Category: Economy - Page 12 - African News Today

CBN May Start Printing Gambia’s Currency – Emefiele

16Jun

By Chinedu IbeakanmaNo Comments

Economy, News, Nigeria

CBN May Start Printing Gambia’s Currency – Emefiele

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said that the bank is willing to assist the Central Bank of the Gambia to print its legal tender. Emefiele said this in Abuja on Tuesday during a two-day visit by a delegation from the CBG, led by its governor, Mr Buah Saidy. This was in response to a request by the CBG for a possible partnership to tackle acute currency shortages among other currency management challenges in the country. Saidy informed the CBN governor that relying on its current printer, De La Rue of London, for its currency needs was expensive and unsustainable. He explained that it costs the bank about £70,000 to lift printed currencies from Sri Lanka to the Gambia. In response, the CBN Governor assured his visitors that the bank had a...

15Jun

By Chinedu IbeakanmaNo Comments

Economy, News, Nigeria, Press Statement

PDP Govs Lampoon Buhari Over Huge Debt Profile, CBN’s Operations

The Peoples Democratic Party Governors Forum on Monday rose from a meeting in Uyo, Akwa Ibom State, condemning the rising debt profile of the country. The forum said over 80 percent of the budget was being spent on serving debts. The body also accused the Central Bank of Nigeria of operating as an independent government within a government. The forum in a communique which was read by its Chairman and Governor of Sokoto State, Aminu Tambuwal, lamented that all the gains of the PDP-led government, when the country exited its debts obligations had been destroyed by the APC-led administration. ‘The communiqué reads in part, “The PDP frowns at the rising and seemingly uncontrollable debt profile of Nigeria with over 80 percent of normal Appropriation spent on debt servicing. “All...

Insecurity: We’ve Agreed to Start Taking Visible Actions – Obasanjo

12Jun

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria

Insecurity: We’ve Agreed to Start Taking Visible Actions – Obasanjo

Arising from their Abuja meeting, elder statesmen in the country under the auspices of Committee for the Goodness of Nigeria, CGN, have refused to publicize the outcome of their meeting. Commenting on the resolution, former President Olusegun Obasanjo told reporters on Abuja that the CGN had agreed to present its communique to President Muhammadu Buhari, who Obasanjo said was duly notified of the meeting and its agenda. Obasanjo said members of the CGN agreed in principle to formally present their resolutions to President Buhari before any public disclosure, Punch reports. The former president, however, gave an insight into what was discussed at their Thursday meeting, which he said bothered on issues of security, economy, welfare, well-being, unity and progress of Nigeria. He ...

Inflation Looms as CBN Further Devalues Naira

26May

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Inflation Looms as CBN Further Devalues Naira

The Central Bank of Nigeria, CBN, has further officially devalued the country’s currency to N410.25/$ after exhausting all options to maintain the value of the naira. Consequently, experts have expressed fear that the decision to chart the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar would amount to inflation and increase the poverty level in Nigeria. The new rate was confirmed by the apex bank on its website following the removal of N379/$ earlier in May. CBN governor, Godwin Emefiele had said that the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. He had said, “In order to adjust for the decrease in the supply of f...

Buhari Seeks Senate Approval for Fresh N2.3trn External Loan

18May

By Chinedu IbeakanmaNo Comments

Economy, Finance, News, Nigeria

Buhari Seeks Senate Approval for Fresh N2.3trn External Loan

The President, Major General Muhammadu Buhari (retd.), has asked the Senate to approve another N2.3trillion ($6.18bn) external loan. This is contained in a letter addressed to the Senate President, Ahmad Lawan, and read at plenary on Tuesday. Buhari said the proposed loan which is equivalent to N2.3trillion is to finance the 2021 budget deficit of N5.6 trillion. Buhari said the loan would enable the Federal Government to fund critical infrastructural projects in transportation, health, and education among others. This is coming barely a month after the Senate approved the sum of $1.5bn and €995 million external borrowings for the Federal Government. The loans were part of the $5.5 billion and €995 million external borrowings Buhari had, in May 2020, asked the Red Chamber to ...

