Category: West Africa
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Nigeria: CBN to Mop Up N1.2 Trillion in 12 Weeks
The Central Bank of Nigeria (CBN) will, this week, commence plans to mop up N1.23 trillion in the next 12 weeks. The apex bank disclosed this through its third quarterly Treasury Bills Issuance programme released on Friday. The programme revealed that the CBN will issue treasury bills (bills) worth N1.23 trillion from Wednesday, June 15…
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Nigeria: 26 Airlines Fail to Complete NCAA Certification Process
No fewer than 26 airlines have discontinued the process for the acquisition of the Air Operator Certificate (AOC) over stringent conditions set by the Nigeria Civil Aviation Authority (NCAA), it has been revealed. This is just as the NCAA debunked insinuations in some quarters that some airlines borrowed aircraft to complete their certification process. Spokesman…
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Nigerian Carriers Lost 60% Regional, International Passengers
Lagos — Capacity constraints have clipped the wings of Nigerian airlines on the regional and international fronts with their operations reducing by over 60 per cent from 2016 till date; checks by Daily Trust have shown. An analysis of international flight operations summaries of 2016 and 2017 first quarters indicated that the country’s domestic airlines…
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Nigeria: CBN to Sell Dollars to Airlines, Fuel Importers
Manufacturers, airlines, fuel importers and agriculture businesses will be able to buy dollars at a special market intervention, the Central Bank of Nigeria, CBN, said on Wednesday. The new intervention will enable them to clear a backlog of foreign exchange obligations, the apex bank said in a notice to lenders. The central bank plans to…
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Nigeria: Banks Lost N2.19 Billion to Fraudsters through Electronic Platforms in 2016
Nigerian Deposit Money Banks, DMBs, lost N2.19 billion to fraudsters through electronic channels in 2016 fiscal period, an official has said. The Deputy Governor, Operations, Central Bank of Nigeria, CBN, Adebayo Adelabu, said this while unveiling a report on electronic frauds by the CBN on Tuesday. Speaking at the first stakeholders’ workshop on cybercrime organised…
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Nigeria’s central bank to sell $100 mln at forward, spot forex auction
Nigeria’s central bank said on Tuesday it will sell $100 million at a special wholesale spot and forwards auction to improve dollar liquidity in the foreign exchange market and curb pressure on the local currency. The bank, in a notice to commercial lenders, said the dollar auction would be both for spot and forward settlements…
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Nigeria: I Will Resign If Nigeria Continues to Import Petrol By 2019 – Kachikwu
Nigeria’s Minister of State for Petroleum Resources, Ibe Kachikwu, on Monday vowed to resign if Nigeria continues to import fuel by 2019. Mr. Kachikwu stated this during an interview on BBC World Service programme, HardTalk, anchored by Stephen Sackur. In the interview, which lasted 23 minutes, Mr. Kachikwu promised to deliver on the completion of…
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Nigeria: NCAA Asks Ethiopian Airlines to Stop U.S.$150 Deportation Charge
Facts have emerged of how Ethiopian Airlines compelled passengers traveling to South Africa to pay ‘unauthorized’ Deportation charges. The charge estimated at between $75 to $150 (N35,000- N70,000) is tagged, “Refundable Deportation Fee” which all South African bound passengers are compelled to pay before boarding. It was learnt that the fee was introduced by the…
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Niger: Loans for Storing Crops Help Niger’s Farmers Absorb Climate Shocks
Lack of storage forces farmers to sell their harvest at low prices – but changing that can help them get ahead Surveying his village’s stocks of rice, sesame, millet and other food in a storehouse piled high with bags, Amadou Hassane is satisfied – but still a little anxious about the oversupply of baobab leaves.…
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Nigeria, Morocco Sign Gas Pipeline, Fertilizer Deals
Nigeria and Morocco on Monday strengthened their business relationship by signing two bilateral agreements in Rabat, Morocco. The first agreement was the Joint Initiative on the Morocco -Nigeria Gas Regional Pipeline. Tagged “The Wonder of Africa” the pipeline project has historical significance because it is designed by Africans for Africans with a direct impact on…