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Naira Dips to 410/$ at Official Market – Emefiele

27Feb

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Petroleum

Naira Dips to 410/$ at Official Market – Emefiele

Mr Godwin Emefiele, Governor of the Central Bank of Nigeria has said that the naira has suffered a dip in value to 410 against the dollar at the official market. The apex bank boss disclosed this while speaking at a summit on the economy by Bank CEOs on Friday. He said the depreciation was occasioned by the drop in crude oil revenue and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. Emefiele said, “In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$.” Reports suggest the naira exchanged for 478/$ at the parallel market on Friday. Speaking on the state of the economy, the Vice President, Prof. Yemi Os...

President Buhari: The Unheralded Achievements – Femi Adesina

19Feb

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria, Security

President Buhari: The Unheralded Achievements – Femi Adesina

Let me give due credit for the idea of this piece. President Muhammadu Buhari had said recently that elites in the country were not giving due accolades to his administration in terms of where it met the country, what it grapples with, and where it has been able to take the nation to, thus far. The position of Mr President was widely published by the traditional and digital media, and it became an object of debate. In the middle of it all, I received a phone call from Prince Nduka Obaigbena, Chairman of Arise Television and Publisher of Thisday Newspapers. “Mr President says the elite have not given due credit to the administration. That means there are achievements that are not reported, underreported, or not celebrated at all. Come to Arise Television, and talk about it.” It ...

Cryptocurrency Ban: They Breed Illegal Activities – CBN Says as it Defends Action

8Feb

By Obiajulu Joel NwoluNo Comments

Economy, Finance, Nigeria, Safety, Youths

Cryptocurrency Ban: They Breed Illegal Activities – CBN Says as it Defends Action

Following the ban placed on cryptocurrencies, the Central Bank of Nigeria, CBN, has defended its decision saying they promote illegal activities and raise risks, among other reasons. The apex bank disclosed this in a statement issued on Sunday concerning various comments and reactions following its recent reminder to Deposit Money Banks to desist from transacting in/and with entities dealing in cryptocurrencies. It said, “The recent regulatory directive became necessary to protect the financial system and the generality of Nigerians (including the youth population) from the risks inherent in crypto assets transactions, which have escalated in recent times, with dire consequences for the integrity of the financial system and financial stability. “Due to the fact that cryptocurrenci...

Ekiti Govt. Includes N550m Budget For drones Used To Fight Kidnapping, Banditry

18Jan

By Chinedu IbeakanmaNo Comments

Communication, Crime, Economy, Finance, Information Technology, News, Nigeria, Terrorism, Violence

Ekiti Govt. Includes N550m Budget For drones Used To Fight Kidnapping, Banditry

Ekiti State Government has said efforts are on to procure sophisticated drones as part of efforts to boost surveillance, expose criminal hideouts and combat insecurity. Commissioner for Budget and Economic Planning Mr. Femi Ajayi disclosed this at the weekend during the breakdown of the 2021 Appropriation Law with a budgetary provision of N109.666 billion. He said the government projected N550 million to purchase the drones as part of plans to tackle armed robbery, banditry and kidnapping. Ajayi added that N1.4 billion has been set aside to fund the Ekiti State Security Network code-named ‘Amotekun Corps’ for the security outfit to live up to its responsibility. He said the government budgeted N8billion for social services, covering education, health, gender empowerment, social...

Algeria Crude Oil Output Slumped in 2020

18Jan

By Obiajulu Joel NwoluNo Comments

Algeria, Economy, Finance, News, Petroleum

Algeria Crude Oil Output Slumped in 2020

Algeria’s oil revenue tumbled in 2020, worsening an economic crisis in the North African country which is highly dependent on crude income, according to data released by the Energy ministry on Sunday. The COVID-19 pandemic had taken a toll on oil prices, ravaging the economies of producer nations. “The overall volume of hydrocarbon exports reached 82.2 million tonnes of oil equivalent in 2020, for a value of $20 billion, a decrease of 11 percent and 40 percent respectively compared to 2019,” the ministry said in a statement cited by state news agency APS. The energy ministry said oil income to Algeria’s treasury was down 31 percent year-on-year. The International Monetary Fund forecasts that Algeria, Africa’s fourth-largest economy, will see a 5.2 percent recession in 2020, alo...

