Finance

<strong>CBN Sets Countdown Clock On Its Website To Mark Circulation Of New Notes</strong>
Economy, Finance, News, Nigeria

CBN Sets Countdown Clock On Its Website To Mark Circulation Of New Notes

The Central Bank of Nigeria, CBN, has updated a ticking clock on its website displaying the deadline for the redesigned naira notes.   Recall that the apex bank had announced plans to resign N200, N500 and N1000 notes. Justifying the action, CBN governor, Godwin Emefiele, had said that the action was informed by persisting concerns with the management of the current series of banknotes and currency in circulation, - especially those outside the banking system. See Also: How Naira Redesign May Crash Dollar To N200 – EFCC Boss Emefiele explained that one of the challenges faced include significant hoarding of banknotes by members of the public, with data suggesting that more than 80 percent of the currency in circulation is outside the vaults of commercial banks. How...
<strong>How Naira Redesign May Crash Dollar To N200 – EFCC Boss</strong>
Economy, Finance, News, Nigeria

How Naira Redesign May Crash Dollar To N200 – EFCC Boss

Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa has said that the value of the dollar against the naira may drop to N200 after the redesign of naira notes. The EFCC Chairman disclosed this on Wednesday in an interview with the Hausa service of Deutsche Welle (DW). Recall that the governor of the Central Bank of Nigeria, Godwin Emefiele, had on October 26, announced the plan to redesign the N200, N500, and N1,000 notes of the naira in an attempt to regulate money supply and help security personnel in battling illicit financial flows. The anti-graft agency boss lauded President Muhammadu Buhari for backing the naira redesign policy. Bawa said, “The law says the redesigning of naira notes should be done every eight years but we spent 20 years...
<strong>FG Insists On No Work No Pay For ASUU Members</strong>
Education, Finance, Labour, News, Nigeria

FG Insists On No Work No Pay For ASUU Members

The Federal Government has insisted that members of the Academic Staff Union of Universities, ASUU, will not be paid for the period they were on strike. This was disclosed by the Minister of Education, Adamu Adamu, in an interaction with State House correspondents in Abuja, noting that it was in line with the policy of ‘No work, no pay’. Recall that ASUU had suspended its eight-month-old strike in October following an order of the Court of Appeal which upheld a ruling of the National Industrial Court asking the lecturers to return to the classroom. However, following the suspension of the strike, the Muhammadu Buhari-led administration paid ASUU members half salaries for the month of October while holding on to its resolve not to pay the arrears of salaries incurred while the...
Naira Gains To N710/$ At Parallel Market
Economy, Finance, News, Nigeria

Naira Gains To N710/$ At Parallel Market

The naira has recovered from its recent dip, rising at the market to N710 per dollar in Lagos on Friday. The naira has recovered from its recent dip, rising at the market to N710 per dollar in Lagos on Friday. The rate represents N115 or 13.9 percent rise compared to the N825 to a dollar it exchanged on Wednesday. According to Bureaux De Change operators, BDCs in Ikeja, Lagos, who spoke to TheCable on the issue, the buying rate of the greenback was N700 while the selling price stood at N710 per dollar, amounting to a N10 profit margin. Abubakar, a trader at the Alade Market, Ikeja said, “I have plenty of dollars in my hand but people are not buying as much as before. I have not yet sold anything today.” A currency trader at Victoria Island, simply identified as Musa, sa...
ASUU Half Salaries: Governors Set To Intervene
Elections, Finance, News, Nigeria

ASUU Half Salaries: Governors Set To Intervene

Governor Muhammadu Badaru of Jigawa State has promised that the dust raised by the payment of half salary to members of the Academic Staff Union of Universities, ASUU, would be legally addressed by all the state governors. Badaru said this yesterday during the official inauguration of the leadership of the National Association of Nigeria Students, NANS, that took place in Abuja. The governor assured that his administration would not relent in its support to students and stabilise the education sector through NANS. He stressed that President Muhammadu Buhari was not oblivious to the plight of the students induced by the ASUU strike and would not give room for similar situations again. See Also: Half Salaries: Stop Provoking Lecturers – Falana He said, “On the half salary...
Emirates Airline Suspends Flights To Nigeria
Finance, News, Nigeria, Transportation

