Tag: Economy

Naira Appreciates to 512/1$, Banks Sell Dollar For N412
Economy, Finance, News, Nigeria

Naira Appreciates to 512/1$, Banks Sell Dollar For N412

The naira strengthened against the dollar at the parallel market on Monday as deposit money banks set up foreign exchange teller points for customers in accordance with the Central Bank of Nigeria, CBN, directive. The naira appreciated to 512 against the greenback at the parallel market from the 515/$1 at which it closed on Friday. It, however, fell by 0.02 per cent to 411.50/$1 at the Investors and Exporters’ window, with a forex turnover of $121.08m, according to FMDQ Group. The local currency had last week plunged to an all-time high of 525 against the dollar at the parallel market following the stoppage of the supply of foreign exchange to Bureau de Change by the CBN. The CBN Governor, Mr Godwin Emefiele, had on Tuesday, at the end of the Monetary Policy Committee meeting, ...
FCMB Appoints Yemisi Edun As Managing Director
Economy, Finance, News, Nigeria

FCMB Appoints Yemisi Edun As Managing Director

The board of directors of FCMB Group Plc has appointed Yemisi Edun as the managing director of First City Monument Bank Limited. A statement on Tuesday said the announcement was subsequent to the end of service of the bank’s former Managing Director, Adam Nuru. The bank said the board had earlier reviewed media allegations made in late 2020 against the former managing director and did not establish any contravention of its policies. “The board of directors of FCMB thanks Mr Nuru for his years of dedicated service and wishes him all the best in his future endeavour,” the statement said. FCMB stated that prior to her appointment, Edun was the executive director/chief financial officer of the bank and previously served as the acting managing director. It stated, “With a work ex...
BREAKING: Court Ruling has Vindicated Me – Ex-Finance Minister Adeosun
Finance, Judiciary, News, Nigeria, Press Statement

BREAKING: Court Ruling has Vindicated Me – Ex-Finance Minister Adeosun

A former Minister of Finance Mrs. Kemi Adeosun said she has been vindicated by a Federal High Court in Abuja. She however admitted that she had traumatic spell on the certificate forgery allegation against her. She said the judgement of Justice Taiwo Taiwo was not only a personal victory for her but for all Nigerians in the Diaspora. She said she will take further steps at the appropriate time to protect her reputation. Following allegation of presenting a forged National Youth Service Corps (NYSC) certificate to the Department of State Services (DSS) and the National Assembly for clearance, the ex-Minister on September 14, 2018 resigned her appointment But she engaged lawyers to fight her battle in a Federal High Court, Abuja. The court on Wednesday said the ex-Minister ...
BREAKING: Buhari Seeks Approval for N894bn Supplementary Budget
Economy, Finance, News, Nigeria

BREAKING: Buhari Seeks Approval for N894bn Supplementary Budget

President Muhammadu Buhari has written the House of Representatives to seek approval of N894.842bn supplementary budget to fund the purchase of COVID-19 drugs and weapons for the Armed Forces. In a letter addressed to Speaker Femi Gbajabiamila read at Tuesday plenary, the President said the supplementary budget is limited to some critical needs, stressing other needs will be contained in the 2022 budget. The President indicated the 2022 Appropriation Bill will be presented to the National Assembly in September. The President said COVID-19 drugs will be procured from the supplementary budget as the Federal Government intends to vaccinate about 70 percent of eligible Nigerians before the end of 2022. Details shortly…  
We’re Not Borrowing to Fund Projects – Wike
Economy, News, Nigeria

We’re Not Borrowing to Fund Projects – Wike

Rivers Governor Nyesom Wike has clarified his administration is not borrowing to execute projects in the state. Speaking at the flag-off for the construction of Trans-Kalabari Road Phase 1 in Degema Local Government Area on Thursday, Wike reminded the people that even the Governor of Central Bank of Nigeria (CBN) had confirmed his position. Wike said he would not borrow to complete the Trans-Kalabari Road, which connects Krakrama, Omekwe-ama, Angula-ama, Mina-ama and other communities in the Kalabari area. He said: “People are asking where am I getting the money from. People are saying I’m borrowing money. If I borrow money to develop my place (state) is there any offense there? They that borrow, did they do the road? If I’m borrowing and doing the work, have I not done well? R...
Return of Fuel Subsidies Disturbing, IMF Tells FG
Economy, News, Nigeria, Petroleum

