The Federal Government, through the Securities and Exchange Commission, is set to delist the naira from all peer-to-peer crypto platforms as the government steps up efforts to tackle exchange rate manipulators and dollar racketeers. The development came against the backdrop of the recent moves by the Federal Government to regulate Nigeria’s crypto market estimated at … [Read more…]
The naira regained strength against the haven currency over the weekend, breaking below the N1,300 resistance level at the parallel market, to settle at N1,270-1,275 against the dollar as the U.S. Federal Reserve Bank meets on interest rates. The new rate represents a 10% increase compared to the N1,400 to a dollar it traded at … [Read more…]
The shortage of petrol has continued spread to states. States reported to have experienced acute scarcity are Oyo, Osun, Ondo, Edo, Anambra, Enugu, Lagos, Abia, Benue, Plateau, Kaduna, Katsina, Niger and Jigawa. The scarcity first hit the Federal Capital Territory (FCT) last week. But an improvement was noticed by The Nation across Abuja yesterday. Most Nigerian … [Read more…]
The federal government is expecting a fresh $2.2 billion single-digit interest loan from the World Bank and another budget support facility from the African Development Bank (AfDB). The Minister of Finance, Wale Edun, disclosed this during a press briefing at the end of Nigeria’s activities at the World Bank/IMF Spring Meetings in Washington DC in … [Read more…]
The Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves. He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market (forex), … [Read more…]
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has committed to increasing the supply of Nigeria’s gas to both local and international markets with the aim of revitalising the country’s revenue. Kyari said that by improving gas production, the NNPCL would play its part in stabilising the naira. … [Read more…]
By Ikenna Igwe The issue of food inflation and food insecurity have continued making the news headline in today’s Nigeria. To be fair, the issue of food insecurity is not something that is alien to Nigerians but with the current administration of President Tinubu, things seem to be going south. According to the National Bureau … [Read more…]
The chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, has said the recent bank capitalisation comes with unique risks, especially when banks opt for the private placement route. The Central Bank of Nigeria had on Thursday announced new guidelines on its recapitalisation policy for banks, directing commercial banks with international authorisation to … [Read more…]
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent. This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja. The new interest rate is a jump … [Read more…]
As the naira gradually appreciates against the dollar after months of unprecendented uncertainties, the Central Bank of Nigeria (CBN), on Monday, announced the sales of $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,251/$1. In a circular to the President of the Association of Bureau … [Read more…]
The local currency continued on a recovery note on Thursday with naira appreciating significantly against the dollar, a development believed to be on the strength of recent interventions by the Central Bank of Nigeria (CBN). From N1,536.83 in the previous day, the naira appreciated to N1,382.35/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the … [Read more…]
The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs of $7 billion have now been settled, fulfilling a key pledge of its Governor, Mr. Olayemi Cardosoo. In a statement on Wednesday, the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, in Abuja confirmed that independent auditors from Deloitte … [Read more…]