The value of the naira fell further by 1.68 per cent against the dollar at the official market on Thursday. At the Investor & Exporter foreign exchange window, the local currency opened at 413.15/$1 on Thursday but closed at 422.07/$1. [...]
Vice President Yemi Osinbajo has criticised the foreign exchange policy adopted by the Central Bank of Nigeria. Mr Osinbajo advised the bank to have a “rethink” about its current forex demand management strategy. Speaking at the Mid-Term Ministerial Performance Review [...]
The Nigerian government will borrow N5.012 trillion to finance its budget deficit in 2022, complicating the country’s debt situation that is increasingly becoming unwieldy. While the government insists its debt-to-GDP ratio remains within a safe range of 23 per cent, [...]
The Rivers State Executive Council, yesterday, approved an N25 billion loan to fund the tenth flyover in Port Harcourt, Oyigbo-Afam road and Chokocho-Igbodo road, among several others. Governor Nyesom Wike gave the approval at the State Executive Council meeting at [...]
The Federal Government says the Federal Inland Revenue Service (FIRS) will continue to collect Value Added Tax (VAT) following the ruling of the Court of Appeal on the matter. The Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami, told [...]
The federal government is looking to get about N2.26 trillion from the Value Added Tax federation account in 2022. It is also expecting another N10.5 trillion from the main federation account. These are contained in the 2022-2024 Medium Term Expenditure [...]
President Muhammadu Buhari is seeking the approval of the National Assembly to borrow another $4 billion ($4,054,476,863) and €710 million loan from bilateral and multilateral organisations to fund the deficit in the 2021 budget. The president, in a letter to [...]
Naira fell significantly against the U.S. dollar at the black market on Thursday as the currency exchanged hands with the greenback currency at N540.00, the lowest rate ever traded at the segment. This translates to a N5.00 or 0.94 per cent [...]
The naira extended its decline on Monday, sliding to an all-time low of 527 against the dollar at the parallel market. The local currency, which has been on a downward trend in recent weeks, fell to 524 against the greenback [...]
The CBN recently sent a presentation to Nigerian banks about the eNaira project, revealing more details about its design and operational module. As seen by Nairametrics, the presentation described how the new currency would be designed and operated. In fact, the [...]
Naira fell marginally against the U.S dollar at the parallel market on Tuesday, after the Central Bank of Nigeria (CBN) announced that it has ended the sales of forex to Bureau De Change operators. The bank said the parallel market [...]
A Federal High Court sitting in Lagos has restrained Integrated Energy Distribution and Marketing Company Ltd and Polaris Bank from tampering, howsoever, with funds standing to their credit up to $6,759,000 (about N2.8 billion) or its equivalent in any currency [...]
Last week was a scary one for millions of Nigerians who have been impoverished by the government’s rising appetite for easy money, including debt, and missteps of statecraft. Scary, not because the government has secured a fresh loan or about [...]
The recent approval of two fresh foreign loans of $1.5 billion and €995 million respectively, by the Senate, has raised a lot of concerns among many stakeholders in the country. Many have considered it a very bad move in the [...]
The £4.2 million recovered from the former governor of Delta State, James Ibori, has been paid to the Delta State Government, the Accountant General of the Federation, Ahmed Idris, said on Tuesday. The fund, which the federal government recently received from [...]
The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Bolaji Owasanoy, has canvassed the payment of interests on stolen funds by benefiting foreign nations as part of measures to redress the menace of Illicit Financial Flows (IFFs). The [...]
A Paris summit Tuesday promised to help Africa overcome the coronavirus pandemic with a “New Deal” using global financial firepower to replenish depleted coffers and ramp up a sluggish vaccine rollout. The summit, which brought together African leaders and global [...]
Godwin Owoh, a professor of applied economics and expert in central banking, in an interview with GEOFF IYATSE, speaks on the economic distortion caused by unrestrained Ways & Means (W&M) financing, the Central Bank of Nigeria (CBN) supervision and other [...]
Tesla hit the brakes Wednesday on letting people pay for electric cars with bitcoin, saying the computing-intense mining process of creating new cryptocurrency spews climate-harming emissions. “We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and [...]
The Central Bank of Nigeria (CBN) has queried the Board of the First Bank of Nigeria Plc for removing Dr Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval. The query is contained in a letter dated April 28, 2021, signed [...]
The Economic and Financial Crimes Commission (EFCC) has warned Nigerians against what it described as any investment that promises returns that looks too good to be true. “Though risk-taking is considered by some as the oxygen that drives investment decisions, [...]
The National Economic Council (NEC) has denied the federal government printed money to boost allocations to states in March, brushing aside explanations by the central bank governor that the bank was within its rights to do so. The government had [...]
The debts of four states exceeded their net revenues by more than 400 per cent, the Fiscal Responsibility Commission has said. The states are Lagos, Osun, Cross River and Ogun. The FRC in its report ‘Debt sustainability analysis of state [...]
Moves to bolster the International Monetary Fund’s (IMF’s) emergency reserves could provide the $44bn needed to vaccinate 70 percent of the population in lower- and middle-income countries by the end of 2022, at no added cost to rich countries, according [...]
Nigeria’s food inflation rate surged to 21.79% in February 2021, which is the highest rate recorded in Nigeria since October 2005—exactly 15 years and 4 months ago. The February 2021 CPI and Inflation Report as released by the National Bureau [...]
Nigeria’s total public debt as at December 31, 2020 was N32.915 trillion, the Debt Management Office has said. The figures include the debt stock of the federal and state governments, as well as, the Federal Capital Territory. The DMO blames the rise [...]
Nigeria will continue to lose over $6b yearly to cash economy if the Federal Government fails to urgently address prevailing challenges that are hampering the nation’s transition to a digital economy. Stakeholders in the financial and technology sectors are deeply [...]
The disclosure yesterday of plans by Central Bank of Nigeria (CBN) Governor Godwin Emefiele to pursue, among other objectives, the recapitalisation of the banking sector, have triggered suspicions of distress in the industry. Pundits, who pursue this line of argument [...]
After four years of abeyance, the Federal Government yesterday inaugurated the board of the Securities and Exchange Commission (SEC). At the occasion in Abuja, the Permanent Secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, who is also overseeing the office of [...]
The International Monetary Fund has warned Nigeria and other oil-exporting countries over rising foreign debts, saying there is a need to make external borrowings sustainable. The Fund, however, commended Nigeria for the recent reforms aimed at reducing infrastructure gap in [...]
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