26

May

The CBN’s N250 Billion Gas Intervention Aims To Increase LPG Penetration

As Nigeria strives to double domestic Liquefied Petroleum Gas (LPG) consumption to five million metric tonnes (mmt) by 2021, stakeholders stressed Wednesday that financial incentives may help the country leapfrog clean energy and solve looming health and environmental risks. The experts, who emphasized that the country must move quickly to meet the Sustainable Development Goals and the Paris Climate Accord, noted that unless urgent measures are made, the country may continue to rely heavily on fossil fuels. The experts consequently advised industry participants to leverage the Central Bank of Nigeria’s (CBN) N250 billion intervention facility to alleviate bottlenecks in the […]

26

May

The Naira Depreciates In The Black Market As The Central Bank Of Nigeria Modifies The Official Rate

Tuesday, 25th May 2021: The naira-dollar exchange rate finished at N411.56/$1 in the Importers and Exporters window, where forex is formally transacted. On Tuesday, the naira declined against the US dollar at the official NAFEX window, closing at N411.56 to the dollar. This is a 0.08 percent decrease from the N411.25/$1 rate on Monday, 24th May 2021. Additionally, the Naira fell on the parallel market, ending Tuesday, May 25, 2021, at N487/$1. This represents a N1 decline from the previous day’s N486/$1 level. The Central Bank of Nigeria made further adjustments to the exchange rate and formally recognized the NAFEX[…]

18

May

Six Lecture Halls Have Been Donated By CIBN To The Banking And Finance Faculties

The Chartered Institute of Bankers of Nigeria (CIBN) has given its approval to the construction of mini lecture halls in six Nigerian tertiary institutions’ banking and finance departments. This was revealed at the company’s 2021 annual general meeting, which took place over the weekend in Lagos. Dr. Bayo Olugbemi, President/Chairman of the Council of the CIBN, stated at the hybrid meeting that the planned 200-seat halls would be completely furnished with air conditioners and modern multi-media connectivity gadgets and donated as legacy projects of the institute. He said the Council had also approved the implementation of an internship scheme to[…]