Return of Fuel Subsidies Disturbing, IMF Tells FG

In a virtual meeting with the representatives of the Federal Government, the mission of the International Monetary Fund stated that the resurfacing of fuel subsidies was concerning. The IMF mission led by Jesmin Rahman, according to a press release, expressed its concerns about rising fuel subsidies to the Nigerian authorities during a virtual meeting. The Fund also stressed the importance of introducing market-based fuel pricing mechanisms and the need to deploy well targeted social support to cushion any impact on the poor. The mission commended the Central Bank of Nigeria for merging taking the official exchange rate to the NAFEX window. However, they recommended the unification of all exchange rate windows and establishing a market-clearing exchange rate. On monetary pol...
Naira Dips to Four-Year Low
Economy, Finance, News, Nigeria

Naira Dips to Four-Year Low

Nigeria’s legal tender has dipped further to a four-year low in the parallel market after the central bank’s effort to prompt banks to sell more dollars to customers failed to address the widening difference between the official and black-market rates. Unlicensed dealers were exchanging the naira at 502 per dollar on Wednesday from 500 last week, abokifc.com, a website that collates the data reports. The development amounted to the lowest exchange rate for the naira since 2017. The rate widens the gap between the official and the parallel market rate to 22% when compared with the spot rate of 411.13 naira in Lagos on Wednesday. Nigeria, Africa’s biggest economy, has witnessed devaluation of its currency thrice since March last year as lower oil income, which accounts for about 90%...
PDP Govs Lampoon Buhari Over Huge Debt Profile, CBN’s Operations
Economy, News, Nigeria, Press Statement

PDP Govs Lampoon Buhari Over Huge Debt Profile, CBN’s Operations

The Peoples Democratic Party Governors Forum on Monday rose from a meeting in Uyo, Akwa Ibom State, condemning the rising debt profile of the country. The forum said over 80 percent of the budget was being spent on serving debts. The body also accused the Central Bank of Nigeria of operating as an independent government within a government. The forum in a communique which was read by its Chairman and Governor of Sokoto State, Aminu Tambuwal, lamented that all the gains of the PDP-led government, when the country exited its debts obligations had been destroyed by the APC-led administration. ‘The communiqué reads in part, “The PDP frowns at the rising and seemingly uncontrollable debt profile of Nigeria with over 80 percent of normal Appropriation spent on debt servicing. “All...
Insecurity: We’ve Agreed to Start Taking Visible Actions – Obasanjo
Economy, News, Nigeria

Insecurity: We’ve Agreed to Start Taking Visible Actions – Obasanjo

Arising from their Abuja meeting, elder statesmen in the country under the auspices of Committee for the Goodness of Nigeria, CGN, have refused to publicize the outcome of their meeting. Commenting on the resolution, former President Olusegun Obasanjo told reporters on Abuja that the CGN had agreed to present its communique to President Muhammadu Buhari, who Obasanjo said was duly notified of the meeting and its agenda. Obasanjo said members of the CGN agreed in principle to formally present their resolutions to President Buhari before any public disclosure, Punch reports. The former president, however, gave an insight into what was discussed at their Thursday meeting, which he said bothered on issues of security, economy, welfare, well-being, unity and progress of Nigeria. He ...
Inflation Looms as CBN Further Devalues Naira
Economy, Finance, News, Nigeria

Inflation Looms as CBN Further Devalues Naira

The Central Bank of Nigeria, CBN, has further officially devalued the country’s currency to N410.25/$ after exhausting all options to maintain the value of the naira. Consequently, experts have expressed fear that the decision to chart the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar would amount to inflation and increase the poverty level in Nigeria. The new rate was confirmed by the apex bank on its website following the removal of N379/$ earlier in May. CBN governor, Godwin Emefiele had said that the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. He had said, “In order to adjust for the decrease in the supply of f...