Category: Finance - Page 26 - African News Today

CBN Predicts Further Depreciation of the Naira in January 2021

27Dec

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Trade

CBN Predicts Further Depreciation of the Naira in January 2021

The Central Bank of Nigeria has said that a survey conducted by its Statistics Department showed that the naira is projected to further depreciate in January next year. According to the report titled, ‘December 2020 Business Expectations Survey Report’, there might also be a steady rise in the interest rate from December till the next six months, Punch reports. Nigeria’s currency fell to its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been lingering between N460 and N470. As of Friday, however, one dollar exchanged for N465 in the parallel market. Recall that the Nigerian economy fell into its second recession in five years on November 21, 2020. Reports say the recession is the worst in 36 years, according to the data obtained from the Wo...

FG Approves an NGO to Monitor Spending of $311m Abacaha Loot

25Dec

By Obiajulu Joel NwoluNo Comments

Finance, Infrastructure, News, Nigeria

FG Approves an NGO to Monitor Spending of $311m Abacaha Loot

The Federal Government has selected a civil society organisation, CLEEN Foundation, to monitor the spending of the last tranche of $311m returned funds looted by the late Head of State, Gen. Sani Abacha. This was disclosed on Thursday by the Office of the Attorney-General of the Federation. The fund which was returned in February 2020, was reported to have been appropriated for three notable projects - the 2nd Niger Bridge, the Abuja-Kano Expressway and the Lagos-Ibadan Expressway. According to a statement by the Special Assistant to the AGF, Dr Umar Gwandu, the purpose of the involvement of the CSO was to increase transparency in the management of recovered funds. Gwandu said CLEEN Foundation was selected after a presentation made by the Attorney-General of the Federation and ...

CBN Withdraws 42 Microfinance Bank’s Operating Licences

21Dec

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

CBN Withdraws 42 Microfinance Bank’s Operating Licences

Nigeria’s apex bank, the Central Bank of Nigeria has withdrawn the operating licences of 42 microfinance banks operating in the country. This was contained in an announcement issued by the Nigeria Deposit Insurance Corporation (NDIC) on its website titled, ‘Notice of closure of 42 microfinance banks’. It read, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020. “The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and pay their insured depositors. “We, therefore, request that all depositors o...

Poor Nigerians Expected to Reach 100 Million By 2022 – World Bank

11Dec

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Poor Nigerians Expected to Reach 100 Million By 2022 – World Bank

The World Bank has estimated that the number of poor Nigerians would rise from the current 90 million to about 100 million by 2022 due to the economic impact of the COVID-19 pandemic. The bank projects that about 11 million more Nigerians would plunge into poverty by 2022 due to the COVID-19 crisis. It equally pegged the financial portfolio approved by its board for Nigeria at about $11.5bn. This was disclosed during the bank’s Nigeria Development Update virtual event, themed, 'Rising to the challenge: Nigeria's COVID-19 response'. According to Punch, an economist with the bank, Marco Hernandez, during his presentation said that before the COVID-19 pandemic, about two million Nigerians were expected to fall into poverty in 2020 as population growth outpaced economic growth. ...

Commercial Banks in Ekiti Town Shut Down Over Police Withdrawal

10Nov

By Chinedu IbeakanmaNo Comments

Economy, Finance, Nigeria, Violence, Youths

Commercial Banks in Ekiti Town Shut Down Over Police Withdrawal

Commercial banks in Ikere-Ekiti, the headquarters of Ikere Council Area of Ekiti State on Tuesday shut down operations following the alleged withdrawal of service by policemen. According to a report by The Nation, financial institutions as well as Point of Terminal(POS) outlets were under lock and key due to fear of being attacked over alleged absence of policemen. Findings also indicated that there had been no police officer in the town following the burning of two police stations and destruction of the Area Command by hoodlums during the #ENDSARS protests. The Area Command and Divisional police stations in the town were razed with vehicles as well as other vital items in the premises. Reacting to alleged withdrawal of policemen, banks in the town did not open for operation on...

