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 ...

Two bar owners in Ogbomoso, Oyo State have died in mysterious circumstances. DAILY POST gathered that the death of the two individuals occurred in the last three days. Adebayo Owolabi, who was until his death the Chief Executive Officer of Moreke Bar Osupa Ogbomoso died on Wednesday at the ...

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 ...

By Elizabeth Adegbesan DESPITE the adoption of electronic payment channels due to cash scarcity occasioned by the Naira redesign policy of the Central Bank of Nigeria (CBN), the value of electronic payment transactions declined while volume of transactions increased. However, most e-payment ...

The Governor of Anambra State, Prof Charles Soludo confirmed on Monday that the Central Bank of Nigeria has asked commercial banks to dispense and accept old naira notes as deposits. DAILY POST reports that Soludo, a former CBN governor, made this known in a statement he posted on his ...

There are many ways to make money online, and the best method depends on your skills, interests, and availability. Here are some popular ways to make money online: Freelancing: Offer your skills on freelancing platforms such as Upwork, Fiverr, or Freelancer, and work on various projects from ...

By Peter Egwuatu The Chief Executive Officer, Bullnet Bulletin and Enquiries Networking Services, has disclosed that eNaira introduced by the Central Bank of Nigeria, CBN, can be funded directly with cash-purchased vouchers. He disclosed this in a media parley during a presentation to ...

A 2023 report released by parent body of Facebook, Whatsapp and Instagram, Meta has shown that 77 percent of Nigerian shoppers for the upcoming Islamic festive season, Ramadan, made their choices through Facebook and Instagram contents. The report titled: ‘Ramadan and Eid Study’ was Meta’s ...

For weeks, there has been chaos in Nigeria’s micro and macroeconomic sectors as commercial banks, business owners and Nigerians continued to count their revenue losses owing to the untamed naira crisis. The pain of Naira scarcity has been on the lips of many Nigerians, including corporate, ...

President Muhammadu Buhari has met with the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele at the Presidential Villa Abuja. Emefiele met privately with Buhari for the third time since the cash crunch started in the country. The CBN Governor, however, did not speak to ...

Fear gripped residents of Abeokuta, the Ogun State capital, on Monday morning when banks started rejecting the old N200, N500 and N1000 notes. As of the weekend, residents of Abeokuta were still transacting businesses with the old notes, despite the February 10 deadline of the Central Bank of ...

Despite the Supreme Court order extending the deadline for old Naira notes to remain in circulation, businesses and other economic activities are still suffering a setback as the cash crunch continues to ravage the nation. DAILY POST reports that the Supreme Court had on Wednesday temporarily ...

Governor Nasir el-Rufai of Kaduna State has urged Nigerians to continue spending the old denominations of the redesigned naira notes. El-Rufai said Nigerians should disregard the directives of the Central Bank of Nigeria, CBN, because the presidential candidate of the All Progressives Congress, ...

The Managing Director of the Yobe Micro Finance Bank, Sheriff Muhammad Almuhajir, has alleged that the sum of N4.3 billion disbursed by the Central Bank of Nigeria, (CBN), to banks in the State has been diverted. The MD made the allegation in a 4:31 seconds video footage posted on his ...

By Yinka Kolawole NIGERIA’s public debt stock stood at N44.06 trillion ($101.91 billion) in the third quarter of 2022 (Q3’22), which is 2.85 percent higher than the N42.84 trillion recorded in Q2’22. The National Bureau of Statistics (NBS) stated this in its Nigerian domestic and foreign debt ...

Nigerians with old notes can still deposit them at commercial banks even after the February 10 deadline, this is according to the Central Bank Governor, Godwin Emefiele. Emefiele stated this on Tuesday while appearing before the House of Representatives ad hoc committee. It would be recalled ...

Godwin Emefiele, the Governor of the Central Bank of Nigeria, on Tuesday finally appeared before the House of Representatives Committee, investigating the Naira swap exercise. The Committee and delegation of the CBN are currently meeting at the National Assembly. The meeting commenced around ...

By Waliat Musa (Lagos), Sodiq Omolaoye and Ernest Nzor (Abuja) ATMs empty, banks limit old notes withdrawal to N10,000 • Phobia for old notes cripple businesses in markets • DSS intercepts syndicates selling new notes, bank officials implicated • Doguwa: I suspect Emefiele misled Buhari ...

It is impressive to observe the determination of the Central Bank of Nigeria, CBN, to follow through with the laudable cashless policy which it introduced into Nigeria’s banking system. As the apex bank had explained, the cashless policy is aimed at scaling up financial inclusion and reducing ...

First Bank of Nigeria, on Friday, called on all her customers to deposit their old currency. In a circular sent to all its branches nationwide and seen by DAILY POST, in Kaduna, it directed all its branches to open on Saturday, Sunday for customers who are willing to deposit old currency. ...

Nigeria has launched an African Central Bank-led National Domestic Card Scheme, AfriGO, to boost the nation’s economy. The Governor of the Central Bank of Nigeria, Godwin Emefiele disclosed this at the unveiling ceremony on Thursday. The new card, AfriGO, would be accessible to all Nigerians ...

The Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has shunned the invitation by the House of Representatives over the bank’s decision to stick to its January 31 deadline for the phasing out of the old naira notes. Emefiele was expected to appear before the Adhoc Committee set up ...

