Nigeria’s leading cement manufacturer, BUA Cement Plc, has announced price reduction of cement to N3,500 per bag effective Monday, October 2, 2023. The company made the announcement in a post on its Facebook page on Sunday evening. The statement read: “We refer to our previous pronouncements regarding our intent to reduce cement prices upon the … [Read more…]
Nigeria’s Senate has given its approval to Dr. Olayemi Cardoso’s nomination to serve as Governor of the Central Bank of Nigeria (CBN). The Senate has also given its approval for the appointment of the four Deputy Governors of the CBN, namely Emem Usoro, Muhammad Dattijo, Philip Ikeazor, and Bala Bello. This comes after the Upper … [Read more…]
The naira came under intense pressure on Wednesday, leading to a significant depreciation as it fell to N990 to a dollar at the parallel market segment of the foreign exchange market, compared to the N950 to a dollar it traded the previous day. On the other hand, on the official Investors and Exporters’ (I&E) FX … [Read more…]
The acting Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, on Monday, pledged to surpass Africa’s average tax-to-GDP ratio of 16.5 per cent and achieve an impressive 18 per cent within three years. Mr Adedeji disclosed this while assuming office on Monday. Last Thursday, President Bola Tinubu approved the appointment of Zacch Adedeji as the … [Read more…]
THERE are indications that exchange rate crises that trailed the foreign exchange market reforms in June 2023 may linger further as supply gap led to further depreciation of Naira in the parallel market yesterday to N930/ $1, down from N925 mid last week. However, the exchange rate improved week-on-week in the Investors and Exporters (I&E) … [Read more…]
Governor Peter Mbah of Enugu State has assured the local and international investment community of abundant investment opportunities in the state, stressing that the state was making fast progress in de-risking investment and making its ease of doing business more attractive. Highlighting the state’s abundant investment opportunities in agriculture and agro-industry, logistics and aviation, tourism, … [Read more…]
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the Federal Government is not in the position to borrow money at this time, adding the emphasis was on how to create a macroeconomic environment where both local and foreign investors will invest and increase production. In a meeting with President … [Read more…]
As we take seriously, the need for a realistically more robust economic activities cum development of Southeast Nigeria where potentials of Ndigbo could be harnessed and deployed towards the end of attaining the full economic potential possibilities and economy of scale befitting of a people whose ingenuity and can-do spirit permeate all spheres of business … [Read more…]
The Central Bank of Nigeria (CBN) has introduced the GoLive of the Price Verification System (PVS) for importers. According to the apex bank, this follows the successful conduct of the pilot run and various training held with all the banks. This is just as the Central Bank of Nigeria (CBN) led Financial Services Regulation and … [Read more…]
Naira inched close to a 15 per cent gain against dollar in the parallel market within a week, trading around N820/$ in Lagos and Abuja yesterday evening. Reliable sources informed The Guardian that traders at major market clusters were hurriedly dumping dollars yesterday as fear of a further slide in the value of the greenback … [Read more…]
Amid shortage of foreign exchange, Nigeria’s inflation rate rose to 24.08% in July 2023, the highest in years. The July 2023 rate showed an increase of 1.29% points when compared to the previous month’s which was 22.79%, the National Bureau of Statistics (NBS) said in its Consumer Price Index (CPI) report released on Tuesday. The … [Read more…]
Following the tumbling of the naira at the parallel market in recent times, the Central Bank of Nigeria has started introducing foreign exchange intervention measures aimed at clamping down on currency speculators in the foreign exchange markets. Acting Governor of the CBN, Folashodun Shonubi, made the disclosure to State House correspondents on Monday at the … [Read more…]