Economic Confidential

Fears as Naira Weakens to N490/$, 590/£

The Naira on Wednesday weakened to N490 to a dollar at the parallel market after appreciating to N485 to a dollar during the Christmas break. The News Agency of Nigeria (NAN) reports that the Naira lost 5 points, representing a...

Director, 9 Others Suspended Over Fraud

The Kano state government has suspended a Director in the ministry of Finance and 9 staff of the Ministry of Local government over alleged diversion of millions of Naira meant for payment of salaries. This is contained in a statement...

Baggage Delay: NCAA Fines Arik Air N6m

The Nigerian Civil Aviation Authority (NCAA) has issued a N6million fine to Arik Air Limited for contravening the provisions of the Nigerian Civil Aviation Regulations (Nig.CARs). The NCAA also ordered the airline to pay its passengers ,whose baggage were delayed...

Power Generating Firms Perform Below 30% – Report

The combined performance of all the privatised thermal power generating stations in the country was less than 30 per cent in the third quarter of 2016 despite being managed by private investors. Industry operators blamed the poor performance of the...

SON to Destroy N400m Worth of Substandard Tyres

The Standards Organisation of Nigeria has said it has in its warehouses substandard tyres worth about N400m awaiting destruction. The Director-General, SON, Mr. Osita Aboloma, who disclosed this in Abuja, added that the tyres were mopped up by the agency’s...

External Reserves Rise Further, Now $25.4bn

The nation’s foreign exchange reserves have risen further to $25.4bn, according to the latest data obtained from the website of the Central Bank of Nigeria. In less than one week, the reserves rose by almost $300m from $25.084bn recorded on...
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