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International Monetary Fund (IMF) has reported that the economic reforms initiated by Nigeria’s federal government have yet to yield significant positive results, 18 months after their implementation. In its latest outlook for sub-Saharan Africa, IMF excluded Nigeria from the list of countries making reform progress, grouping it among nations struggling to meet desired economic outcomes. […]
Continue ReadingNigeria’s Naira is forecasted to depreciate to N1,993 against one United States dollar ($1) by 2028, posing a significant challenge to Nigeria’s pharmaceutical industry, particularly in importing essential medical devices, a new report by BMI, a Fitch Solutions subsidiary, has revealed. The report themed, “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market […]
Continue ReadingNigeria, in the last five years, has witnessed an increasing trend of multinational and local companies shutting down or relocating their operations due to economic challenges, currency volatility and rising operational costs. In the past five years, about 60 multinationals and local companies have left Nigeria, resulting in an estimated revenue loss of N94 trillion […]
Continue ReadingIndications are showing that the local currency is set to fully reverse its gains as the depreciation trend enters a new height, hitting N1,740 to $1 in the parallel market at the close of trading last weekend. But, the Naira remained stable with minor appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), as dealers […]
Continue ReadingNigeria’s currency, the Naira, appreciated to N1,680 per dollar in the parallel market on Monday compared to N1,690 per dollar last weekend. At the same time, the Naira appreciated to N1,552.92 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,552.92 […]
Continue ReadingChairman of the Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC), Taiwo Oyedele, has stated that Nigeria cannot become a wealthy country by continually taxing the most vulnerable people in society. He made the statement during a two-day Integrated National Financing Framework Core Working Group Retreat held at the Continental Hotel, Victoria Island, Lagos, on […]
Continue ReadingThe Consolidated Public Service Salary Structure (CONPSS) in Nigeria is quite comprehensive. It’s divided into 17 grade levels, with salaries determined by qualifications, experience, and performance. According to Nigerian Tribune, the breakdown of the salary structure for civil servants following the new minimum wage signed by President Bola Tinubu-led administration, with key emphasis on 1, […]
Continue ReadingNigeria, through the Securities and Exchange Commission (SEC), has officially granted operational approvals to several crypto operators, indicating an acceptance of the digital currency. On Thursday, the SEC announced that it had granted approval-in-principle to two Digital Asset Exchanges to begin operations under its Accelerated Regulatory Incubation Program (ARIP). Five firms were also admitted to […]
Continue ReadingNigerian currency, the Naira has plummeted to a record low, depreciating by N72.58 in value against the US dollar in July 2024. According to the FMDQ financial market report, the average exchange rate stood at 1,560.32 Naira per dollar, a 4.88% increase from the previous month. The foreign exchange market turnover also surged to $7.39 […]
Continue ReadingMonies unremitted by Revenue Generating Agencies (RGA) to the coffers of the Federal Government increased to N4.1tn as of June 2024, the Federation Accounts Allocations Committee (FAAC) has said. FAAC stated that this was despite the agencies’ reconciliation and payment of outstanding debts of N94.96bn in May 2024. According to Punch, the unresolved amount is […]
Continue ReadingIn an interview published by the Financial Times on Friday, Nigerian businessman, Tony Elumelu, has said the government and security agents in Nigeria should be able to tell Nigerians who steal the country’s crude oil, especially using vessels that move through the territorial waters. He said he discovered first-hand why international oil companies were partly […]
Continue ReadingThe Nigerian currency, the Naira has appreciated at the official market. According to new Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, NAFEM, the Naira gained N9.93, representing a 0.61 per cent gain when compared to the previous trading date on Aug. 2 […]
Continue ReadingNigeria’s Naira further depreciated at both the official and parallel markets on Monday. At the official, Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira dropped to 1,523.85 per dollar, depreciation from the previous close of 1,509.67 to the American dollar. NAFEM is the market trading segment for Investors, Exporters, and End-users that allows for forex […]
Continue ReadingIn a statement by the Central Bank of Nigeria’s (CBN) Acting Director of Corporate Communication Department, Sidi Ali, the CBN has revoked the banking operations licence of Heritage Bank Plc, effective immediately. This decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability. According to the […]
Continue ReadingThe value of Nigeria’s naira has again weakened further against the United States dollar at both the official and parallel foreign exchange markets. So, officers of the Economic Financial Crimes Commission (EFCC), on Tuesday, expanded its clampdown on Bureau De Change operators, arresting traders in Abuja, Lagos, Kano and Port Harcourt. Activities of currency speculators […]
Continue ReadingPresident Bola Tinubu has asked the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy and ordered a review of the law and policy necessitating it. This is coming after the decision of Nigeria’s House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all […]
Continue ReadingIn a circular signed by the Director, Payments System Management Department (PSMD), Chibuzo Efobi; and the Director, Financial Policy and Regulation Department (FPRD), Haruna Mustafa; the Central Bank of Nigeria (CBN) on Monday directed all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country. Implementation of the […]
Continue ReadingIn a circular on Monday, the Central Bank of Nigeria (CBN), directed banks and other financial institutions to start charging a cybersecurity levy on all banking transactions, and implementation of which would start in two weeks. The circular reads in part: “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant […]
Continue ReadingIn spite of the on-the-spot raid of Bureau De Change (BDC) operators by Economic and Financial Crimes Commission (EFCC) on Monday, the naira began the week on a negative note against the United States dollar closing at N1419.11/$ on Monday indicating signs of a turbulent week. At the official market on Monday, the naira traded […]
Continue ReadingNigeria’s naira has demonstrated signs of strengthening against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend. The new rate represents a 9.8 per cent increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday. This came as the Senate through its Committee […]
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