Economy

Taking decision after its meeting, Monetary Policy Committee of the Central Bank of Nigeria (CBN) has jacked up benchmark interest to 13 percent. The Governor of the Central Bank, Godwin Emefiele, while reading the communique said the action was to tame the raising inflation rate in the country. Nigeria’s inflation rate jumped to 16.82 per cent in April from 15.92 ...

A pro-Muhammadu Buhari group, Nigeria First Movement has called for the resignation or sacking of the governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele. According to the supporters of the President, doing so will save the nation from further economic meltdown. CBN Governor, Godwin Emefiele Group Coordinator, Augustine Richard in a statement said the latest introduction and ...

Prof. Lauren Cohen, L. E Simmons, a Professor of Business Administration, Harvard Business School, United States of America has  suggested recommendations for the success of Nigeria’s Central Bank Digital Currency (CBDC). He gave some useful advice to the apex bank  at a symposium organised by the LCCI Financial Services Group that was held both physical and virtual. Themed “Blockchain Technology, ...

The Central Bank of Nigeria CBN has dissociated itself from claims that it is disbursing 50 billion eNaira to the public. It distanced itself from a twitter handle @enaira cbdc whose activities it described as illegal. The bank said, “the impostor handle and fraudulent persons have been posting messages related to the eNaira with the intent of wooing unsuspecting Nigerians ...

Plans are in the offing for Chinese banks to start operations in Nigeria, Ambassador Cui Jianchun said on Tuesday. He noted that Nigerian financial institutions are welcome in his country if they decide to come on board. According to him, he is working to ensure the banks open in China and has been taking required steps. Jianchun told reporters in ...

Nigeria’s foreign reserve crossed the $40 billion mark on 18th October 2021, after gaining $566.45 million on Monday to close at $40.39 billion. This is according to data obtained from the Central Bank of Nigeria (CBN). The nation’s foreign reserve grew by 1.42% on Monday from $39.82 billion recorded in the previous day. The recent gains in the country’s reserve ...

The apex bank, the Central Bank of Nigeria (CBN) says banks in the country have remained stable, robust and resilient in spite of the COVID-19 pandemic. The Director, Banking Supervision of CBN, Mr Haruna Mustafa, said this at the 2021 Financial Correspondents Association of Nigeria (FICAN) workshop in Ibadan on Friday. Mustapha, represented by Mr Adekunle Adeniji, the Assistant Director, ...

News reaching us now says that President Muhammadu Buhari will on Thursday this week lay the 2022 appropriation budget before the National Assembly. The intimation was made by theDeputy Senate President, Ovie Omo-Agege  during the plenary on Tuesday. Omo-Agege presided over the plenary in the absence of the President of the Senate, Dr. Ahmad Ibrahim Lawan It was learnt that ...

The apex, the Central Bank of Nigeria (CBN) has planned to increase wheat production by addressing existing difficulties in the value chain and, as a result, bolstering the country’s foreign reserves. Speaking, Mr Philip Yila Yusuf, Director of the CBN’s Development Finance Department, revealed this at a wheat conference and stakeholder engagement in Abuja over the weekend, themed: “Improving and ...

Indications have emerged  that the Attorney General of the Federation (AGF), Abubakar Malami, and the governments of Adamawa, Plateau and Kaduna states will join the Federal Inland Revenue Service (FIRS) in its appeal against the judgment of the Federal High Court in Port Harcourt that empowered Rivers to collect the disputed Value Added Tax VAT. The high court had in ...