The Africa Pulse Report for October 2024 from the World Bank has shown that the cedi and three other currencies are the poorest performing in Sub-Saharan Africa (SSA) this year. According to the report, the cedi’s value has dropped by approximately 24% against the US dollar, making it the fourth weakest currency in SSA. The other three currencies … [Read more…]
In a move that stunned the financial markets, the Central Bank of Nigeria (CBN) Monetary Policy Committee voted to further raise interest rate by 50 basis points to 27.25%. The Governor of the CBN, Mr. Yemi Cardoso who doubles as the Chairman of the MPC disclosed this at the end of the MPC meeting held … [Read more…]
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the country now records about $2.35 billion as net inflow into the Central Bank foreign reserves. Edun made this statement while speaking at the Access Bank annual cooperate forum of 2024 in Lagos. The Minister said the increase in foreign reserves … [Read more…]
…Revenue allocation drops by N155bn The three tiers of government on Tuesday shared the sum of N1.2 trillion as revenue allocation for August. The Director (Press and Public Relations) in the Office of the Accountant General of the Federation (OAGF), Bawa Mokwa, disclosed this in a communiqué issued at the end of the monthly Federation … [Read more…]
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday, debunked reports doing the rounds that the rate for Value-Added Tax (VAT) has been upwardly adjusted to 10 per cent from 7.5 per cent. The Minister, in a statement signed by him, affirmed that the VAT rate as contained in relevant … [Read more…]
Vice President Kashim Shettima has called an urgent meeting with the Minister of State for Petroleum, Heineken Lokpobiri, and the Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to address the ongoing fuel scarcity across the country. The meeting, held on behalf of President Bola Tinubu, who is currently on … [Read more…]
The Nigerian National Petroleum Company Limited (NNPCL) has successfully repaid 60% of a $1.036 billion loan that it took in September 2021 to finance the acquisition of a 20% stake in the Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP FZE). As of December 31, 2023, NNPC has repaid $625 million of the principal … [Read more…]
Currency traders have attributed the persistent weakening of the naira and the volatility of the foreign exchange market to the lack of consistency in dollar allocation to the Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN). The BDC operators, who admitted to the positive impact of the dollar sales by the … [Read more…]
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, announced that the Federal Government is set to introduce new tax laws by September, which will include regulations for the cryptocurrency industry. Speaking on Saturday at the FIRS 2024 Stakeholders Engagement with the Senate and House of Representatives Committees on Finance in … [Read more…]
The Central Bank of Nigeria has auctioned a total sum of $876.26m to 26 qualified banks, who participated in the latest Retail Dutch Auction System undertaken by the apex bank. The auction process conducted on Tuesday, August 6, 2024, aimed to enhance FX liquidity in the market, alleviate demand pressure, and support price discovery in … [Read more…]
Nigeria’s Central Bank approved a financial package worth N700 billion to support the proposed merger between Unity Bank Plc and Providus Bank Limited, according to a document seen by Nairametrics. According to the apex bank, the bailout is aimed at strengthening the stability of Nigeria’s financial system, as confirmed in an official letter from the CBN, … [Read more…]
The naira continued its recovery against the American dollar on Tuesday. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency gained N6 to trade at N1,601/$1, down from N1,607/$1 it traded on Monday. The intra-day high and low recorded during the day were N1,623/$1 and N1,560/$1 respectively, representing a very … [Read more…]