Economy

The Nigerian Senate, on Wednesday, summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before it on Tuesday next week.   The Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Adetokunbo Abiru (APC Lagos East) made this known while speaking …

President Bola Tinubu has ordered the immediate suspension of the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, from office.   This follows the allege fraud she was embroiled in involving the approval of N585,198,500 to be disbursed into a personal account. Special Assistant to the President on …

  The 10 richest people in the world as of January 1, 2024, are worth nearly $1.47 trillion, according to data from Forbes.   This is $350 billion higher than the combined net worth of $1.12 trillion the top 10 richest people started in 2023. Elon Musk, the CEO of …

  Mele Kyari, the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, has blamed foreign exchange volatility as the reason it is the sole importer of Premium Motor Spirit, popularly known as petrol, into Nigeria.     He disclosed this on Wednesday while addressing the Senate Committee on …

Barring any unforeseen circumstances, president Muhammadu Buhari will inaugurate Dangote Oil Refinery on Monday, May 22. Barring any unforeseen circumstances, president Muhammadu Buhari will inaugurate Dangote Oil Refinery on Monday, May 22. The 650,000 barrels per day (BPD) is expected to meet 100 per cent of Nigeria’s demand for all …

  Congressman Tom Emmer has spoken out on the Biden-led administration’s alleged approach of “weaponizing market chaos to kill crypto.” In response, he sent an investigative letter to the Federal Deposit Insurance Corporation (FDIC) Chairman. This was in addition to the Federal Reserve’s (FED) launch of a new instant payment …

CBN, banks working to end new naira scarcity, says Buhari   The scarcity of new naira notes will soon end, President Muhammadu Buhari assured Nigerians on Saturday. He said the Central Bank and commercial banks were working to resolve the challenges. “A number of initiatives by the Central Bank and …

  The Central Bank of Nigeria (CBN) has foreclosed the possibility of extending or shifting the deadline on the deposit of the old naira notes. CBN Governor Godwin Emefiele apologized to Nigerians for not extending the deadline but stated that 100 days from when the announcement was made to the expiration …

Nigeria Is Broke Can’t Fund 2023 Capital Project, Minister Admits   Nigeria’s Minister of Labour and Employment, Dr. Chris Ngige.   Nigeria’s Minister of Labour and Employment, Chris Ngige has confirmed that the West African nation is broke.   Addressing a media briefing, yesterday, in Abuja, to mark the 2022 …

The International Monetary Fund has warned Nigeria and other low-income countries that high public and private borrowing will likely increase financial vulnerability and lead to more inflation. © Getty Money of Nigeria. Nigerian naira bills. NGN banknotes. 20 polymer. Business, finance, news background. The IMF disclosed this in a new report …