Tag: Finance - Page 5 - African News Today

<strong>How Naira Redesign May Crash Dollar To N200 – EFCC Boss</strong>

17Nov

By Mary UgwuanyiNo Comments

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>Gunmen Ambush Bullion Van In Anambra</strong>

13Nov

By Mary UgwuanyiNo Comments

Crime, News, Nigeria

Gunmen Ambush Bullion Van In Anambra

Gunmen ambushed a bullion van in Ufuma, Orumba South Local Government Area of Anambra State on Thursday. Reports say the bullion van was attacked around 4:00 p.m while conveying cash to an undisclosed location. The gunmen followed and shot at the van and security personnel attached to the van. The attack was confirmed by the police spokesperson in the State, deputy superintendent Tochukwu Ikenga, stating that it was a suspected armed robbery attack. He said, “Police operatives attached to the bullion van gallantly repelled the attack.” According to Ikenga, the force have commenced a manhunt for the attackers. See Also: UNICEF Condemns Abduction Of 21 Schoolchildren In Katsina The police spokesperson said the police have recovered a Lexus and a Highlander SUVs ...

Naira Gains To N710/$ At Parallel Market

12Nov

By Mary UgwuanyiNo Comments

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...

CBN’s Naira Redesign Political – Obaseki

3Nov

By Mary UgwuanyiNo Comments

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

2Nov

By Mary UgwuanyiNo Comments

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

24Oct

By Mary UgwuanyiNo Comments

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

21Oct

By Mary UgwuanyiNo Comments

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...

Strategic Capital Investment Limited Buys Polaris Bank For N50 Billion

21Oct

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

Strategic Capital Investment Limited Buys Polaris Bank For N50 Billion

The Central Bank of Nigeria, CBN, and the Asset Management Company of Nigeria, AMCON, have announced the sale of Polaris Bank to Strategic Capital Investment Limited, SCIL. SCIL acquired 100 percent of the equity in the bank. CBN The House of Representatives ratified the acquisition on Wednesday, stating that the purchase was in accordance with stipulated procedure and the needed presidential approval. Osita Nwanisobi, the Director of Corporate Communications Department at the CBN, in a statement issued on behalf of the apex bank and AMCON stated that “SCIL had paid an upfront consideration of N50 billion to acquire 100 percent of the equity of Polaris Bank and had also accepted the terms of the agreement which includes the full repayment of the sum of N1.305 trillion, ...

Why Food Prices Will Increase In Nigeria – IMF

11Oct

By Mary UgwuanyiNo Comments

Finance, News

Why Food Prices Will Increase In Nigeria – IMF

The International Monetary Fund, IMF, has warned that climate change and floods in the country may lead to an increase in food prices. This indication was given by the IMF African Department official, Mai Farid, on Monday during a session on ‘Climate Change and Food Insecurity in Sub-Saharan Africa’. Farid said the IMF was abreast of the impact of the floods on communities in Nigeria and other neighbouring countries. She said, “We recognise Chad and Cameroon have also been hit. The supply of agricultural production is going to drop which will put even further pressure on prices. “The floods have affected some of the transportation networks which makes it even harder for food to transfer into the country or even out.” The IMF chief called on governments in Sub-Saharan Af...

Federal Government Proposes to Spend N19.76 trillion in 2023

30Aug

By Osaretin BalogbanNo Comments

Finance, News, Nigeria

Federal Government Proposes to Spend N19.76 trillion in 2023

The Federal Government has revealed its plan for a budget of 19.76 trillion to be spent from 2023 as disclosed by the Minister of Finance. Zainab Ahmed, the Minister of Finance, Budget, and National Planning, made the revelation in Abuja on Monday. See Also: 2023: INEC Budgets N239bn For Poll Materials, Presidential Run-Off The Minister briefed the House of Representatives Committee on Finance concerning the 2023-2025 Medium Term Expenditure Framework. She said the government was protruding revenue of N8.46 trillion for 2023 as N1.9 trillion is expected from oil-related sources while 6.56 trillion would be generated from non-oil sources. Ahmed noted the budget was based on the exchange rate of N435.57 per dollar and 70 dollars per barrel of crude oil. The oil product...