Category: Economy - Page 5 - African News Today

We’ll Tell Dangote to Provide Forex to Nigeria at Good Rates – Emefiele

25May

By adminNo Comments

Economy, Finance, Lagos News, News, Nigeria, Petroleum, Trade

We’ll Tell Dangote to Provide Forex to Nigeria at Good Rates – Emefiele

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has disclosed that the Dangote Refinery will be encouraged to sell foreign exchange earnings to banks at a good rate. Speaking after the 291st Monetary Policy Committee (MPC) meeting in Abuja, Emefiele stated that his team would engage with Alhaji Aliko Dangote, the promoter of the refinery, to ensure that Nigerians benefit from the venture. He noted that the CBN, the Federal Government, and the country had helped Dangote set up the refinery, adding that with local refining, the country would save about 20 per cent of the total cost of importing petroleum products, thereby reducing prices in the long run. Emefiele expressed optimism that the refinery would ease foreign exchange scarcity in Nigeria, adding that by the time ...

Ibikunle Amosun Denies Allegations Over Dangote Refinery Relocation

25May

By adminNo Comments

Economy, Employment, Labour, News, Nigeria, Petroleum, Trade

Ibikunle Amosun Denies Allegations Over Dangote Refinery Relocation

The former Governor of Ogun State, Senator Ibikunle Amosun, has refuted claims by his successor, Dapo Abiodun, that he was responsible for the relocation of the $19bn Dangote refinery from Ogun to Lagos State. In a statement issued through his media aide, Bola Adeyemi, Amosun labelled Abiodun's allegations as "lies." He argued that the decision to move the refinery was made by Alhaji Aliko Dangote himself according to his business strategy and risk assessment. Amosun also clarified that the Olokola Free Trade Zone project was a Joint Venture between the Federal Government of Nigeria (which owned the majority 51%), Ondo State Government (14.5%), Ogun State Government (14.5%), strategic core investors (20%), and Alhaji Aliko Dangote who subsequently bought and took over the 20% equity...

Akeredolu Tells Buhari Parting Gift To Give Nigerians

19Feb

By Mary UgwuanyiNo Comments

Economy, Elections, Finance, News, Nigeria

Akeredolu Tells Buhari Parting Gift To Give Nigerians

Governor Rotimi Akeredolu of Ondo State has told President Muhammadu Buhari to allow the old and new naira notes to both be in circulation as legal tender. Cash scarcity has been witnessed across the country as a fallout of the Central Bank of Nigeria’s naira redesign policy. This has resulted in protests and attacks on banks in some states across the country in the past few days. Reacting to the development in a statement issued on Saturday, Akeredolu said the crisis may upset the forthcoming general election. He said the “failed implementation” of the policy is as a result of “miscalculation, error of judgement and disinformation“ from the apex bank. The governor insisted that as appealing as the policy appears to be, its implementation drives curiosity as regar...

<strong>Naira Scarcity: El-Rufai Blows Hot, Counters Buhari’s Directive On Old Naira </strong>

17Feb

By Mary UgwuanyiNo Comments

Economy, Finance, Judiciary, News, Nigeria

Naira Scarcity: El-Rufai Blows Hot, Counters Buhari’s Directive On Old Naira

Kaduna State governor, Nasir el-Rufai, has directed that old and new naira notes remain legal tender in the state pending the outcome of supreme court judgment. Buhari in a televised address on Thursday said he has directed the Central Bank of Nigeria, CBN, to allow N200 notes remain legal tender until April 10. According to the president, all N500 and N1,000 notes will remain redeemable a the CBN and designated points for 60 days. His directive came less than 24 hours after the supreme court insisted that the old notes were still valid, and adjourned the case filed by many states – including Kaduna, seeking an extension to the deadline on the old notes beyond February 2022. Reacting, el-Rufai stated that all old notes would remain legal tender until the supreme court dete...

<strong>APC Conceived, Birthed And Nurtured Naira Scarcity – Atiku</strong>

16Feb

By Mary UgwuanyiNo Comments

Economy, Finance, News

APC Conceived, Birthed And Nurtured Naira Scarcity – Atiku

The presidential flagbearer of the Peoples Democratic Party, PDP, Atiku Abubakar, has expressed sympathy with Nigerians that died in the violent protests over naira scarcity. Atiku in a statement issued on Thursday said the crisis brought about by the redesign of some naira notes was conceived by the All Progressives Congress, APC. The statement read, “We have, in recent days, witnessed upheavals in different parts of the country in which lives were lost and properties destroyed. “On behalf of my family and presidential campaign organisation, I express my deepest condolences to the families of all those who have lost dear ones. “This crisis may be coming on the heels of the currency swap, but it is pertinent to remind us that it is a culmination of the frustrations o...

