BUSINESS
Naira Gains Marginally Against Dollar, Exchanges At 441.25
The Naira on Monday exchanged N441.25 against the dollar at the Investors and Exporters window, making a slight appreciation. The figure represented a slight increase of 0.03 percent when compared to the N441.38 it exchanged for the dollar before the close of business on 14 October. NAN also reports that the open indicative rate closed at N439.63 to the dollar on...
Nigeria’s Inflation Rises To 15.75%, Highest Since 2017
The inflation rate in Nigeria jumped in December to its highest level in more than three years, data released on Friday by the National Bureau of Statistics showed. Inflation stood at 15.75 per cent in January, compared with 14.89 per cent in December, marking the 16th straight month of increases. The consumer inflation rate in December was the highest since November...
Nigeria Must End Dependence On Crude Oil – Emefiele
Godwin Emefiele, governor of the Central Bank of Nigeria, says the country must end its dependence on crude oil for revenue and foreign exchange. Emefiele was speaking at the prize presentation ceremony of the 2020 CBN Governor’s Golf Cup tournament on Saturday. NAN reports that he was represented by Edward Adamu, the deputy governor for corporate services. The governor explained that it...
Obaseki Decries Nigeria’s Rising Debt Profile, Says FG Printed N60bn To Share In March [VIDEO]
Edo State Governor, Godwin Obaseki, has said Nigeria is in “huge financial trouble” with the way the economy is run. Obaseki lamented that Nigeria was the only country in the world where the federal, state, and local governments earn salaries at the end of the month, adding that the Federal Government printed N60bn as part of federal allocation for March. Speaking...
Umahi Says He’ll Speak To Manufacturers On Reduction Of Cement Price
Minister of Works, Senator David Umahi, yesterday, promised to dialogue with cement manufacturers over reducing the prices of their products. He spoke while featuring on Sunrise Daily, a channel television programme. The minister said contractors have complained over the high cost of cement in the country and made claims that importing the product would be cheaper. His words: “I’m going to be...
We Are NOT Broke – NNPC
The Nigerian National Petroleum Corporation, NNPC says the zero revenue projection for May pertains only to the federation revenue stream it manages and not a reflection of its overall financial performance. Kennie Obateru, the group general manager of NNPC public affairs division, disclosed this in a statement on Friday. “The shortfall will be remedied by the corporation as it relates only...
FG To Restructure FIRS, Mulls New Name
The Minister of Finance, Budget and Economic Planning, Zainab Ahmed, has disclosed plans to restructure the Federal Inland Revenue Service (FIRS). The minister while appearing before the Senate Committee on Finance said the restructuring would see the name of the service changed to the Nigeria Revenue Service. The change, which is part of the 2022 Finance Act that was passed by...
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...
President Buhari Seeks Fresh $5.513bn Loan
The President, Muhammadu Buhari, has written to the House of Representatives to request for the approval of fresh external borrowings totalling $5.513bn. Buhari, in the letter read by Speaker of the House of Representatives, Femi Gbajabiamila, at the plenary on Thursday, said the funds were for 2020 budget deficit, financing of critical projects, and some states of the federation. The President...
COP28: Delegation Of 1,411 From Nigeria A Waste Of Resources — Obi
The 2023 presidential candidate of the Labour Party (LP), Peter Obi, on Sunday, faulted the number of Nigeria’s delegation at the COP28 Climate Summit in Dubai, the United Arab Emirates (UAE). President Bola Tinubu had on November 29, 2023 departed Abuja for Dubai for the summit expected to end December 12, 2023. In a post on X (formerly Twitter), the ex-governor...