Emirates Airline Suspends Flights To Nigeria

Emirates Arline has suspended flight operations to Nigeria due to its inability to send home funds stuck in the country. This was contained in a statement the airline issued on Thursday. The statement added that the suspension became effective on October 29, 2022. This marks the second time the airline will stop flights to Nigeria over its $85 million revenue, with the first coming in August 2022. It follows the inability of foreign airlines to send home their revenue of over $500 million. Despite Nigeria’s foreign exchange crisis which has made it hard for revenue to be repatriated, the federal government released $265 million to foreign airlines operating in the country to offset outstanding ticket sales. The Central Bank of Nigeria, CBN, released a further $120 milli...
CBN’s Naira Redesign Political – Obaseki
Finance, News, Nigeria

CBN’s Naira Redesign Political – Obaseki

Governor Godwin Obaseki of Edo State has dismissed the proposed plot by the Central Bank of Nigeria, CBN, to redesign naira notes as political. Obaseki described the move as a plan by the ruling All Progressives Congress, APC, to woo voters ahead of the 2023 general elections in Nigeria. This was contained in a statement issued by Crusoe Osagie, the governor’s media aide, while commissioning the Edo State Peoples Democratic Party, PDP, Women Campaign Council at the Presidential Campaign Secretariat in Benin City. Obaseki lampooned the Federal Government for the plan, noting that the redesign of the naira should not be the focus at this point as Nigerians are suffering from hunger, poverty, and economic hardship. See Also: FG Set To Create 21 Million Jobs By 2025 He said...
EFCC Arrests Kogi House Of Assembly Candidate With N326m, $140,500 Cash
Crime, Finance, News, Nigeria

EFCC Arrests Kogi House Of Assembly Candidate With N326m, $140,500 Cash

The Economic and Financial Crimes Commission, EFCC, has nabbed a Kogi State House of Assembly candidate of the New Nigeria Peoples Party, NNPP, identified as Ismaila Yusuf Atumeyi with about N326million and $140,500 in cash.   This was contained in a statement issued by Wilson Uwajaren, the Head, Media and Publicity of the commission, on Tuesday. See Also: EFCC Recovers 1.4 Billion Naira Meant for The NHIS The antigraft agency said the NNPP candidate who is vying for the Ankpa II Constituency in the Kogi State House of Assembly, was arrested on Sunday. Atumeyi was arrested alongside an alleged serial scammer identified as Joshua Dominic, in an operation carried out at Macedonia Street, Queens Estate, Karsana, Gwarinpa area of Abuja. According to the commission, the arre...
How Airfares Rose By 96.87% In One Year – NBS
Finance, News, Nigeria, Transportation

How Airfares Rose By 96.87% In One Year – NBS

The National Bureau of Statistics, NBS, has said that the price of air transportation rose by 96.87 per cent in one year. In its report titled ‘transport fare watch’ (September 2022), the Bureau stated that the average ticket for specified routes single journey rose by 96.87% from N36,922.97 in September 2021 on a year-on-year basis.   NBS said that on a month-on-month basis, it rose by 11.76% from N65,041.89 in August 2022 to N72,690.54 in September 2022. The statistics body also revealed that the average fare paid by commuters for bus journeys within the city per drop rose by 2.19% monthly to N615.69 in September 2022 compared to N602.48 in September August 2022.   See Also: DisCos Generates N398.16bn in Six months – NBS Reveals Also, the average Okada transportation ...
Irate Workers Close Plateau LG Secretariat Over Unpaid Wages
Finance, Labour, News, Nigeria

Irate Workers Close Plateau LG Secretariat Over Unpaid Wages

Lantang North Local Government Area of Plateau State was on Thursday closed by irate workers who were protesting non-payment of salaries. The workers said their decision to shut down the secretariate was informed by the non-payment of their salaries for more than four months. Simon Lalong One of the workers who spoke to Punch on the condition of anonymity said, ”Early morning today (Thursday), Local Government staff of Langtang North LGA in large numbers embarked on a peaceful demonstration to register their grievances over non-payment of six months salary by the Local Government Management team. “The council secretariat was closed under the instruction of the National Union of Local Government Employees. All offices were closed, both local and federal, including the judiciary...