Business/Economy

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…]

The Nigerian National Petroleum Company Limited has eventually spoken up as regards the widespread concern of a possible hike in the pump price of Premium Motor Spirit, popularly called petrol. In a post by the company, posted around 11:48pm on Monday on its official X (formerly Twitter) handle, the national oil firm and major importer … [Read more…]

The Central Bank of Nigeria on Tuesday raised its benchmark lending rate to 18.75 per cent from 18.5 per cent. The apex bank made this known after the two-day Monetary Policy Committee (MPC) meeting. The acting CBN governor, Folashodun Shonubi, who chaired the meeting, noted that “hiking the interest rate has made a lot of … [Read more…]

The Federal Inland Revenue Service (FIRS) has announced a total tax revenue collection of N5.5 trillion for the half-year period of January to June 2023. This is the highest tax revenue collection ever recorded by the Service in any first six months of a fiscal year, the agency said in a statement Thursday. The statement … [Read more…]