The Central Bank of Nigeria (CBN) has denied scarcity of the new naira notes as alleged by some Nigerians. The CBN Governor, Godwin Emefiele, represented by Musa Jimoh, Director, Payment System Management Department of the bank, denied the allegation in a news conference on in Jos. ”The CBN ...

The Federal Capital Territory Administration (FCTA) has ordered Point of Sales (POS) owners to restrict their operations to commercial areas. The Coordinator, Abuja Metropolitan Management Council (AMMC), Umar Shuaibu issued the directive on Wednesday. Shuaibu said the administration would ...

Michael Olugbode in Abuja The federal government has revealed its plan to be the largest producer of sugar on the African continent in the next ten years and generate electricity from ethanol. Addressing a press conference in Abuja yesterday, the Executive Secretary of the National Sugar ...

The GMB union called for a walk-out after balloting members in December. The union is demanding an increase in pay from £10 to £15 per hour. Amazon has offered 50p per hour.   Amazon workers today started their first official strike action in the United Kingdom, walking out ...

•Inaugurates rice mill, bestaf lubricant plant  •Chinese envoy says it’s sign Nigeria’s investment climate can be trusted •170,000 jobs to be created at new sea port Deji Elumoye in Abuja, Eromosele Abiodun, Segun James, Peter Uzoho, Gilbert Ekugbe and Oluchi Chibuzor in Lagos President ...

One of the objectives of the Pension Reform Act (PRA) is the establishment of a uniform set of rules, regulations, and standards for the administration and payment of retirement benefits for both the public and private sectors at the national and sub-national levels. Specifically, Section 2(1) ...

Lekki Port LFTZ Enterprise Limited (LPLEL) is the Special Purpose Vehicle which was awarded the concession for the development and operations of Lekki Deep Sea Port by the Nigerian Ports Authority. LPLEL is required to develop, build and operate a standard user multipurpose port under a concession ...

By  Edidiong Ikpoto The Federal Government has raked in N11.5tn from taxes paid by business organisations under the administration of Major Gen. Muhammadu Buhari (retd), findings by The PUNCH have revealed. Data sourced from Company Income Tax reports published by the National Bureau of ...

The Central of Nigeria, CBN, has initiated a cash-swap programme across the 774 local government areas of the country as part of its implementation of the Naira redesign policy. The initiative between CBN, Deposits Money Banks, DMBs, and Super Agents would commence on January 23 2023, to exchange ...

The Central Bank of Nigeria (CBN) has accused some commercial banks in Port Harcourt, Rivers State, of refusing to dispense the sum of N4.5 billion redesigned notes allocated to them. The controller of the CBN branch in Rivers State, Maxwell Okafor, disclosed this on Friday when he led an ...

Deji Elumoye in Abuja The federal government has disclosed that 3,400 mining licenses were revoked within one year with a promise to revoke other unutilised mining titles in 2023. The Director-General of the Nigeria Mining Cadastre Office, Obadiah Nkom, who stated this yesterday, while speaking ...

By Matt Salter In another blow to the health and success of the global cryptocurrency ecosystem, the founder of popular crypto exchange Bitzlato has been charged with multiple crimes by the U.S. Department of Justice. Per the Department of Justice's announcement, Russian national Anatoly ...

By Emeka Anaeto, Business Editor, LAGOS The Federal Government may begin a gradual removal of the petrol subsidy from April 2023, about three months ahead of the initial plan to effect a complete stop to the expenditure head. Mrs Zainab Ahmed, Minister of Finance, Budget and National ...

Emmanuel Addeh and Sunday Aborisade in Abuja The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, yesterday admitted that although the projected global economic recession for 2023 appeared inevitable, with  about $34 billion in the nation’s foreign reserves, the projected ...

•Highest in Bauchi, Kogi, Anambra, others James Emejo in Abuja The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities increased by 5.72 per cent to 21.34 per cent year on year in December compared to 15.63 per cent in December 2021, the National ...

Emmanuel Addeh in Abuja Chevron Nigeria Limited (CNL), operator of the joint venture with the Nigerian National Petroleum Limited (NNPC), has said it has no plan to exit the country, contrary to a report in the media. In a statement by the General Manager, Policy, Government and Public ...

By Ogaga Ariemu Economic experts have said Nigeria cannot continue on the path of indebtedness amid incompetence and inefficiency. The economic analysts were reacting to the All Progressives Congress, APC, presidential candidate, Bola Ahmed Tinubu’s recent comment on Nigeria’s 2023 ...

Oyetunji Abioye and Sami Olatunji Deposit Money Banks borrowed the sum of N21.87tn from the Central Bank of Nigeria via the Standing Lending Facility window and Repurchase Lending platform in 2020, according to the CBN financial data. This represents a 260 per cent increase when compared to ...

By  Okechukwu Nnodim The Nigerian National Petroleum Company Limited on Friday announced the discovery of oil in Nasarawa State and said it was set to drill the first foot of an oil well in the Northern state. It said the discovery was in continuation of its oil exploration activities in the ...

Adelani Adepegba, Sami Olatunji, Lilian Ukagwu, Damilola Aina, Oluwafemi Morgan and Daniel Ayantoye The Central Bank of Nigeria may be under pressure to extend the deadline for old naira notes to cease being legal tender as bankers and customers push for the extension. The old notes are ...