Economy

Group calls for removal of CBN Governor, Emefiele

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 ...

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Don advises CBN on how to make digital currency successful

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, ...

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E-Naira: CBN denies disbursing N50bn to the public

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 ...

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Chinese banks to soon start operations in Nigeria- Envoy

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 ...

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Nigeria’s foreign reserves hit $40 billion mark

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 ...

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Despite covid-19 pandemic, Nigeria banks still remain resilient, strong- CBN

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, ...

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Buhari to present 2022 appropriation budget on Thursday

buhari

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 ...

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CBN plans to increase wheat production, bolsters foreign reserves

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 ...

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VAT War: Five northern states join FIRS in its appeal against Rivers, Lagos

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 ...

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Food Affordability: Report ranks Nigeria second poorest in the world

A report by the Institute of Development Studies, a UK-based think tank, has placed Nigeria as the second poorest country in the world in terms of food affordability. The report, which was compiled through a publicly available global cost-of-living database, Numbeo, was used in creating a ‘cost of food basics’ analysis that compares the monthly minimum recommended spending on food ...

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