BUSINESS
FG Stops Purchase Of Vehicles
Federal Government has stopped what it called non-critical and administrative capital spending, including the purchase of vehicles. The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a document tagged, “What you need to know about the Nigeria Economic Sustainability Plan” made available to journalists in Abuja on Thursday. The plan was developed by the Economic...
Nigeria To Commence Local Manufacturing Of Vehicle Next Year — Minister
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, says Nigeria is ready to commence local automobile manufacturing before the end of the year. At the African Association of Automotive Manufacturers and the Nigerian Automative Manufacturers Association’s meeting in Abuja, Uzoka-Anite said funds to grow the nation’s automotive industry have been made available to local manufacturers. According to her, it was...
NNPC Apologises To Nigerians Over Pains Caused By Contaminated Fuel
Nigerian National Petroleum Company Limited has said it regrets the hardships it caused Nigerians by the importation of off-spec Premium Motor Spirit, known as petrol. The Group Managing Director of t...
Abuja Black Marketers Shuts Down Operation
In a surprising move, foreign exchange black market operators in Abuja, including those at the bustling Wuse Zone 4 market, abruptly stopped trading on Thursday morning. They attributed their decision to instructions from their union and a significant depreciation of the Naira against the US dollar at the official market. None of the traders approached was willing to exchange foreign currency. Initially, they...
Buhari Set To Unveil Nigeria’s Digital Currency Monday
President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja, ABN TV has learned. The launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system in...
DSS Confiscates Emefiele’s Passport, May Obtain Warrant For House, Office Search
The Department of State Services has seized the passport of the suspended Central Bank Governor, Godwin Emefiele. The service, it was also learnt, may obtain a warrant to search Emefiele’s home and office this week. Following his suspension on Friday as a result of the ongoing investigation of his office and the planned reforms in the financial sector, the service arrested...
President Buhari Reportedly Set To Extend Validity Of Old Naira Notes Till April 10
President Muhammadu Buhari is reportedly considering extending the validity of old 200, 500 and 1000 naira notes by 60 days. TheCable reports that this is to avoid disobeying the order of the Supreme Court of Nigeria which ruled that the old notes remain valid until it delivers judgment in the case filed by some states against the federal government. The CBN...
IPMAN Advises FG To Remove Petrol Subsidy
The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Thursday advised the Federal Government to remove subsidies on petrol in order to increase the sector’s contribution to the nation’s revenue. Mr Mike Osatuyi, National Operations Controller, IPMAN gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos. He was reacting to President Muhammadu Buhari’s presentation of...
Agricultural Development: FG Pledges Readiness To Carry Abia Along
The Federal Government has expressed its commitment to carry Abians along in its agricultural policies to further guarantee food security in the state. ABN TV reports that the Managing Director Nigeria Film Corporation, Dr Chidia Maduekwe made this known on Tuesday during the flagging off of the Central Bank of Nigeria's anchor borrowers programme. He said the agricultural programme is one...
Naira Value Drop: EFCC Storms Abuja Bureau De Change Hub
Operatives of the Economic and Financial Crimes Commission (EFCC) on Friday stormed Wuse Zone 4, Abuja, home to most bureau de change operators in the Federal Capital Territory, A source said the raid was a covert operation to dislodge currency specu...
