CONOIL DECLARES N4.3 BILLION PROFIT

Conoil plc, the nation’s foremost indigenous petroleum marketer hasdeclared a profit before tax of N4.28 billion for its last financial year. Overall, the company’s financial performance obtained on Friday, 16 June from the Nigerian Stock Exchange shows persistent resilience amidst challenging economic conditions in the country. The company’s result shows growth across all key financial indices. Its […]

June 23, 2017

Stop abusing the Naira -CBN

Amaka Obiefuna. CBN, the Central Bank of Nigeria is urging members of the public to desist from ill handling of the nation’s currency, the naira. The central bank stressed that the cost of maintaining the naira note was expensive, while also urging members of the informal sector to embrace the various e-payment options in the […]

June 23, 2017

CBN says spent N192bn on currency management

Amaka Obiefuna. Nigeria’s apex bank, the CBN has revealed that it spent about N192 billion on currency management over the past five years. Assistant Director, Currency Operations Department of the apex bank, Benedict Maduagwu, said the whopping sum was spent on managing the Naira between 2005 and 2010. Maduagwu, who stated this in Lagos while […]

June 23, 2017

Indonesia to Build Refinery in Nigeria

The Federal Government’s plan to attract investment in modular refineries as part of efforts to boost local refining capacity has started gaining momentum with an Indonesian firm, PT Intim Perkasa Nigeria Ltd, a subsidiary of PT Intim Perkasa, Indonesia, indicating interest to build a refinery in Nigeria. Mr. Adi Hartadi, the Head of Investor Relations […]

June 23, 2017

Naira remains stable this week at parallel market

The Naira on Thursday remained stable at N364 per dollar in the parallel market. There was no significant increase or decrease in the figure all week days. The stability was attributed to weak demand for dollar and increased supply due to dollar sale to bureaux de change by the Central Bank of Nigeria (CBN). […]