Business

Foreign reserves gained $2.7bn in one month –CBN

Foreign reserves gained $2.7bn in one month –CBN

The nation’s foreign reserves rose by $2.7bn in May after declining for several months, figures from the Central Bank of Nigeria showed on Tuesday. According to the CBN, the foreign reserves, which stood at $33.52bn as of April 30, 2020, rose to $36.59bn as of May 29, 2020. The reserves had plunged to a record…

Fuel subsidy: FG clears outstanding N168bn debt to oil marketers — Investigation

Fuel subsidy: FG clears outstanding N168bn debt to oil marketers — Investigation

THE Federal Government has paid N168 billion outstanding subsidy debt to oil marketers, as part of measures targeted at stimulating activities in the downstream sector of the petroleum industry. Investigation by Vanguard indicated that the payment was made through promissory notes, which the major and independent marketers started to collect on June 1, 2020. However,…

Marketers groan as FG cuts petrol price to N121.50

Marketers groan as FG cuts petrol price to N121.50

Fuel marketers have expressed concerns over the further reduction by the Federal Government of the pump price of Premium Motor Spirit, also known as petrol. The Petroleum Products Pricing Regulatory Agency, in a circular to marketers dated May 31, 2020, announced a new pump price band of N121.50 to N123.50 per litre for petrol. In…

Banks get two-week deadline on ATM, e-banking complaints

Banks get two-week deadline on ATM, e-banking complaints

The Central Bank of Nigeria has directed all banks to resolve all outstanding issues relating to failed Automated Teller Machine, Point of Sale terminal and other electronic banking transactions within two weeks, starting June 8, 2020. It also revised timelines for reversals and resolution of refund complaints on electronic channels. A statement signed by the…

Petrol marketers to gain N8.3bn on depot price reduction

Petrol marketers to gain N8.3bn on depot price reduction

Retail marketers of petrol are currently raking in billions of naira as findings on Wednesday showed that they would make over N8.3bn profit in May (this month) due to the recent reduction in the ex-depot price of the product. On May 6, the Nigerian National Petroleum Corporation announced a reduction in the ex-depot price of…

Firm I engaged to recover $62.5bn debt not mine –Malami

Firm I engaged to recover $62.5bn debt not mine –Malami

The Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami (SAN), on Friday, denied owning a firm his office engaged to recover about $62bn debt from some international oil firms. Malami, in a statement by his Special Assistant on Media and Public Relations, Dr Umar Gwandu, on Friday, said the firm had been…