Economy

The federal government has suspended its plan to remove petrol subsidy later this year.  This was confirmed by Minister of Finance, Hajia Zainab Ahmed when she appeared before National Assembly members on Monday January 24.  Ahmed who noted that the timing was problematic, disclosed that they backtracked on the plan after consultations with stakeholders. …

President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja, IgbereTV reports. A letter from the Central Bank of Nigeria, signed by its Director, Corporate Communications, Osita Nwanisobi, stated that the …

The Chairman, Body of Bank CEOs and Group Managing Director of Access Bank PLC, Herbert Wigwe, has been recognised for his outstanding contributions to Corporate Governance and Rule of Law in Nigeria’s Banking Industry. Wigwe was presented the Juris Law Award by Chief Justice of Nigeria, Ibrahim Tanko Muhammad at …

Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed has stated that borrowing is the only way to lift the country out of recession. Ahmed made this claim on Friday during the Public Presentation and Breakdown of the 2022 Appropriation Bill in Abuja. The Minister stated that “having witnessed …

Emerging reports suggests that the Director General at the World Trade Organisation (WTO) Dr Ngozi Okonjo-Iweala is growing frustrated with the workings of the organization and is considering the idea of resigning if no headway can be found on critical issues, just seven months into her four-year tenure.   Bloomberg …

The Central Bank of Nigeria on Thursday announcedthe postponement of the planned unveiling of the digital currency, eNaira. The launch was initially scheduled for October 1, but was postponed due to other activities lined up to commemorate the country’s 61st Independence Anniversary. The apex bank’s Director of Communications, Osita Nwasinobi, …

China has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin and Ethereum in the country. This has in turn led to the value of Bitcoin drastically dropping.   China is one of the world’s largest cryptocurrency markets and 95 percent of crypto mining …

President Buhari has claimed that Nigeria’s economy is booming because “people went back to farm,” this is coming despite the widely reported high rise in food cost across the country. He made the claim while pleading for financial assistance from a foreign leader during a bilateral meeting on the margins …

On Wednesday, the Nigerian Naira hit a new time low as it is now exchanging between N562 and N570 for 1$ in parallel markets. Though data recorded on the FMDQ securities exchange window where forex is officially traded, showed that the naira closed at N412.06 per $1 at the official …

The Nigerian naira hit an all-time low after exchanging for N543 against the dollar, at the parallel market on Thursday.   Similarly, the domestic currency fell slightly against the U.S. dollar at the official Investors and Exporters (I&E) window as the foreign exchange supply decreased sharply. The naira staged an …