Category: Economy - Page 13 - African News Today

Naira Dips to 410/$ at Official Market – Emefiele

27Feb

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Petroleum

Naira Dips to 410/$ at Official Market – Emefiele

Mr Godwin Emefiele, Governor of the Central Bank of Nigeria has said that the naira has suffered a dip in value to 410 against the dollar at the official market. The apex bank boss disclosed this while speaking at a summit on the economy by Bank CEOs on Friday. He said the depreciation was occasioned by the drop in crude oil revenue and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. Emefiele said, “In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$.” Reports suggest the naira exchanged for 478/$ at the parallel market on Friday. Speaking on the state of the economy, the Vice President, Prof. Yemi Os...

President Buhari: The Unheralded Achievements – Femi Adesina

19Feb

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria, Security

President Buhari: The Unheralded Achievements – Femi Adesina

Let me give due credit for the idea of this piece. President Muhammadu Buhari had said recently that elites in the country were not giving due accolades to his administration in terms of where it met the country, what it grapples with, and where it has been able to take the nation to, thus far. The position of Mr President was widely published by the traditional and digital media, and it became an object of debate. In the middle of it all, I received a phone call from Prince Nduka Obaigbena, Chairman of Arise Television and Publisher of Thisday Newspapers. “Mr President says the elite have not given due credit to the administration. That means there are achievements that are not reported, underreported, or not celebrated at all. Come to Arise Television, and talk about it.” It ...

I Was Surprised Trump Opposed My Candidacy – Okonjo-Iweala

16Feb

By Chinedu IbeakanmaNo Comments

Economy, Finance, Interview, News, Nigeria, Trade, Women Empowerment

I Was Surprised Trump Opposed My Candidacy – Okonjo-Iweala

Ngozi Okonjo-Iweala, Nigeria's former Finance Minister, says she was surprised that President Donald Trump's administration could stand in her way of leading the World Trade Organisation (WTO). At a press briefing, the new Director-General of WTO said she did not see it coming. She said she felt she had a good understanding with the US government, which interviewed her about the job twice. "I think I was quite surprised when that came (opposition from Trump) because there was no indication that there was any problem with the US. "I had two good interviews with the authorities and with the administration, so it was a surprise. But that's the way life works. When things happen, you take them in your stride and you move on. "It was wonderful when the Biden/Harris administration b...

TUC Tackles Sylva Over Impending Fuel Price Hike

10Feb

By Obiajulu Joel NwoluNo Comments

Cost of Living, Economy, News, Nigeria, Petroleum

TUC Tackles Sylva Over Impending Fuel Price Hike

The Trade Union Congress, TUC, has faulted the Minister of State for Petroleum Resources, Chief Timipre Sylva, over his comment that Nigerians should get ready for the pain associated with the increase in crude oil price. The Manufacturers’ Association of Nigeria, the Lagos Chamber of Commerce and Industry and other critical stakeholders also urged the Federal Government to use rising revenue from crude oil to tackle poverty and drive an all-inclusive growth. They said this in separate interviews with The Punch on Tuesday while reacting to a statement by Sylva, who earlier alerted Nigerians to expect benefits and pain from the rising price of crude oil in the world market. Nigeria’s dependence on crude oi for about 50 per cent of government revenues and over 90 per cent of export ...

Cryptocurrencies Ban will Boost Anti-Money Laundering Compliance – ABCON

8Feb

By Obiajulu Joel NwoluNo Comments

Economy, Finance, Information Technology, News, Nigeria

Cryptocurrencies Ban will Boost Anti-Money Laundering Compliance – ABCON

The Association of Bureaux De Change Operators of Nigeria, ABCON, has backed the Central Bank of Nigeria’s order directing banks to close all accounts belonging to cryptocurrency traders. This was contained in a statement issued on Sunday titled, ‘ABCON backs CBN’s cryptocurrency trading ban for stronger anti-money laundering compliance’. According to Alhaji Aminu Gwadabe, ABCON President, the regulator acted fast to curtail an emerging dangerous trend capable of eroding Nigeria’s Anti-Money Laundering and Counter-Terrorist Financing gains. He said that before placing a ban on financial dealings that did not conform with the norm, the regulator must have got a financial intelligence on such operations, as seen in kidnappers now collecting bitcoin for ransom. Gwadabe stated tha...

