By  Anozie Egole The recent 40 per cent hike in the exchange rate for cargo clearance at the seaports and the increase in tariff on imported cars by a terminal operator, Ports & Terminal Multipurpose Limited, has led to about 70 per cent drop in the sale of second-hand imported cars. The ...

A delegation from the International Bank of America, on Tuesday, visited President Bola Tinubu at the State House, Abuja, lauding the President for economic policies rolled out so far. The delegation, which was led by the bank’s President, Mr Bernard Mensah, expressed excitement about the ...

By Ogaga Ariemu The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf has said the current inflationary pressures might ease by December this year. Yusuf disclosed this on Sunday in his Half Year Review of 2023. His review comes amid the effect of fuel subsidy removal ...

Okechukwu Nnodim and Deborah Tolu-Kolawole The Federal Government has so far saved about N400bn as a result of the removal of subsidy on Premium Motor Spirit, popularly called petrol, since May 31, 2023, when the initiative was officially implemented, oil marketers stated on Thursday. Also, ...

The Naira on Tuesday dropped further, exchanges for N763 against the dollar at the Investors and Exporters window. The Naira depreciated by 0.67 per cent when compared with N768.17 for which it exchanged for the dollar at the close of business on Monday. The open indicative rate closed at ...

By  Anozie Egole The Central Bank of Nigeria and the Nigeria Customs Service have taken the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating import duty. The NCS on Saturday raised the exchange rate used for the ...

Temitayo Jaiyeola The Central Bank of Nigeria has mandated Financial Institutions to obtain the social media handle, e-mail addresses, telephone numbers, residential addresses, and more of their customers. This forms part of its new customer due diligence regulations and is in a bid to ...

Last week, President Bola Tinubu, signed the Nigeria Data Protection Bill, 2023 into law. The new law has obviously excited data and technology experts who now feel Nigeria’s economy is about to witness investment boom like other countries who have passed a similar law. The new law establishes the ...

By Babajide Komolafe & Elizabeth Adegbesan The Naira yesterday depreciated by 16 per cent to N770.38 per dollar in the Investors and Exporters (I&E) window following a surge in demand for dollars worsened by acute supply shortage. Data from the FMDQ showed that the indicative exchange ...

The Naira yesterday depreciated by 16 per cent   to   N770.38   per dollar in the Investors and Exporters (I&E) window following a surge in demand for   dollars worsened by acute supply shortage. Data from the FMDQ showed that the indicative exchange rate for the window rose to N770.38 5 per ...

By Ogaga Ariemu The Central Bank of Nigeria, CBN, has announced further policy changes. According to the Director of Corporate Communications, Dr Isa AbdulMumin, the policy changes are aimed at promoting transparency, liquidity and price discovery in the FX market. AbdulMumin said this ...

By  Sami Tunji The naira traded at 702.19/dollar at the close of business on Thursday, as the Central Bank of Nigeria has allowed for a free float of the national currency against the dollar and other global currencies. This means that the currency lost about five per cent of its value within ...

By Babajide Komolafe, Economy Editor, Peter Egwuatu, Yinka Kolawole, Nkiru Nnorom, Godwin Oritse, Rosemary Onuoha & Elizabeth Adegbesan THE Naira yesterday lost almost half of its value in the official market as the exchange rate in the Investors and Exporters, I&E window rose to N664.04 ...

There are indications that the Central Bank of Nigeria, CBN has directed banks to trade foreign exchange at any exchange rate in the Investors & Exporters window based on willing buyer, willing seller arrangements. In response the I&E window exchange rate rose sharply to N610 per dollar, ...

By Lovina Anthony In its bid to ensure that the cashless policy is fully implemented in Nigeria, the Central Bank of Nigeria (CBN) has urged stakeholders and institutions to embrace and promote the e-Naira policy both as a payment system and a medium of exchange. It regretted that the majority of ...

By  Sami Tunji The 10 poorest states in Nigeria owe local and foreign creditors about N1.18tn, according to findings by The PUNCH. While the data for the poorest state was acquired from the National Bureau of Statistics, the debt data was obtained from the Debt Management Office. The NBS, ...

By Babajide Komolafe, Economy Editor The World Bank, yesterday, warned that Nigeria’s economic growth is too slow to address the challenge of extreme poverty in the country. Meanwhile, the bank has retained its economic growth (Gross Domestic Product, GDP) forecast of 2.8% for Nigeria in ...

