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SON ACT AND FG’s STRATEGY ON EASE OF DOING BUSINESS IN NIGERIA.

The Standard ‎Organisation of Nigeria says the proliferation of sub standard products in the country is strangulating local producers and preventing competition in the Nigerian market. This was made known by the Director General of SON, Mr Osita Aboloma at a one day forum on the Son Act and FG’s …

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Oil rises towards $55 after Harvey fallout

Oil prices rose yesterday as strong global refining margins and the reopening of United States Gulf Coast refineries provided a more bullish outlook after sharp drops due to Storm Harvey. Brent had gained 82 cents to 54.20 dollars a barrel by 1215 GMT. U.S. West Texas Intermediate (WTI) crude futures …

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Nigeria loses N96bn to gas flaring in five months

  Oil and gas companies operating in the country flared a total of 108.91 billion standard cubic feet of natural gas in the first five months of the year, causing the country an estimated loss of N95.8bn. The latest data obtained from the Nigerian National Petroleum Corporation on Friday showed …

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Nigeria, US, Libya’s rising oil output threaten prices

The increase in the production of light sweet crude from Nigeria, United States and Libya has been said to be capable of contributing to a narrower price spread between light and medium crudes. The US Energy Information Administration said in its Short-Term Energy Outlook that Nigerian production increased by six …

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Federal government reels out fiscal policies and macroeconomic projections for 2018 to 2020.

The Federal government has retraited its commitment to changing the current ailing economic situation of the country through Diversification of the economy. Minister of Budget and National Planing Udo Udoma made this known at a public consultative framework and fiscal strategy forum with stakeholders in Abuja. He says, accelerating growth …

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Naira depreciates to N369.5/$ in NAFEX

  The naira yesterday depreciated to N369.5 per dollar in the Investors and Exporters (I&E) window in spite of increased dollar supply. Data from the Financial Market Dealers Quote (FMDQ) showed that the volume of dollars traded in the window rose by 128 per cent yesterday to $182.03 million from …

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Banks raise dollar spending by 900%

There is something to cheer for bank customers travelling abroad. Commercial banks have raised customers’ international dollar spending limit on overseas Point of Sale (PoS) and online card transactions by 900 per cent, it was learnt yesterday. The policy shift is expected to help travellers pay their hotel bills, make reservations …

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CBN injects $153.5m as Naira depreciates to N366/$

The Central Bank of Nigeria (CBN) Monday injected $153.5 million into the interbank foreign exchange market. CBN’s Acting Director of Corporate Communications, Mr. Isaac Okorafor disclosed this in a statement. He said: “The CBN offered the sum of $100 million to dealers in the wholesale window, while the Small and …

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