Cryptocurrency Ban: They Breed Illegal Activities – CBN Says as it Defends Action

8Feb

By Obiajulu Joel NwoluNo Comments

Economy, Finance, Nigeria, Safety, Youths

Cryptocurrency Ban: They Breed Illegal Activities – CBN Says as it Defends Action

Following the ban placed on cryptocurrencies, the Central Bank of Nigeria, CBN, has defended its decision saying they promote illegal activities and raise risks, among other reasons. The apex bank disclosed this in a statement issued on Sunday concerning various comments and reactions following its recent reminder to Deposit Money Banks to desist from transacting in/and with entities dealing in cryptocurrencies. It said, “The recent regulatory directive became necessary to protect the financial system and the generality of Nigerians (including the youth population) from the risks inherent in crypto assets transactions, which have escalated in recent times, with dire consequences for the integrity of the financial system and financial stability. “Due to the fact that cryptocurrenci...

CBN to Shut Accounts of Diaspora Remittance Violators

23Jan

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

CBN to Shut Accounts of Diaspora Remittance Violators

The Central Bank of Nigeria has threatened to suspend the operating licences of operators who continue to violate rules guiding diaspora remittances into the country. The apex bank said it would not tolerate the explicit flouting of its directive that all remittances be paid to beneficiaries in dollars. This was contained in its circular signed by the Director, Trade & Exchange Department, Dr. O. S. Nnaji to all authorised dealers and International Money Transfer Operators on Friday. The circular was titled ‘Modalities for payout of diaspora remittances’. It said that this new circular was in furtherance to its earlier one titled ‘Receipt of diaspora remittances: Additional operational guidelines’. The circular partly read, “These measures are intended to promote transpa...

Ekiti Govt. Includes N550m Budget For drones Used To Fight Kidnapping, Banditry

18Jan

By Chinedu IbeakanmaNo Comments

Communication, Crime, Economy, Finance, Information Technology, News, Nigeria, Terrorism, Violence

Ekiti Govt. Includes N550m Budget For drones Used To Fight Kidnapping, Banditry

Ekiti State Government has said efforts are on to procure sophisticated drones as part of efforts to boost surveillance, expose criminal hideouts and combat insecurity. Commissioner for Budget and Economic Planning Mr. Femi Ajayi disclosed this at the weekend during the breakdown of the 2021 Appropriation Law with a budgetary provision of N109.666 billion. He said the government projected N550 million to purchase the drones as part of plans to tackle armed robbery, banditry and kidnapping. Ajayi added that N1.4 billion has been set aside to fund the Ekiti State Security Network code-named ‘Amotekun Corps’ for the security outfit to live up to its responsibility. He said the government budgeted N8billion for social services, covering education, health, gender empowerment, social...

Algeria Crude Oil Output Slumped in 2020

18Jan

By Obiajulu Joel NwoluNo Comments

Algeria, Economy, Finance, News, Petroleum

Algeria Crude Oil Output Slumped in 2020

Algeria’s oil revenue tumbled in 2020, worsening an economic crisis in the North African country which is highly dependent on crude income, according to data released by the Energy ministry on Sunday. The COVID-19 pandemic had taken a toll on oil prices, ravaging the economies of producer nations. “The overall volume of hydrocarbon exports reached 82.2 million tonnes of oil equivalent in 2020, for a value of $20 billion, a decrease of 11 percent and 40 percent respectively compared to 2019,” the ministry said in a statement cited by state news agency APS. The energy ministry said oil income to Algeria’s treasury was down 31 percent year-on-year. The International Monetary Fund forecasts that Algeria, Africa’s fourth-largest economy, will see a 5.2 percent recession in 2020, alo...

Naira Suffers Further Slump, Exchanges for 473/$

13Jan

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Naira Suffers Further Slump, Exchanges for 473/$

On Tuesday, 12 January 2020, the naira suffered depreciation at the parallel market and Investors and Exports window. Figures obtained from Bureau De Change operators showed that the naira exchanged to the dollar for 473/$ at the parallel market. Nigeria’s currency had enjoyed a reasonable growth rate in recent times after it closed last year at 467/$. According to figures obtained from the I&E window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday. At the close of 2020, it reached a low of 401 at the I&E window. The country’s apex bank, The Central Bank of Nigeria has maintained the official exchange rate at N379/$ on its website. Recall that the Association of Bureaux De Change Operators of Nigeria, ABCON, had recently asked the CBN to make BDCs pa...