Nigerian naira on Friday crashed to a new low against the dollar at the official market. According to TheCable, the currency exchanged N435 against the dollar at the official market. his is coming as the Central Bank of Nigeria (CBN) adjusted the country’s exchange rate on its website...
CBN
The Federal Government’s bond offer and allotment rose by N1.99tn in the first six months of this year to N13.66tn, from the N11.67tn recorded in the corresponding period of last year. The Financial Markets Department of the Central Bank of Nigeria disclosed this in its half-year activity report for...
The Federal Government hopes to push its public debt stock to N50.22tn by 2023, with domestic debt at N28.75tn and external debt at N21.47tn. This is according to the projections in the National Development Plan 2021-2025. The Debt Management Office had disclosed that Nigeria’s public debt was N38tn as...
For centuries, there have been heated debates over the sources of economic growth in developing economies and why some countries reflect strong economic growth compared to others. The hypotheses have often centred around crude oil, agriculture, revenues, private capital, bubbling stock market, stable security, low unemployment rate, high standard of...
The Centre for the Promotion of Private Enterprise, an economic think tank, has advised the Central Bank of Nigeria to review its ban on some of the over 40 items which the regulator has stopped importers from accessing foreign exchange to bring into the country. Economists at the centre...
Kayode Tokede examines ways monthly salary earners with FirstBank accounts can benefit from the lender’s numerous loans initiatives amid harsh economy. In time past, monthly income earners – especially bank customers – were unable to have quick access to personal loans to meet their immediate financial needs due to...
The Central Bank of Nigeria (CBN) and the Maize Association of Nigeria (MAAN) have begun a collaboration to aggregate maize under the Anchor Borrowers Programme (ABP) of the federal government for the 2021 wet season. The News Agency of Nigeria (NAN) reports that the maize farmers also inaugurated the...
PATRICK ABANG, Calabar – Despite its installed capacity of 240000 birds per day, Cross River State Governor, Ben Ayade has said the state owned chicken processing factory, Calachika, has been hit by soaring demands ahead of Christmas celebration. Governor Ayade made this known during the weekend while conducting the...
The Debt Management Office (DMO) has clarified that loans from China to Nigeria, which presently stood at 3.59 billion dollars, constitutes only 9.4 per cent of the country’s total foreign debt stock of 37.9 billion dollars. Ms Patience Oniha, the Director-General of DMO made this known in an interview...
Vice President Yemi Osinbajo has expressed optimism that the African Development Bank (AfDB)’s 600 million dollars support fund for digital and creative enterprise in Nigeria will be ready by early 2022. VP Osinbajo said this at an interactive session with graduands of Edo Tech Park, in Benin City, Edo,...
By EZEKIEL OBI, Abuja – The Economic and Financial Crimes Commission (EFCC) has arrested four members of a syndicate who specialize in counterfeiting foreign currencies, especially the dollar, for sale to unsuspecting members of the public. The anti-graft agency also warned Nigerians to be wary of the activities of...
The South East Amalgamated Markets Traders Association (SEAMATA), has sent a “Save Our Souls (SOS)” signal to the Central Bank of Nigeria (CBN) over multiple and indiscriminate charges and deductions on customers by commercial banks. SEAMATA is the umbrella association of traders in all the markets in the South...
By OLA MODUPE, Lagos – The Lagos Commodities and Futures Exchange (LCFE) on Friday announced a partnership with Heritage Bank to create a structure for trading on wheat contracts and its allied products. The Managing Director, LCFE, Mr Akin Akeredolu-Ale, disclosed this in a statement on Friday while addressing...
The nation’s external reserves fell by $610m last month, figures obtained from the Central Bank of Nigeria on Thursday revealed. The reserves dropped to N$41.22bn as of November 29 from $41.83bn on October 29. The CBN also disclosed that at the present level, the external reserves could meet the...
The Central Bank of Nigeria (CBN), has assured that it has put in place effective mechanisms to insulate the e-Naira from hackers and fraudsters. The Director, Corporate Department, CBN, Mr Osita Nwanisobi, disclosed this on Wednesday at a Central Bank Fair in Kano. The theme of the fair is...
As a way of tackling the problem of growing youth unemployment in Nigeria, the Central Bank of Nigeria (CBN) on has launched the Tertiary Institutions Entrepreneurship Scheme (TIES) in Abuja. The apex bank also presented cheques of N5million each to six pioneer beneficiaries of the scheme to help boost...
By JOY ADARA, Abuja- The Central Bank of Nigeria (CBN) has called on the Federal Government to prioritise investment in infrastructure to improve the country’s business environment and boost economic growth. The CBN Governor, Mr. Mr Godwin Emefiele, made the call on Tuesday night in Abuja while reading the...
The World Bank has said that economic growth in Nigeria is being threatened by certain macroeconomic challenges, including dollar shortage, petrol subsidy and the fiscal deficit financing by the Central Bank of Nigeria. The bank disclosed this in its Nigeria Development report, which was released on Tuesday. The report...
The Central Bank of Nigeria (CBN) has said it was targeting 25,000 women and youths in Ebonyi, during its one-week digital financial inclusion drive. The Director, Development Finance Department of the bank, Mr Philip Yusuf stated this at Onueke, headquarters of Ezza South Local Government Area of the state...
PATRICK ABANG, Calabar – Mr Emmanuel Esezobor, The Acting Managing Director of First Royal Micro Finance Bank (FRMFB) Calabar, a subsidiary of the Brotherhood of the Cross and Star has disclosed that the bank is ready to raise equity of N500m before the first quarter of 2022. Speaking in...