As the fuel shortage continues to bite harder, the South West Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Tajudeen Adigun, has warned that the scarcity might extend to the Yuletide season unless it is quickly addressed. He also said there was a massive shortfall in supply by the importer of last … [Read more…]
One hundred and sixty five billion old naira notes have so far been absorbed by commercial banks since the announcement of the planned launch of new naira notes on October 26. Director Currency, Central Bank of Nigeria (CBN), Ahmed Bello Umar, made the disclosure in Abuja at a post-Monetary Policy Committee media briefing. According to … [Read more…]
Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Tuesday disclosed that the redesigned naira notes hitherto slated for unveiling on December 15 has been brought forward to Wednesday and would be launched by President Muhammadu Buhari, at the Presidential Villa, Abuja. He also ruled out the chances of any extension in the timeframe … [Read more…]
Between October 2021 and 2022 same month, the price of Liquefied Petroleum Gas (LPG) soared by 70.62percent. The average retail price for refilling a 5kg Cylinder was N2,627.94 in 2021 but rose to N4,483.75 in October 2022. On a month-on-month basis, the commodity increased by 0.21% from N4,474 recorded in September 2022 to N4,483.75 in … [Read more…]
Bureau de change operators in Adamawa State are rejecting foreign currencies from customers due to growing uncertainty in the parallel market. Some of the money changers interviewed at Jimeta Modern Market in Yola said they were apprehensive over the sudden and continued crash of the dollar which destabilized the parallel market. The chairman, bureau de … [Read more…]
Data obtained from the website of the Central Bank of Nigeria on Sunday revealed that Nigeria’s educational sector suffered massive capital flight during the regime of the President, Major General Muhammadu Buhari(retd). Specifically, using the CBN’s balance of payment statistics, Nigerians have spent a hefty sum of $3.5bn on foreign education in the past seven … [Read more…]
The naira has rebounded by 20.8 per cent to 720/dollar at the parallel market, findings by The PUNCH have shown. The development came two weeks after the local currency came under severe pressure at the black market, following the announcement by the Federal Government to redesign the naira. The naira which fell consistently throughout last … [Read more…]
Governor Godwin Obaseki of Edo State has described the decision of the Central Bank of Nigeria, CBN, policy to redesign the N200, N500 and N1,000 notes as a political agenda. Obaseki stated this while inaugurating the Edo State Peoples Democratic Party Women Campaign Council at the Presidential Campaign secretariat in Benin City, Edo State. He … [Read more…]
The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele says eNaira has recorded 700,000 transactions valued at N8 billion, since its inauguration on Oct. 25, 2021. Emefiele said this on Wednesday in Abuja, at the 28th edition of the apex bank’s annual In-house Executive Seminar with the theme, “Digitalisation of Money and … [Read more…]
The Federal Government yesterday sought global support for its Energy Transition Plan, ETA, estimated to cost about $1.9 trillion in the next 60 years. The plan, which requires an investment of $10 billion annually to fund projects in mini-grids and renewable energy sectors, also aims at de-carbonising Nigeria’s hydrocarbons. Speaking at the opening ceremony of … [Read more…]
Amid controversies over the position of the Finance Minister, Mrs Zainab Ahmed, on the decision of the Central Bank of Nigeria, CBN, to embark on the redesigning of Naira notes, President Muhammadu Buhari said yesterday that the CBN has his support on the project. Ahmed, at the weekend, declared that the CBN did not carry … [Read more…]
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…]