Ochogwu Sunday Since President Bola Tinubu announced the abolition of the fuel subsidy regime on Monday, May 29, 2023, the country has been in a state of turmoil as citizens grapple with the astronomical hike in the price of petroleum products and its attendant consequences. Petroleum ...

By  Sami Tunji The Federal Government borrowed N6.07tn from the Central Bank of Nigeria through Ways and Means Advances in 2022, according to recent data from the apex bank. This pushed the Federal Government’s borrowing from the CBN from N17.46tn in December 2021 to N23.53tn in December ...

Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has counseled Asiwaju Bola Tinubu, as he takes over the presidency of the country, not to rush in removing subsidy in Premium Motor Spirit, PMS, commonly known as petrol because of its socio-economic implications. NUPENG in a statement ...

By Abdul Seye President Muhammadu Buhari has asked the Senate to approve $566,754,584.31, £98,526,012.00, and N226 billion to clear some outstanding judgement debts. This request is coming barely five days before the termination of the current administration. The letter of request was read by ...

Nigerian Economic Summit Group (NESG), one of Africa’s leading think-tanks, has projected that Dangote Refinery and Petrochemical Company, set for inauguration on May 22, can create a $21 billion market for Nigeria’s crude oil. In a brief by the organisation, it further noted that the facility ...

The Presidency yesterday rose in stout defence of the rising inflation rate in the country, saying the menace is global, and not peculiar to Nigeria. Presidential spokesperson, Mallam Garba Shehu, said this in a statement, titled, “Re: Buhari Leaves Inflation at Highest in 17 Years.” The ...

The Consumer Price Index (CPI), which measures the rate of change in goods and commodities, rose to 22.22 per cent in April compared to 22.04 per cent in the preceding month, the National Bureau of Statistics (NBS) stated Monday. The food inflation increased to 24.61 per cent year-on-year, which ...

Nigeria Customs Service (NCS), Kwara state Command has said that, it had generated a total sum of over N3billion between January and March this year. The state’s Controller of the NCS, Mr. Kehinde Dehinde who made the disclosure in Ilorin on Wednesday during a news conference on the activities of ...

By Asare Asare The Minister of Mines and Steel Development, Olamilekan Adegbite, has said that Nigeria will now be saving $300 million every year, which hitherto was used for the importation of processed barite. The minister spoke in Ugaga community of Yala LGA, Cross River State, where the ...

By  Leke Baiyewu The Budget Office of the Federation has said Nigeria now has a “limited borrowing space” due to its poor debt-to-revenue ratio, stressing that “trouble” looms for the country if it exceeds its limits. The Director-General of the Budget Office, Ben Akabueze, while addressing ...

The National Agency for Food and Drug Administration and Control (NAFDAC) has confirmed that locally produced Indomie Instant Noodles in Nigeria are safe for consumption. This statement refutes reports circulating online that NAFDAC has banned locally produced Indomie Instant Noodles. The ...

Some Nigerians stormed the headquarters of the Central Bank of Nigeria (CBN) today to demand the resignation and arrest of CBN Governor Godwin Emefiele over the failed new naira notes policy. The protesters, wielding placards, were sighted on the premises of the apex bank, and noted that Emefiele ...

Guaranty Trust Holding Company Plc (GTCO) announced a Profit Before Tax (PBT) of N74.1 billion for the period ended March 31. The bank disclosed this in its unaudited consolidated and separate financial statements for the period under review, presented to the Nigerian Exchange Ltd. (NGX) and London ...

TotalEnergies EP Nigeria Limited has disclosed that its plastic recycling plant has in one year, removed and recycled over 200 tons of plastic waste into high quality resins. The Executive Director, JV Assets, TotalEnergies EP Nigeria Limited, Mr. Obi Imemba, disclosed this yesterday, in Port ...

Earlier today, President Muhammadu Buhari commissioned 748 Housing Units in the Federal Housing Authority Estate located in Zuba, Abuja. The entire estate is situated on 18.5 hectares of land area. During the project's execution, over 13,000 Nigerians were employed both directly and indirectly. ...

The regime of the President, Major General Muhammadu Buhari(retd), on Monday claimed that a total of 1.6 million poor households benefited from a bimonthly payment of N10,000 each as part of the regime’s plan to mitigate suffering among the citizens. The Minister of Labour, Employment and ...

