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…]
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…]