BUSINESS
IMF Says Naira Showing Signs Of Stability
The International Monetary Fund (IMF) has said Nigeria’s currency, the naira, is showing signs of stability. This, it said, is due to recent interest rate hikes and the clearing of foreign exchange backlogs by the Central Bank of Nigeria (CBN). The IMF made this known during a press briefing in Washington DC on Tuesday. “In Nigeria, rate hikes and the clearing of...
President Buhari Officially Launches e-Naira
President Muhammadu Buhari has officially launched e–Naira, the Nigerian digital currency in Abuja, ABN TV reports. Present were the Vice-President, Prof. Yemi Osinbajo and the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. ABN TV reports that the eNaira will be an electronic version of the local paper naira currency, equal in value and issued by the CBN. Nigerian authorities say...
Enugu Govt Partners Presidency On Food Security
To guarantee food security in the state, Enugu State government has expressed readiness to partner with the Harvesting Hope Caravan, HHC, a flagship programme under the Presidential Food Systems Coordinating Unit, PFSCU, in the Office of the Vice President, alongside Pula Advisors, its donor partners and Leadway Insurance Company. This is even as Governor Peter Mbah’s administration insured no fewer...
China Approves Loan For $2.6 Billion AKK Gas Pipeline
China has approved and will disburse its 85 per cent loan required to fund the $2.6bn Ajaokuta-Kaduna-Kano gas pipeline project, the Federal Government announced on Tuesday. Minister of Finance, Budget and National Planning, Zainab Ahmed, and Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, announced this during the inspection of the project in Ajaokuta, Kogi State. The AKK pipeline project,...
Petrol Subsidy Removal Not Immediate
The removal of petrol subsidy will no longer be immediate, ABN TV gathered authoritatively last night. Recall that President Bola Ahmed Tinubu had said in his inauguration speech Monday that the subsidy was gone, as it was not provided for in the 2023 budget. But sources told ABN TV yesterday that implementation of the removal of subsidy would commence post-June. The need...
Coronavirus: Chinese Billionaire Jack Ma’s Medical Supplies Arrive Nigeria (PHOTOS)
A consignment of medical supplies donated by Chinese billionaire and Alibaba co-founder Jack Ma, has arrived in Nigeria. The Chinese billionaire had used his foundation to forward millions of face masks, testing kits and other protective equipment to Africa as the continent battles to arrest the spread of COVID-19, a deadly disease caused by a coronavirus. A cargo operated by Ethiopian...
FG Begins N50 Electronic Levy Deductions On Transactions Via Fintech Platforms
The Federal Government (FG) has commenced the implementation of the N50 Electronic Money Transfer Levy (EMTL) on transactions of ₦10,000 and above conducted through financial technology (fintech) companies such as Opay, Moniepoint, Kuda, and others. Introduced under the Finance Act 2020, the EMTL is a one-off levy charged to the recipient of any electronic receipt or transfer of ₦10,000 or...
CBN To Supply Forex To Banks Only
The Central Bank of Nigeria, CBN has announced that Forex will only be supplied to banks as all sales to Bureau De Change operators (BDCs) have been discontinued. CBN Governor, Godwin Emefiele made this revelation during a Monetary Policy Committee (MPC) meeting on Tuesday, July 27th. Emefiele disclosed that the apex bank had to make this move because of the suspicious...
Tinubu To Present 2024 Budget Wednesday
Barring any last minute changes, President Bola Tinubu will present the 2024 budget to a joint session of the National Assembly on Wednesday. This information was confirmed to journalists by the Secretary, Research and Information at the National Assembly, Dr Ali Umoru, who was at the Senate with respect to protocol arrangements. It was gathered that the number and category of...
Abia Community Protests With Coffin Over Outrageous EEDC Billing [Photos, Video]
The people of Umueledi autonomous community in old Umuahia, Umuahia South LGA, Abia State have protested against what they call crazy billing by officials of Enugu Electricity Distribution Company (EEDC) by tying palm fronds to a coffin, ABN TV reports. Members of the community who besieged the Umuahia zonal office of the company also dumped the coffin at the gate...
