Naira falls again as demand rise by 44%
The naira depreciated further at the official market yesterday occasioned by 44 per cent increase in demand.
According to the result of the Wholesale Dutch Auction (WDAS) conducted by the Central Bank of Nigeria (CBN) yesterday, the naira depreciated by three kobo, as the official exchange rate rose to N148.84 per dollar, from N148.81 the previous week.
BCC splashes N400mn on host communities
Benue Cement Company (BCC), a member of the Dangote Group, has spent over N400 million providing basic amenities and paying compensation to host communities in the last three years. Specifically, projects executed in the host communities range from provision of electricity to scholarship scheme.
Standard Bank repositions, sets up trade finance unit
Standard Bank Group has appointed Olu Ajayi as Head of its newly formed Trade Finance unit.
Trade Finance is a new business unit formed as part of Standard Bank’s effort to enhance its trade product offering to its clients, and is in line with the bank’s strategy to develop the trade finance franchise across Africa .
Unity Bank posts N16bn loss, FCMB records 86% drop in PAT
Unity Bank Plc has announced a loss after tax of N16.1 billion in its audited result for the 2010 financial year. First City Monument Bank Plc (FCMB), on the other hand, recorded a significant decline in its top and bottom lines, as its profit after tax dropped by 86 per cent to N564.34 million.
Artisans seek review of Pension Act to embrace informal sector
Artisans, under the auspices of Nigerian Automobiles Technicians Association (NATA) have called on the Federal Government of Nigeria to review the Pension Act so as to embrace workers in the informal sector of the economy.
SPDC to begin gas supply to Bonny LNG in June
The Shell Petroleum Development Company (SPDC) will in June begin to supply gas to the Nigeria Liquefied Natural Gas (NLNG) complex, Bonny, Rivers, from its new gas gathering facility in Bayelsa, an official said.
