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Thu, Feb

CBN Increases Interest Rate From 18.75% To 22.75%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 400 basis points to 22.75% from the previous rate of 18.75%. This was made known to journalists on Tuesday by the CBN Governor, Olayemi Cardoso, immediately after the first MPC meeting of the year.

FAAN Headquarters Move To Lagos

The Federal Government has directed the relocation of the Federal Airports Authority of Nigeria (FAAN) from Abuja to Lagos.

Shell To Exit Nigeria, Plan To Sell SPDC

Shell, one of the leading international oil companies in Nigeria is selling its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited, SPDC, to Renaissance, a consortium of five companies based in Nigeria, and an international energy group, for up to $2.4 billion.

Economic Hardship: NLC Declares Nationwide Shutdown

The leadership of Nigeria Labour Congress, NLC, has declared a two-day nationwide mass protest for February 27 and 28 following the worsening economic hardship in the country.

NDIC, CBN Commences Supervision Of Banking System

The Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN) have commenced supervision of the banking sector to guarantee that non-performing loan ratio continues below the maximum threshold set.

Naira Now N1, 165/$ At Parallel Market

The Nigerian currency has continue to appreciate to N1,165 per dollar ($) in the parallel market from N1,167/$ on Wednesday.

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