Category: Finance and Economy

IMF Expresses Concern Over Nigeria’s Economic Crisis

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IMF Expresses Concern Over Nigeria’s Economic Crisis

Amid Nigeria’s ongoing economic challenges, the International Monetary Fund has expressed concern that the stagnant per-capita growth, widespread poverty, and severe food insecurity have further intensified the persistent cost-of-living crisis in Nigeria. The international financial institution communicated this information in a recently published report titled ‘Review of Nigeria’s Post Financing Assessment by the IMF Executive…

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Finance and Economy

Fix Prices of Milk, Flour, Salt, Sugar, Bicycles And Others Within Seven Days – Court Orders FG

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Fix Prices of Milk, Flour, Salt, Sugar, Bicycles And Others Within Seven Days – Court Orders FG

A Federal High Court, sitting at Ikoyi, Lagos on Wednesday, February 7, ordered the federal government to fix the prices of goods and petroleum products within seven days.  Justice Ambose Lewis-Allagoa granted the order sequel to an originating motion filed and argued by the applicant and human rights activist, Femi Falana SAN.  He said: “I…

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Finance and Economy

International Money Transfer: CBN Bans Banks, Fintechs

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International Money Transfer: CBN Bans Banks, Fintechs

The Central Bank of Nigeria (CBN) has prohibited banks and fintech companies from engaging in international money transfer services. This directive, outlined in the revised guidelines for International Money Transfer Operators (IMTOs), was officially communicated on January 31, 2024. The exclusion mentioned in the document pertains to individuals associated with the management, shareholders, and officers…

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Finance and Economy

Naira Appreciates As Banks Comply With CBN Directives To Offload Dollars Into FX Market

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Naira Appreciates As Banks Comply With CBN Directives To Offload Dollars Into FX Market

The free slide of the Naira occasioned by pressure on the foreign exchange (FX) market is beginning to ease as the naira recovered after commercial banks offloaded dollars into the official market in response to 24 hours given by the Central Bank of Nigeria (CBN). This became noticeable as the volume of dollar transactions by…

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Exchange and Forex

Naira Crisis: CBN Directs Banks To Sell Excess Dollars Within 24 Hours

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Naira Crisis: CBN Directs Banks To Sell Excess Dollars Within 24 Hours

Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024. The CBN, which made the disclosure in a new circular released on Wednesday, also warned lenders against hoarding excess foreign currencies for profit. According…

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Finance and Economy

CBN Commits Fresh $500 Million Into Forex Market

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CBN Commits Fresh $500 Million Into Forex Market

The Central Bank of Nigeria (CBN) has committed $500 million into the forex market. Hakama Sidi-Ali, Acting Director of the Corporate Communications Department at the CBN, disclosed this in a statement on Monday. Sidi-Ali reiterated the bank’s commitment to “settling all legitimate foreign exchange backlogs within a short time frame.” She also assured Nigerians that…

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Exchange and Forex, Finance and Economy

FG, State Govs To Abolish ‘Nuisance Taxes’ Nationwide

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FG, State Govs To Abolish ‘Nuisance Taxes’ Nationwide

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele said the federal government is currently meeting with state governors to abolish what he described as “nuisance taxes” nationwide. Oyedele disclosed this in an interview with Channels Television on Monday. The former PWC chief stressed that while waiting for the legal instrument…

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Finance and Economy

Why We Sacked Union, Keystone, And Polaris Boards — CBN

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Why We Sacked Union, Keystone, And Polaris Boards — CBN

The Central Bank of Nigeria has disclosed that the boards of Union Bank of Nigeria, Keystone Bank and Polaris Bank were dissolved because they committed infractions. The acting Director, Corporate Communications, Sidi Hakama, stated this in a statement released on Wednesday. In the release, the apex bank disclosed that the action became necessary as the…

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Finance and Economy

Forex Scandal: Dangote Officials To Appear Tuesday As EFCC Extends Probe

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Forex Scandal: Dangote Officials To Appear Tuesday As EFCC Extends Probe

The Economic and Financial Crimes Commission has summoned some officials of the Dangote Group to Abuja to come along with detailed documents on foreign exchange transactions by the conglomerate covering the last nine years. Operatives of the EFCC had on Thursday stormed the headquarters of Dangote Industries Limited in Ikoyi, Lagos, in furtherance of the…

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Exchange and Forex, Financial Crimes

Presidency Speaks On Betta Edu’s N585 Million Palliative Scandal, Reveals Next Action

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Presidency Speaks On Betta Edu’s N585 Million Palliative Scandal, Reveals Next Action

The presidency has announced an ongoing investigation into a significant financial irregularity involving the transfer of N585.189 million. This substantial sum, designated as a grant for vulnerable groups in Akwa Ibom, Cross River, Ogun, and Lagos states, was reportedly diverted into a private account. This revelation has sparked widespread concern and calls for accountability. In…

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Finance and Economy, Financial Crimes