<strong>Protesters Storm UI Gate, Soldiers Deployed To Scene</strong>

6Feb

By Mary UgwuanyiNo Comments

Economy, Education, News, Nigeria, Petroleum, Uncategorized

Protesters Storm UI Gate, Soldiers Deployed To Scene

Protesters converged at the gate of the University of Ibadan, Oyo State, on Monday morning to express their disaffection over the present economic challenges in the country. Members of the community barricaded the varsity’s gate, thereby causing traffic jam and putting a stop to other activities. According to a student who chose to be anonymous, soldiers and Operation Burst officers had been deployed to the scene, at the time of filing this report, Punch reports. However, the institution’s Communication Officer, Mrs Adejoke Akinpelu, said the protesters had been dispersed by the security personnel. See Also: 2023 Election: Suspend Academic Activities In All Tertiary Institutions – Reps Tells FG She said, “The U.I Chief Security Officer told me that it was some miscreant...

<strong>DSS Nabs Sellers of New Naira Notes</strong>

30Jan

By Mary UgwuanyiNo Comments

Crime, Economy, Finance, News, Nigeria

DSS Nabs Sellers of New Naira Notes

The Department of State Services, DSS, has nabbed some members of coordinated syndicates that sell the newly redesigned naira notes. The DSS public relations officer, Peter Afunanya, in a statement on Monday said that the syndicates connived with some commercial bank officials and were arrested during operations across the country. The statement read, “The Department of State Services (DSS) hereby informs the public that it has intercepted some members of organised syndicates involved in the sale of the newly redesigned naira notes. “In the course of its operations, in this regard in parts of the country, it was also established that some Commercial Bank officials are aiding the economic malfeasance. See Also: INEC Announces Extension Of PVC Collection Deadline “Consequ...

<strong>CBN Reviews Cash Withdrawal Limit After Criticism</strong>

22Dec

By Mary UgwuanyiNo Comments

Economy, Finance, News, Nigeria

CBN Reviews Cash Withdrawal Limit After Criticism

The Central Bank of Nigeria, CBN, has reviewed the maximum weekly cash withdrawal limit across all channels by individuals and corporate oganisations to N500,000 and N5 million, respectively. This is contained in a statement issued by the bank’s Director of banking supervision department, Haruna Mustafa, on Wednesday. This comes two weeks after the apex bank reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000. Recall that the CBN also reduced withdrawals at automated teller machines, ATMs, and point-of-sale terminals to N20,000 per day. The policy elicited criticism from Nigerians from different walks of life. While some believe it portends negative impact on small businesses, others praise i...

<strong>Court Stops DSS From Arresting CBN Governor</strong>

20Dec

By Mary UgwuanyiNo Comments

Economy, Finance, Judiciary, News, Nigeria, Security

Court Stops DSS From Arresting CBN Governor

An Abuja federal high court has turned down an application by the Department of State Services, DSS, seeking to arrest and detain the Central Bank of Nigeria Governor, Godwin Emefiele. The chief judge, Justice JT Tsoho, while declining the motion ex parte – filed in the absence of the respondent, said that the secret police lacked concrete evidence to prove its claims that Emefiele was involved in terrorism financing and economic crimes. According to a source who spoke to TheCable, the judge noted that he should have been taken into confidence if there was any evidence to substantiate the allegations in the application. “The honourable judge also wondered why the name of the respondent was given simply as ‘Godwin Emefiele’ without a material disclosure that he is the same per...

<strong>Naira Redesign To Affect SMEs, Poor Households – W’Bank</strong>

20Dec

By Mary UgwuanyiNo Comments

Economy, Finance, News, Nigeria

Naira Redesign To Affect SMEs, Poor Households – W’Bank

The World Bank has cautioned that the newly redesigned naira notes may have a negative impact on economic activity in the country, especially on poor Nigerians and small-scale businesses. The global bank disclosed this in a new report titled, “Nigeria Development Update.” It followed the mixed emotions that have heralded the newly redesigned notes which went into circulation last week. The Washington-based bank warned that the timing and short transition period for the new notes may not help Nigeria achieve the desired result. Recall that the Central Bank of Nigeria, CBN, last month unveiled new M200, N500, and N1000 notes as part of a policy to mop up excess cash in circulation, ransom payment for kidnapping, terrorism financing, counterfeiting, among others. The apex ...