKE EFFECT IN JULY – MINISTER OF POWER

The Minister of Power, Sale Mamman, has insisted that the new increment on electricity tariff would take off in July.  He stated this on Tuesday at the Investigative Public Hearing on Power Sector Recovery Plan and the impact of COVID-19 pandemic organised by the Senate Committee on Power.  Mamman said COVID-19 pandemic had affected the...

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ENUGU REP LAUDS THE SOUTH EASTERN GOVERNORS

ENUGU REP LAUDS THE SOUTH EASTERN GOVERNORS

Hon. Nnoli Nnaji, the Chairman, House Committee on Aviation, has expressed his utmost appreciation to the South-Eastern Governors, for their combined efforts in making sure that the Akanu Ibiam International Airport, meets the global standard. Nnaji spoke to UGAMATV in an audio interview,on the 16th of June, 2020, during an inspection visit to the Airport,...

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REHABILITATION OF AKANU IBIAM INTERNATIONAL AIRPORT  -ENUGU REP SATISFIED WITH THE QUALITY OF WORK

REHABILITATION OF AKANU IBIAM INTERNATIONAL AIRPORT -ENUGU REP SATISFIED WITH THE QUALITY OF WORK

The Deputy Minority Leader House of Representatives, Rt. Hon. Toby Okechukwu, has expressed his satisfaction in the quality of work being done in ongoing refurbishment of the runway of Akanu Ibiam international Airport Enugu. On the 16th june, 2020,the reputable honorable made an inspectional tour to the Afore mentioned airport, as an Oversight function, in...

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THE COUNTRY LOSES $29bn YEARLY TO POWER SUPPLY – LAWAN

THE COUNTRY LOSES $29bn YEARLY TO POWER SUPPLY – LAWAN

Senate President Ahmad Lawan on Monday June 15, revealed that Nigeria loses about $29 billion yearly to irregular and poor power supply. The Senate President who revealed as he declared open an investigative public hearing on a motion entitled: “Power Sector Recovery Plan and the Impact of Covid-19 Pandemic” organised by the Senate Committee on Power in...