Nigeria’s foreign reserve rises to $44.14bn

Foreign exchange reserves have risen to a six-month high of $44.14bn, data obtained from the Central Bank of Nigeria (CBN), shows. It gained over $1.8bn to strengthen against a dip in Februrary 28 when it dropped to $42.296bn. The CBN data shows the reserves rose slightly from $43.116bn on December 31, 2018, to $43.174bn on January 31, 2019, before falling…

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Tinubu kicks against 50% VAT increase

National leader of the All Progressives Congress (APC), Bola Tinubu, has kicked against reports of government's plan to increase the Value Added Tax (VAT). The VAT which is charged at 5% could be hiked to 50% considering statement attributed to Minister of Finance, Zainab Ahmed, that the Nigerian government has concluded plans to increase revenue by introducing new taxes. Officials…

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Nigerians spend N767.23bn on airtime in three months

Investigations have revealed that mobile telecommunication subscribers in Nigeria spent N767.23bn on airtime from November 2018 to January 2019. The figure is generated from the number of active subscribers in the months under review, which was obtained from the Nigerian Communications Commission (NCC) and the industry’s Average Revenue Per User (APRU) provided by network operators. NCC data shows that there…

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Read more about the article Investors overshoot FG Bonds by 140bn
Federal Government of Nigeria to auction 100bn Bonds on March 27

Investors overshoot FG Bonds by 140bn

Federal government bonds put out for subscription on March 27 was oversubscribed in excess of 140bn by investors. This was revealed by the Debt Management Office (DMO) in a statement released on Wednesday. The DMO statement read: “The FGN Bond auction for March 2019 conducted on Wednesday at which N100bn bonds were offered was oversubscribed just as in the auctions…

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Read more about the article Only 3,098,193 firms registered since 1990
The Corporate Affairs Commission of Nigeria, CAC, reveals that it has registered 3,098,193 firms since inception in 1990

Only 3,098,193 firms registered since 1990

The Corporate Affairs Commission (CAC), the body responsible for incorporation of enterprises in Nigeria has revealed that it has registered 3,098,193 firms since inception. It said the figures are since the founding in 1990 to March 21, 2019. The number covers all categories of businesses in Part A, B and C. Acting Registrar of the Commission, Mrs Azinge Azuka disclosed…

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Read more about the article NSE: Foreign investment increased by 91% in February
Nigeria Stock Exchange

NSE: Foreign investment increased by 91% in February

The Nigeria Stock Exchange (NSE) reveals in its latest foreign portfolio investment report that foreign inflows to the economy increased by 91.24 percent between January and February. Foreign Inflow stood at N22.97bn in January and N43.93bn in February It also reported an increase in foreign outflows from N27.81bn in January to N55.01bn in February, marking a 97.8 per cent increase.…

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