The Edo State Governor, Mr. Godwin Obaseki, yesterday said the federal government may not be able to pay workers’ salaries beyond June 2023 without resorting to massively printing money or removing fuel subsidy. Obaseki disclosed this while delivering his address during the 2023 May Day ...

The first phase of a project to rehabilitate Nigeria’s 210,000 barrels per day Port Harcourt refinery, which had been slated for completion in April this year, may not be finished for another four months at least, refinery and oil ministry sources have told Argus Media. The Nigerian government ...

President-elect Asiwaju Bola Tinubu has promised to provide Nigerian workers with a "living wage" that exceeds the minimum wage. In a statement issued on May 1, 2023, to mark the Workers' Day celebration, Tinubu pledged to prioritize social and economic justice for all Nigerians, including ...

The Minister of Labour and Employment in Nigeria, Dr Chris Ngige, has revealed that he earns a monthly salary of N942,000 after tax and takes no allowance. He made this disclosure during an interview on Channels Television's Politics Today program on Tuesday, April 25, 2017. ...

The Governor of Anambra State, Chukwuma Soludo, has threatened to cut salaries of workers who skip work on Mondays due to the sit-at-home order issued by the Indigenous People of Biafra (IPOB) in the South-East region of Nigeria (Punch, 2022). Governor Soludo issued the ...

The Presidency has released a 90-page fact sheet chronicling the high points of the Muhammadu Buhari-led government as it winds down on May 29, 2023. The fact sheet highlights the achievements of the administration in areas such as security, economy, anti-corruption, infrastructure, legislative ...

“$800 million at best is equivalent to about N360 billion and when you divide this by the targeted 10 million households, that amounts to approximately N36,000. What significant or tangible effect would this have on anyone, irrespective of status?” – Wale-Smatt Ojerinde, Director General, NECA ...

The three months of rising inflation in 2023, with the recent figure standing at 22.04 per cent, has put pain, frustration and agony in the faces of Nigerians and the country’s economy. DAILY POST reports that like a drowning person, Nigerians are overwhelmed by the rising food prices and the ...

By Ogaga Ariemu Nigeria’s March inflation rate rose to 22.04 per cent from 21.91 per cent in February 2023, according to the National Bureau of Statistics, NBS. NBS disclosed this on Saturday in its latest Consumer Price Index and Inflation report. The recent figure showed a 0.13 per ...

The Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said borrowing $800 million from the Word Bank to fund fuel subsidy removal palliative in June is strange. After last week’s Federal Executive meeting, the Minister of Finance, Budget and National Planning, Mrs ...

Chairman of DAS Energy Services Ltd, Udu near Warri, Chief Sunny Onuesoke, has appealed to the federal government to ensure that local refineries are functional before implementing the planned deregulation of the petroleum sector. Onuesoke, who spoke to journalists in Asaba, Delta State, ...

By  Temitayo Jaiyeola The naira lost 10.2 per cent of its value in 2022, according to the World Bank. This came as rising food and fuel prices were responsible for high inflation in the country in 2022. The global bank revealed this in its latest Africa’s Pulse report for April 2023. It ...

The Nigerian economy has started recovering from the three-month-long naira scarcity, but there is another brewing risk of a possible banking sector collapse as customers shun cash deposits. The development is a spill-over effect of the Central Bank of Nigeria’s poorly implemented Cashless Policy, ...

By  Our Reporters N’Assembly extends 2022 budget implementation to June The House of Representatives, on Tuesday, approved the request by the Federal Government to borrow $973,474,971.38 from China Development Bank. This followed the decision by the China-Exim Bank to reject ...

Daniel Ayantoye, Ayoola Olasupo, John Charles and Sunday Nwakanma Benue’s Alia, Abia’s Otti to battle months of unpaid salaries, pensions The 17 newly-elected governors face an uphill task to stimulate the economies of their respective states as they will inherit at least N2.1tn in domestic ...

The Federal Government has earned N10.1 trillion in revenue from the Value Added Tax, VAT, under President Muhammadu Buhari’s administration. The latest National Bureau of Statistics report showed that VAT earnings continued to rise annually throughout the eight years. The country earned ...

President Muhammadu Buhari has been urged to suspend the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele. The Director of Media and Publicity to Bola Tinubu, the President-elect, Bayo Onanuga, made the call over the continued naira scarcity. Onanuga said Emefiele should not be ...