Naira Suffers Further Slump, Exchanges for 473/$

13Jan

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Naira Suffers Further Slump, Exchanges for 473/$

On Tuesday, 12 January 2020, the naira suffered depreciation at the parallel market and Investors and Exports window. Figures obtained from Bureau De Change operators showed that the naira exchanged to the dollar for 473/$ at the parallel market. Nigeria’s currency had enjoyed a reasonable growth rate in recent times after it closed last year at 467/$. According to figures obtained from the I&E window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday. At the close of 2020, it reached a low of 401 at the I&E window. The country’s apex bank, The Central Bank of Nigeria has maintained the official exchange rate at N379/$ on its website. Recall that the Association of Bureaux De Change Operators of Nigeria, ABCON, had recently asked the CBN to make BDCs pa...

Diri Signs N329bn 2021 Appropriation Bill into Law

31Dec

By Chinedu IbeakanmaNo Comments

Economy, Finance, Nigeria

Diri Signs N329bn 2021 Appropriation Bill into Law

Bayelsa State Governor Douye Diri has signed the 2021 bill of N329.29 billion into law. The governor had on November 26 presented an estimate of N290.295 billion tagged, ‘Budget of Growth’ to the state House of Assembly. While assenting to the bill in Government House, Yenagoa, Diri said the increase in the figure would address areas of deficit identified in the appropriation bill as well as assist in the infrastructure development of the state. A statement by the Chief Press Secretary, Mr Daniel Alabrah, quoted the governor as noting that the increase in the 2021 budget was intended to tackle the completion of the three senatorial roads, the AIT/Igbogene ring road project and construction of the Gloryland Drive in addition to rehabilitation of the internal roads within the Yenago...

Governor Ikpeazu Signs 2021 Appropriation Bill

30Dec

By Chinedu IbeakanmaNo Comments

Economy, Finance, Nigeria

Governor Ikpeazu Signs 2021 Appropriation Bill

Abia State Governor, Dr Okezie Ikpeazu, has signed the 2021 Appropriation Bill into law. The Bill which was passed by Abia State House of Assembly during the Tuesday plenary session of the House was presented to the Governor by the Clerk of the House, Sir John Pedro Irokansi in his Aba residence on Tuesday night where he endorsed the N131,852,752,000.00 (One Hundred and Thirty One Billion, Eight Hundred and Fifty Two Million, Seven Hundred and Fifty Two Thousand Naira Only) Budget made up of N69bn for capital expenditure and N62.8bn for recurrent expenditure. Earlier, Governor Ikpeazu presented the budget which he christened Budget of Local Contents and Sustainable Development to the state House of Assembly on the 7th of December, 2020. The budget, which is 21.12 per cent higher t...

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...

Diaspora Remittances: CBN Threatens Sanctions Against Operators Paying Local Currency

17Dec

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria, Trade

Diaspora Remittances: CBN Threatens Sanctions Against Operators Paying Local Currency

The Central Bank of Nigeria has cautioned operators against paying recipients of diaspora remittances in the local currency rather than foreign currency. The apex bank threatened to strip violators of their operational licences if they failed to comply with its remittance guidelines. It disclosed this in a circular to International Money Transfer Operators and Payment Services on Wednesday signed by the director, trade and exchange department, and the director, payments system management department. According to the circular, all licensed institutions are required to comply with the guidelines on remittances as contraventions will attract stiff regulatory sanction including revocation of licence. The circular was titled, ‘Receipt of diaspora remittances: Additional operational ...