Barely 48 hours after the announcement of the new naira redesign fixed for December 15, 2022 by the Central Bank of Nigeria ( CBN), the Minister of Finance , Budget and National Planning, Zainab Ahmad, said she is opposed to the policy . The minister, who commented on the policy in response to a question … [Read more…]
The Central Bank of Nigeria (CBN) on Wednesday announced that it would soon release resigned naira notes into the economy. Governor of the CBN, Godwin Emefiele who made the announcement during a press briefing, stated that the redesigned naira notes would be introduced by December 15, 2022 and will affect the highest denominations: 200, 500, … [Read more…]
The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) on Thursday confirmed the sales of Polaris Bank. This followed the completion of a Share Purchase Agreement (SPA) for the acquisition of a 100 percent stake in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’). The House of Representatives had on … [Read more…]
Chetanne Chinelo, Enugu President Muhammadu Buhari is set to commission an FZE Terminal belonging to Pinnacle Oil and Gas Limited in the Lekki Free Trade Zone Terminal. In a brief statement made available to Pacesetter Magazine, the Presidential commissioning is set to hold on Saturday, October 22, 2022 by 11am at the Lekki Free Trade … [Read more…]
THE International Monetary Fund, IMF, has projected that Nigeria’s economic growth will slow to 3.0 per cent in 2023 while the inflation rate drops to 17 per cent. Making these projections in the IMF October World Economic Outlook, WEO, released on the sidelines of the ongoing IMF/World Bank annual meetings, in Washington DC, the Fund … [Read more…]
Nigerians spent $609.5m on foreign education between January and August 2022. The figure is contained in the data obtained from the Central Bank of Nigeria, calculated based on the information provided on the amount spent on educational services under the sectoral utilisation for transactions valid for foreign exchange. In January 2022, the apex bank noted … [Read more…]
The Central Bank of Nigeria has lent N9.3tn to businesses, recovering N3.7tn from it. The apex bank said N5tn was not yet due. Director of Development Finance, CBN, Dr Yusuf Yila, disclosed this to journalists on Wednesday in Abuja, noting that manufacturers got 31 per cent of the fund, which was the biggest chunk. “Some … [Read more…]
The Governor of the Central Bank of Nigeria(CBN), Mr. Godwin Emefiele, has blamed the low revenue inflow from oil sales for the nation’s current foreign exchange crises. Emefiele stated this during a panel session at the Nigeria International Economic Patnership Forum held in New York, United States, yesterday. According to the President, Nigeria has for … [Read more…]
Nigerians will not be able to use their Naira debit cards for international transactions as scarcity of foreign exchange (forex)worsens in Africa’s largest economy and biggest oil exporter, Daily Trust learnt. Some banks have already alerted their customers on the latest development while it was gathered that others are keenly watching activities before implementing the … [Read more…]
Nigeria‘s headline inflation climbed to a new high of 20.52 per cent in August, the National Bureau of Statistics posted on Thursday. This is contained in the federal statistics office’ Consumer Price Index (CPI) report for the month of August 2022. Making this disclosure in a tweet on its official Twitter page, NBS wrote: “Headline … [Read more…]
Protesting members of the Petroleum and Natural Gas Senior Staff Association of Nigeria on Thursday threatened to shut down oil production in Nigeria for 30 days if the Federal Government fails to curb the lingering massive oil theft in the Niger Delta. Members of the union staged protests in various parts of Nigeria including Abuja, … [Read more…]
Nigeria’s oil production crashed below the one million barrels per day mark in August costing the country about $2.658 billion, latest data has shown. Oil production figures posted by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, yesterday, showed that daily average production for August was 972,394 barrels, compared to 1.083 million barrels produced in July … [Read more…]