Category: Economy - Page 3 - African News Today

Nigeria CBN Introduces Cybersecurity Levy on Transactions

7May

By adminNo Comments

Economy, Finance, Nigeria, Security

Nigeria CBN Introduces Cybersecurity Levy on Transactions

The Central Bank of Nigeria has issued a directive requiring banks to impose a 0.5% cybersecurity levy on transactions. This directive, conveyed through a circular released on Monday, is set to take effect within two weeks from its announcement. The circular, directed to all categories of banks including commercial, merchant, non-interest, and payment service banks, underscores the intention to combat cybercrimes in line with existing legislative frameworks like the Cybercrimes Act of 2015. This directive follows up on previous communications dated June 25, 2018, and October 5, 2018, signaling the CBN's sustained efforts to enhance cybersecurity measures within the financial sector. The decision to implement this levy is reportedly rooted in the Cybercrime Act of 2024, which manda...

Shettima Attributes Economic Calamity to Buhari, Calls it “Death Sentence” Crisis

3May

By adminNo Comments

Economy, News, Nigeria

Shettima Attributes Economic Calamity to Buhari, Calls it “Death Sentence” Crisis

Vice-President Kashim Shettima has once again pointed fingers at former President Muhammadu Buhari, his party colleague, for the unprecedented economic catastrophe plaguing Nigeria. This dire situation is attributed to the removal of petrol subsidies and the floating of the naira, coupled with years of unsustainable borrowing during Mr. Buhari's tenure. Despite opposition from prominent figures and warnings about the repercussions of Buhari's economic policies, he remained steadfast, leading the nation towards economic turmoil. Former President Olusegun Obasanjo's attempts to change course fell on deaf ears, and now, Mr. Shettima admits that Buhari's legacy left President Bola Tinubu with an "economic death sentence." See Also: Be Prepared for the Worst, Buhari Tells Intending Leader...

3May

By adminNo Comments

Economy, Finance, News, Nigeria

Naira Declines in May Trading Session

In the opening trading session of May at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the Nigerian Naira experienced a slight decline, settling at N1,402.67 to the US dollar. This marks a decrease of 0.83% from the previous close of N1,390.96 in April, according to market data from the Financial Markets Dealers Quotations (FMDQ). Throughout the trading day, the Naira witnessed fluctuations, reaching a peak of N1,445 and a low of N1,299.42 against the dollar. This significant spread of N145.58 reflects the volatility observed in the forex market. Meanwhile, the volume of dollar transactions saw a modest rise of 3.32%, totaling $232.84 million, up from $225.36 million on the preceding Tuesday. In contrast, the parallel market saw the Naira weakening further, dropp...

It’s Tariff Hike or Total Blackout – Minister of Power

30Apr

By adminNo Comments

Economy, News, Nigeria, Power

It’s Tariff Hike or Total Blackout – Minister of Power

Nigerians appear to be facing a choice between complete power blackout or tariff hike. This is the conclusion going by the statement issued by the Minister of Power, Adebayo Adelabu. According to him, Nigeria faces a looming threat of nationwide power cuts within three months if the government doesn't proceed with the electricity tariff hike. The Minister delivered this warning during a meeting with the Senate Committee on Power. Adelabu explained that Nigeria's power sector is in trouble due to a huge debt of N3 trillion. To avoid a blackout, the government needs to raise electricity tariffs. Adelabu said they need N2.8 trillion to subsidize electricity for the rest of the year. See Also: Power Tariff Hike: FG Discontinues Electricity Subsidy He also shared that Nigeria needs $10...

Expect Two More Weeks of Fuel Scarcity – IPMAN

29Apr

By adminNo Comments

Economy, News, Nigeria, Petroleum

Expect Two More Weeks of Fuel Scarcity – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has projected that the ongoing petrol scarcity, which is spreading to more states across the country, will take at least two weeks to normalize. Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) has assured the public that it possesses adequate stock of the product. According to Chinedu Ukadike, the Public Relations Officer of IPMAN, the scarcity is primarily due to importation bottlenecks, slow pace of marketers' license renewal by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and maintenance activities at European refineries. He noted that only a fraction of marketers have had their licenses renewed by NMDPRA, leading to a disruption in the supply chain. Ukadike expl...

