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Nigeria ‘devalues’ naira as analysts asses market situation

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.

Lagos residents groan over irregular electricity supply

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 to refund customers for pre-paid meters procured under MAP scheme

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.
The Ibadan Electricity Distribution Company, IBEDC, has appealed to its customers to go through the proper channel and avoid fraudulent activities in meter collection.

Electricity consumers oppose tariff increment by Ikeja Electric

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.

Excess liquidity to persist as N1.7 trillion inflow hit interbank market

The surfeit of excess liquidity in the interbank money market will persist this week courtesy of inflow of about N1.7 trillion.

Ikeja Electric targets N170 billion revenue in 2020

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.

Ex-VP Sambo: I don’t own shares in Kaduna Disco

Former Vice President, Namadi Sambo, has described as ‘total falsehood and fallacy’ a story linking him to ownership of Kaduna Electric Power Distribution Company of Nigeria (KAEDCO).

NERC gives DISCOs ultimatum to settle debts, address breaches

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’.

FSDH: Fuel subsidy unsustainable

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: We followed due process in PPA agreement

Ikeja Electric has dismissed insinuations that it increased electricity tariff to prepaid meters residents in Magodo Estate, without any prior agreement.

Naira to depreciate further in I&E as CBN intervenes with $540m

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

Forex: Turnover in I&E rises by 38% to $4bn in July

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.

Central bank injects $956 million, ¥63 million into forex market

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.

Police arraign father, son for ‘beating’ Ikeja Electric worker

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).

Ikeja Electric reiterates commitment to safety of staff

Electricity Distribution Companies, Ikeja Electric Plc (IE) has reiterated the commitment of the company to the safety of its staff across its network area.

Expert urges central bank to sustain ban on 40 items to promote local production,...

An Economist, Mr Rasheed Yusuf, has urged CBN to sustain its ban on 40 items from accessing foreign exchange at the official window to promote their local production and generate more jobs.

Bureaux de Change operators back central bank’s policies

The Association of Bureaux De Change Operators of Nigeria (ABCON) has expressed its support for the Central Bank of Nigeria’s (CBN) monetary policy and intervention in critical sectors in the economy.

Bureaux de Change operators set exchange rate agenda for President Buhari

The Association of Bureaux de Change Operators of Nigeria (ABCON) has set N250 to dollar exchange rate agenda for President Muhammadu Buhari in his second term in office.

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Medical council validates four coronavirus test kits – registrar

The Medical Laboratory Science Council of Nigeria (MLSCN) says it has validated four Rapid Test Kits to determine their suitability for testing SAR-COV-2 infection popularly known as COVID-19 in the country.
Legendary reggae artiste, Majekodunmi Fasheke, aka Majek Fashek is dead. The artiste died in a New York hospital after a protracted illness on Monday about 5-45pm. He was aged 71.

Nigerian celebrities mourn deceased Majek Fashek

Nigerian celebrities have taken to their social media platforms to mourn the death of Music Legend, Majekodunmi Fasheke, a.k.a Majek Fashek.
Rwanda says it will announce new restrictions on containing the coronavirus Tuesday, a stark reversal of the country's plan days ago to ease restrictions, including motor vehicle travel throughout the country.

Rwanda set to announce new coronavirus restrictions

Rwanda says it will announce new restrictions on containing the coronavirus Tuesday, a stark reversal of the country's plan days ago to ease restrictions, including motor vehicle travel throughout the country.
Nigerian President Muhammadu Buhari3

Nigeria declares telecoms facilities critical national Infrastructure

In response to the yearnings of industry stakeholders to declare telecom facilities Critical National Infrastructure, President Muhammadu Buhari, has finally approved and also directed that necessary physical protective measures be put in place to safeguard telecommunications infrastructure deployed across the country.
President Muhammadu Buhari has again, addressed Nigerians on the efforts of its government to contain the coronavirus pandemic (covid-19) that is ravaging the country 4

ASCAB: President Buhari’s speech underestimate Sani Abacha’s $5 billion loot

Alliance for Surviv­ing COVID-19 and Beyond, (ASCAB), a group led by prominent Nigerian human rights lawyer, Femi Falana has said that President Mu­hammadu Buhari’s claim that late dictator, Sani Abacha, stole $1 billion con­tradicts the figures earlier released by his own officials.