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Amidst sustained pressures on Nigeria’s official foreign exchange resources, the Central Bank of Nigeria, CBN, has opened investigations into foreign exchange transactions of 55 companies and individuals.
The distribution companies made the announcement in separate notices to their customers through their social media accounts on Tuesday saying the Nigerian Electricity Regulatory Commission (NERC) had approved the Multi-Year Tariff Order (MYTO) 2020 which took effect from Tuesday.
The nation’s external reserves, last week, rose (though slightly) for the first time in 12 weeks, to $35.66 billion.
FMDQ Securities Exchange has posted 13.66 per cent turnover growth in the Fixed Income and Currency (FIC) for the month of July.
As the Coronavirus, COVID-19, pandemic continues to take a toll on the Nigerian economy, the Central Bank of Nigeria, CBN, has technically devalued the naira to reflect market conditions as analysts and market operators said they are not surprised.
Some residents of Gowon Estate in Egbeda area of Lagos State on Wednesday blamed irregular electricity supply for their health problems, including heat rash affecting mostly their children.
Ikeja Electric (IE) says it is designing a proposal to refund its customers for pre-paid meters procured under the ongoing Meter Assets Provider (MAP) scheme.
Electricity consumers on Monday opposed the planned tariff increment by Ikeja Electric (IE), demanding that 90 per cent of customers should be metered before any upward review of tariff.
The surfeit of excess liquidity in the interbank money market will persist this week courtesy of inflow of about N1.7 trillion.
Ikeja Electric (IE) Plc says it is targeting total revenue of N170 billion in 2020 with the implementation of the increment in various classes of electricity tariffs.
The Nigerian Electricity Regulatory Commission (NERC) on Wednesday served notices to eight electricity distribution companies (DISCOs) of its intention to revoke their operational licences if they fail within 60 days to remedy alleged ‘breaches of the terms and conditions of their power purchase agreements’.
The Chief Executive officer of FSDH Merchant Bank Limited, Hamda Ambah, has said the government must provide palliative measures for the masses to guarantee the success of the deregulation of the downstream oil and gas sector, which will lead to the removal of fuel subsidy.
Ikeja Electric has dismissed insinuations that it increased electricity tariff to prepaid meters residents in Magodo Estate, without any prior agreement.
The declining fortune of the naira in the Investors and Exporters (I&E) window is expected to continue this week even as the Central Bank of Nigeria (CBN), in a bid to defend the nation’s currency injected $540 million into the window in July.g
The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the foreign exchange market rose sharply by 38 percent, month-on-month, to $4.12 billion in July from $2.9 billion in June, 2019.
The Central Bank of Nigeria (CBN) last month expended over $956 million to defend the nation’s currency, the Naira, at the various segments of the foreign exchange (forex) markets.
A man identified as Okiki Akintola, 50, and his son Mohammed, 22, have been arraigned before an Ikorodu Magistrates’ Court for alleged assault on an employee of Ikeja Electric (IE).
President Muhammadu Buhari on Wednesday met with a former Minister of Defence, Gen. Theophilus Danjuma (retd.).
President Muhammadu Buhari has urged all Nigerians to seize the opportunity of this year’s Eid-el-Maulud to reflect on the virtues of the Holy Prophet by showing love and understanding for fellow citizens.
Democratic White House hopeful Joe Biden cast his ballot in the US presidential race Wednesday in Delaware, six days before the end of a turbulent campaign pitting him against incumbent Donald Trump.
The Confederation of African Football President Ahmad Ahmad has announced his intention to run for a second term in office.
South African giants, Kaizer Chiefs, has confirmed that goalkeeper, Daniel Akpeyi, has received a call up for Super Eagles’ 2022 Africa Cup of Nations double-header against Sierra Leone in November.
The Aare Onakakanfo of Yorubaland, Iba Gani Abiodun Ige Adams, has urged Nigerian youths to embrace peace as the best means to drive home their demand for police reform and other sundry issues affecting the nation.
The Independent Petroleum Marketers Association of Nigeria, IPMAN, Kano State branch has on Wednesday allayed the fear of possible petroleum products scarcity as a result of EndSARS protest which disrupted the distribution of the product.
Real Madrid scored two goals in the final minutes through Karim Benzema and Casemiro to rescue a 2-2 draw at Borussia Moenchengladbach in their UEFA Champions League Group B match on Tuesday.
The senator’s house was razed, according to witnesses and a video seen by newsmen. The Cross River South Senatorial District lawmaker appeared to be the latest victim of mob violence that has targeted warehouses believed to be storing palliatives.
The 22-year-old Lyon midfielder was heavily linked with a move to the Gunners but a £45million move failed to materialise before the transfer window slammed shut on October 5.