6Nov

By Chinedu IbeakanmaNo Comments

Breaking News, Communication, Economy, Finance, Nigeria, Trade, United States of America

WTO Postpones Meeting to Pick New DG

The World Trade Organisation on Friday postponed a meeting where members are expected to pick a new Director-General. The postponement is coming days after the United States declined to support the favored candidate, Ngozi Okonjo-Iweala. The organization earlier announced that the meeting would hold next week but a communication sited by AFP showed that the meeting has been postponed indefinitely. “It has come to my attention that for reasons including the health situation and current events, delegations will not be in a position to take a formal decision on 9 November,” the head of the selection committee told member states. “I am therefore postponing this meeting until further notice during which period I will continue to undertake consultations with delegations,” he added....

5Nov

By Chinedu IbeakanmaNo Comments

Economy, Finance, Interview, Nigeria

No Plan to Increase VAT – FG

The Federal Government has debunked claims on social media that it plans to increase the Value Added Tax (VAT) and other taxes in its proposed Finance Bill. Minister of Finance, Zainab Ahmed, who issued the disclaimer while defending the Ministry’s budget before the Senate Committee on Finance in Abuja, said the report of an imminent increase in VAT and other taxes in the proposed Finance Bill to be presented to the National Assembly was false. Ahmed said: “There will be no increase in VAT or any form of taxes because we see 2021 as a year of recovery – not only for government but businesses as well.” Earlier, the Account General of the Federation, Ahmed Idris, who was present at the session, complained about poor budgetary allocation to his office. Idris said: “We have 37 offi...

Youth Investment Fund: Beneficiaries to be Given N250,000 – N5m – Finance Minister

2Nov

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Youths

Youth Investment Fund: Beneficiaries to be Given N250,000 – N5m – Finance Minister

The Federal Government has said that beneficiaries of the N75bn Nigeria Youth Intervention Fund (NYIF) will be given between N250,000 to N5m. This was disclosed by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed on Saturday. Ahmed had previously noted that the President Muhammadu Buhari administration created a youth fund of N25bn as part of measures to tackle the #EndSARS protests and other related youth agitations in the country. The minister stated that the Federal Government would increase the fund to N75bn within a three years period. Ahmed at a meeting with the 77 District Heads and religious leaders, at Kaduna State University on Saturday said that each youth that benefits from the fund would receive between N250,000 to N5m. She who said the am...

Opinion: 5 Reasons Why President Trump won’t Support Okonjo-Iweala as Next WTO Director General – Blessing Mene

31Oct

By adminNo Comments

Africa, China, Economy, Features, Finance, Nigeria, Trade, United States of America, Women Empowerment

Opinion: 5 Reasons Why President Trump won’t Support Okonjo-Iweala as Next WTO Director General – Blessing Mene

This is an opinion article by Blessing Mene. People who want Okonjo-Iweala to become the next WTO Director-General mostly are excited about the prospect of the first female & African to lead the WTO. But President Trump doesn't think that way, here are five secret reasons why President Trump won't support Okonjo-Iweala: 1. He thinks from the perspective of Nationalism and his biggest interest is to have a WTO leader who will stand up to China and other countries leveraging loopholes in the WTO to supposedly "take advantage" of America. Look at how Trump is reshaping to the US Supreme Court and Federal Courts. 2. President Trump's a radical conservative who is currently looking to end the influence of liberals and globalism. That's why he got elected in the first place. He doesn'...

COVID-19: Nigeria’s Economy too Fragile for Fresh Lockdown —Buhari

29Oct

By Chinedu IbeakanmaNo Comments

Covid-19, Economy, Finance, News, Nigeria, Safety

COVID-19: Nigeria’s Economy too Fragile for Fresh Lockdown —Buhari

President Muhammadu Buhari says Nigeria’s economy is too fragile to enforce a fresh COVID-19 lockdown. He however, called on Nigerians to obey all protocols recommended by health authorities to curtail the spread of the lethal coronavirus. Buhari, who stated this on Thursday via his verified Twitter handle, said compliance with COVID-19 protocols by all Nigerians is crucial to avert a second wave of the pandemic in the country. “Looking at the trends in other countries, we must do all we can to avert a second wave of COVID-19 in Nigeria. “We must make sure that our cases, which have gone down, do not rise again. Our economy is too fragile to bear another round of lockdown,” @MBuhari tweeted. The President had in March imposed a total lockdown on parts of the country includin...