Various local Nigerian news articles indicate that the CBN has locked out nine banks from participating in the interbank foreign exchange market for failing to remit US$ government deposits worth US$2.3bn to the Central Bank as part of the Treasury Single Account directive, first implemented in September 2015.
Nigeria’s manufacturing sector accounts for just 10.6% of the country’s total GDP. In the past eight quarters it has grown at an average of 2.5%. The country’s economic downturn has hit the sector such that there has been a steady contraction since Q1 2015.
A team of UT Arlington researchers has created a new power generator that can produce electricity up to 25 percent more efficiently than existing technology, reduce emissions, and could alleviate power shortages in more remote areas of the globe.
A move by capital market operators (CMOs), one log in the making did not come via fiat (an age old approach to decisions in the capital market) but was driven by the changes in social relations that underpins the nexus between markets and people.