Tinubu Can’t Move Nigeria Forward – Suswam

29Apr

By adminNo Comments

Economy, Interview, News, Nigeria

Tinubu Can’t Move Nigeria Forward – Suswam

Former Governor of Benue State and Senator representing Benue North-East Senatorial District in the 9th National Assembly, Gabriel Suswam, has launched scathing criticism against the leadership of President Bola Tinubu, claiming it lacks the capacity to improve Nigeria's economic fortunes. In an interview on Channels Television's Newsnight program, Suswam articulated his views on the current economic state of the nation and his assessment of the Tinubu-led administration's policies. Suswam commenced by reflecting on the administration of former President Muhammadu Buhari, opining that the "Change" mantra adopted during Buhari's tenure did not deliver the anticipated positive outcomes. He argued that the economic policies implemented during those eight years laid the groundwork for the c...

Bobrisky Sentenced to Six Months in Jail for Naira Abuse

12Apr

By adminNo Comments

Economy, Judiciary, Lagos News, News, Nigeria

Bobrisky Sentenced to Six Months in Jail for Naira Abuse

Popular social media influencer and cross-dresser, Idris Okuneye, famously known as Bobrisky, has been sentenced to six months in custody for the abuse of the Nigerian currency, the naira. The verdict was delivered by Justice Abimbola Awogboro of the Federal High Court in Lagos. Bobrisky's legal troubles began when he was charged by the Economic and Financial Crimes Commission (EFCC) with multiple counts of naira abuse and money laundering. The charges stemmed from incidents where Bobrisky was seen spraying and flaunting wads of new naira notes at various social events. During the trial, Bobrisky pleaded guilty to the charges, admitting to tampering with large sums of Nigerian currency during social gatherings. The judge, after convicting him, emphasized that the sentence was intende...

Potential Implications of Seizing Domiciliary Accounts in Nigeria: Insights from a Financial Expert

6Feb

By adminNo Comments

Economy, Finance, News, Nigeria

Potential Implications of Seizing Domiciliary Accounts in Nigeria: Insights from a Financial Expert

As rumors swirl regarding the Nigerian government's purported intentions to seize funds held in domiciliary accounts across the nation, financial expert Kalu Ajah has stepped forward, via a post on X, to offer a comprehensive analysis of the potential ramifications. Drawing parallels with historical events and providing detailed insights into the operational dynamics of domiciliary accounts, Ajah's assessment sheds light on the risks and consequences associated with such actions. The Pakistani Example Ajah begins by invoking a significant episode from Pakistan's economic history, where the government initiated an emergency freeze on all foreign currency accounts (FCA) in May 1998. This drastic measure, aimed at safeguarding the economy, had far-reaching repercussions. "The primary im...

Opinion: Debt and Waste as Economic Policy – Peter Obi

9Jan

By adminNo Comments

Economy, News, Nigeria

Opinion: Debt and Waste as Economic Policy – Peter Obi

Barely 26 days to the end of its eight-year tenure, the Buhari administration got the Senate to approve a N22.7 trillion Ways and Means borrowing from the CBN. In seven years, CBN lending to the Buhari government had climbed 2700% in flagrant violation of the CBN Act. Indifferent to the illegality of the excessive ways and means borrowing, the National Assembly still approved the new Tinubu administration’s request for an N7.3 trn securitization of the existing ways and means facility just before considering the 2024 budget proposals. On the 30th of December 2023, the last working day of the year 2023, shockingly the President requested the National Assembly to approve the securitization of N7.3 trillion being the outstanding debt owed to the Central Bank of Nigeria (CBN) by t...

APC Denies Reintroduction of Fuel Subsidy, Labels Claims “Fake News”

26Sep

By adminNo Comments

Cost of Living, Economy, News, Nigeria, Petroleum

APC Denies Reintroduction of Fuel Subsidy, Labels Claims “Fake News”

The All Progressives Congress (APC) has dismissed claims that the administration of President Bola Tinubu has reintroduced fuel subsidy, asserting that government interventions were aimed at ensuring price stability and predictability. Reports had circulated alleging that the government spent a staggering N169.4 billion in August to maintain the fuel pump price at N620 per liter. These reports were seized upon by the opposition as evidence of the administration's purported return to fuel subsidy. In a statement released on Monday night, the APC vehemently denied the accusations, categorically stating that such payments did not constitute a revival of the fuel subsidy scheme that had been criticized for its economic implications in the past. The ruling party also took issue with Ph...