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Naira Crashes To Record Low At Official Market

Naira Crashes To Record Low At Official Market

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. [...]

October 16, 2021 Finance
Osinbajo criticises CBN’s forex policy

Osinbajo criticises CBN’s forex policy

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 [...]

October 12, 2021 Finance
Nigeria’s debt problem to get worse; govt borrowing N5 trillion in 2022

Nigeria’s debt problem to get worse; govt borrowing N5 trillion in 2022

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, [...]

October 7, 2021 Finance
Rivers government approves N25b loan to fund flyover

Rivers government approves N25b loan to fund flyover

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 [...]

September 28, 2021 Finance
Collection of VAT by FIRS remains – FG

Collection of VAT by FIRS remains – FG

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 [...]

September 24, 2021 Finance
Despite controversies, FG targets N2.2trn from VAT in 2022

Despite controversies, FG targets N2.2trn from VAT in 2022

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 [...]

September 23, 2021 Finance
Buhari seeks NASS approval to borrow another $4bn, €710m

Buhari seeks NASS approval to borrow another $4bn, €710m

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 [...]

September 15, 2021 Finance
Naira in another record fall at black market

Naira in another record fall at black market

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 [...]

September 10, 2021 Finance
Naira Falls To All-time Low Of 527 Naira To A Dollar

Naira Falls To All-time Low Of 527 Naira To A Dollar

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 [...]

September 1, 2021 Finance
CBN To Launch E-Naira Soon, Drafts Guidelines

CBN To Launch E-Naira Soon, Drafts Guidelines

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 [...]

August 31, 2021 Finance
Naira falls after CBN stops forex sales to BDCs

Naira falls after CBN stops forex sales to BDCs

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 [...]

July 28, 2021 Finance
United Bank For Africa Sues Energy Firm, Polaris Bank

United Bank For Africa Sues Energy Firm, Polaris Bank

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 [...]

July 9, 2021 Finance
Nigeria and realities of growing debt burden

Nigeria and realities of growing debt burden

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 [...]

June 28, 2021 Economy, Finance
Buhari’s lust for loans amid rising debts

Buhari’s lust for loans amid rising debts

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 [...]

May 31, 2021 Finance
£4.2 million Ibori loot paid to Delta govt

£4.2 million Ibori loot paid to Delta govt

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 [...]

May 26, 2021 Finance
ICPC: Foreign countries should refund stolen funds with interest

ICPC: Foreign countries should refund stolen funds

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 [...]

May 21, 2021 Finance
Paris summit mobilises finance, vaccines for Africa

Paris summit mobilises finance, vaccines for Africa

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 [...]

May 19, 2021 Finance
Owoh: Currency printing is Finance Ministry’s responsibility

Owoh: Currency printing is Finance Ministry’s responsibility

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 [...]

May 17, 2021 Finance
Climate harm puts brakes on buying Teslas with bitcoin

Climate harm puts brakes on buying Teslas with bitcoin

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 [...]

May 13, 2021 Finance
CBN queries First Bank for appointing new MD

CBN queries First Bank for appointing new MD

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 [...]

April 29, 2021 Finance
EFCC cautions Nigerians against Bitcoin, forex trading

EFCC cautions Nigerians against Bitcoin, forex trading

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, [...]

April 27, 2021 Finance
NEC backs finance minister, says no money printed

NEC backs finance minister, says no money printed

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 [...]

April 23, 2021 Finance
Debts Exceeded Revenues In Lagos, Cross River, FCT, Others

Debts Exceeded Revenues In Lagos, Cross River, FCT, Others

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 [...]

April 7, 2021 Finance
New IMF reserves could fund vaccines in poor nations

New IMF reserves could fund vaccines in poor nations

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 [...]

April 6, 2021 Finance
Food Inflation

Food Inflation Rises To 21.79% In February 2021

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 [...]

March 19, 2021 Finance
Nigeria’s debt

Nigeria’s debt to N32.9 trillion as 2020 borrowing

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 [...]

March 17, 2021 Economy, Finance
Finance

Failure to migrate to digital economy costs Nigeria $6b yearly

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 [...]

November 24, 2019 Finance
Godwin

CBN mulls fresh capital base for Nigeria’s banks

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 [...]

June 25, 2019 Finance
Mary UdoK Acting Director General SEC

Four years after, government inaugurates SEC board

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 [...]

June 25, 2019 Finance
International Monetary Fund

Breaking: IMF warns Nigeria, others over rising foreign debts

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 [...]

October 13, 2017 Finance