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BUSINESS NEWS
Business and Economic News from Nigeria
The price cap per liter in respect of Premium Motor Spirit (PMS) is removed from the commencement of these Regulations.
Interstate movement may resume on June 21.
NLC has appealed with Speaker of the House of Representatives to hasten the labour act amendment and put an end to the casualization of workers.
In the meantime, the insurance companies are expected to meet at least half of the capital requirements by the end of 2020. The final deadline to fully recapitalise is September 2021.
Nigeria's foreign exchange reserves now stand at $36.57 billion, having increased sharply from $33.42 billion as of April 29, 2020.
Naira improved against the dollar by N1.35, closing at N386.33 to a dollar, as against the indicative rate of N387.68 to a dollar that it opened with.
This is the first clear data-driven sign that Nigeria is in a recession.
Brent crude lost 1.14 %, to trade at $39.38 a barrel at 3.40 am Nigerian time, failing to stay over the $40 resistance price level.
The 12-month naira forwards increased to N454.50 per dollar on Wednesday, from a high of N522.56 on April 20.
Crude oil prices, against earlier predictions, surged past the $40 per barrel mark in the early hours of Wednesday – the highest in almost 3 months.
NNPC has developed a contact tracing software application that would be deployed in all its location across the country.
Annual General Meeting of the Members of UAC of Nigeria PLC will be held at UAC House No. 1-5 Odunlami Street, on Wednesday, 15th July, 2020