CBN Promises more Credit Facilities for Youths

10May

By Chinedu IbeakanmaNo Comments

Economy, News, Nigeria

CBN Promises more Credit Facilities for Youths

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has reiterated the apex bank’s commitment to provide more loans to the youth. The bank chief urged youths to embrace agriculture, declaring the bank’s readiness to support them that are willing to engage in agriculture. The governor reiterated the bank’s opposition to the importation of maize. Emefiele made the declaration in Katsina, during the unveiling of the first maize pyramid and kick-off of the maize wet season farming under the CBN-Maize Association of Nigeria (MAAN) Anchor Borrowers’ Programme. He expressed belief that youths could leverage their talents, along with technological tools to improve farm productivity and delivery of agricultural produce to markets. Noting that agriculture offered significant be...

Wike Backs Obaseki on N60 Billion New Notes Printing

19Apr

By Chinedu IbeakanmaNo Comments

Economy, Finance, News, Nigeria

Wike Backs Obaseki on N60 Billion New Notes Printing

Governor Nyesom Wike of Rivers State says the claim by his Edo state counterpart, Godwin Obaseki that the Nigerian Government printed about N60 billion to share to the federating units in March cannot be regarded as spurious. The governor has therefore challenged the Central Bank of Nigeria (CBN) to unequivocally declare if money was printed or not. Wike stated this while briefing journalists shortly after he attended a private function in Abuja on Sunday. He said, "Obaseki was in APC (All Progressives Congress), so he understands them. So, Obaseki couldn't have come from the blue to say they printed N60 billion. He knows them." Wike said it was regrettable that instead of the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele to address the issue raised by Governor Obaseki...

APC Governors chide Obaseki over N60bn Printing Claim

18Apr

By Chinedu IbeakanmaNo Comments

Economy, Nigeria

APC Governors chide Obaseki over N60bn Printing Claim

Governors under the platform of the All Progressives Congress (APC) yesterday ruled Governor Godwin Obaseki of Edo State off the track over his recent allegation that the federal government printed N60 billion to augment the March revenue allocation to states. The governors, in a statement in the name of the Progressive Governors’ Forum (PGF), said Obaseki’s statement “does not reflect the true position of things.” The PGF admitted that although there was a shortfall in gross statutory revenues by N43.34 billion compared to the previous month “an augmentation was made in the sum of N8.65 billion from the Forex Equalization Fund Account, which brought the total distributable revenue to N605.59 billion.” Giving a background to the practice of revenue sharing in the country, the fo...

Okonjo-Iweala will drive Global Trade – World Bank

12Apr

By Chinedu IbeakanmaNo Comments

Economy, Interview, News, Nigeria

Okonjo-Iweala will drive Global Trade – World Bank

The international financial architecture is ‘skewed in favor of rich and creditor countries’, the World Bank said yesterday. President of the bank, David Malpass exposed the partial state of the architecture at the close of the World Bank/IMF Spring Meetings 2021 Development Committee meeting, in Washington D.C. yesterday. He said the disturbing state of the global financial system was exposed last year by the COVID-19 pandemic, which made challenges and staggering needs of every country’s economy even clearer. Malpass said: “One major challenge is that the current international financial architecture is heavily skewed in favor of the rich and creditor countries. It is ever important that all voices are heard. I urge all of us to consider how we can restore growth in developing co...

Ghana Cedi Ranked Best Currency in Africa

5Apr

By Obiajulu Joel NwoluNo Comments

Economy, Finance, Ghana, News

Ghana Cedi Ranked Best Currency in Africa

Ghana’s legal tender has been ranked the best performing currency in Africa for the first quarter of 2021. It appreciated at 0.6 per cent to the US dollar, bettering some other prevalent 15 currencies in Africa. Among the currencies are the Egyptian pound, Nigerian naira and the South African rand, Ghanaweb reports. A report by Joy Business monitored by GhanaWeb showed that the cedi's performance is almost similar to that of 2020. Also, the currency has benefitted from growth-related efforts such as diversified exports of cocoa, gold among others. Courage Martey, a Senior Economic Analyst at Databank Research, while adducing the rationale for the growth of cedi said, "the Ghana cedi ended the first quarter of 2021 with yet another impressive performance, similar to what it did ...