UK debt increases before the budget
The third-highest September since records began in January 1993 was reached last month when government borrowing increased. According to official...
Business
In a significant reorganization, HSBC hires its first female finance boss
As its new boss shakes up the company, HSBC has announced the appointment of its first female finance chief in...
Naira Appreciates to N1,715 in Parallel Market
On October 21, the Nigerian Naira Appreciated to N1,715 per dollar in the parallel market from N1,725 per dollar last...
Transactions Above 500k Can Get You In Trouble Warned Delta Police PRO To POS Agent
The spokesperson of Delta State Police Command, SP Bright Edafe, has warned point of sale (POS) operators to desist from...
The world Bank List the Naira as one of Africa’s Worst-Performing currencies as it Depreciates by 43%.
One of the worst-performing currencies in Sub-Saharan Africa for 2024 is the Nigerian naira. This is in line with the most recent Africa's Pulse report from the World Bank. The naira has lost over 43% of its value so far this year, making it one of the weakest currencies, along with the South Sudanese pound and the Ethiopiabbirr, as of August 2024. The fall is ascribed to growing demand for U.S. dollars in Nigeria’s parallel market, limited dollar inflows, and delayed foreign exchange payments by the central bank. According to the research, the naira has been under further pressure from money managers, non-financial end users, and financial institutions that are driving dollar demand. The official exchange rate was liberalised in June 2023 as part of Nigeria's foreign exchange market reforms, but these measures alone haven't been enough to stabilise the currency. The naira's predicament has been made worse by broader economic issues, such as depleting foreign reserves and inflationary pressures. Nigerian consumers' circumstances have gotten worse as aresult of the currency's depreciation, which has had a major influence on local costs, especially for imported items. On October 14, the naira improved from N1,641.27/$1 to N1,552.92/$1, a 5.69% increase against the dollar, indicating a recent recovery. Nevertheless, during the same time frame, foreign exchange turnover fell by 44.27%. The World Bank predicts that as reforms take hold, Nigeria's economy will grow by 3.3% in 2024 and then slightly faster to 3.6% in 2025 and 2026. Inflation is still a problem, though, especially after fuel subsidies were eliminated in the middle of 2023, which tripled petrol prices and raised the cost of logistics and transportation nationwide.
Naira Appreciates to N1,680 per Dollar In Parallel Market.
At the close of workday on Monday October 14, Naira Appreciated from N1,690 to N1,680. The Naira also appreciated to...
Despite Soludo’s instructions, Anambra Traders continue to remain at Home.
Monday's business and economic activity in Anambra State's commercial centres of Onitsha, Nnewi, Obosi, and Ekwulobia was completely shut down. The majority of the stores in the main marketplaces of Onitsha, Ochanja, Nkpor Motor Parts, Electrical, and Mgbuka remained closed, which contributed to the poor participation of traders. It was also noted that banks, car dealerships, schools, courts, and office buildings closed on Mondays as usual. This was in opposition to the order issued by Governor Chukwuma Soludo during his visit to Onitsha Main Market last week. In support of the sit-at-home movement, the governor threatened to seal any store or plaza that stayed closed on Mondays. The South-East loses an estimated N19.6 billion on Mondays, according to Soludo, who bemoaned the ongoing boycott of events on that day. He threatened to impose harsh sanctions, including the closure of stores for up to a month, on any trader or company that refused to operate on Mondays. He then said, “I am here to ensure that your shops are...
“They’re Insulting Our Intelligence” ~ NLC Spokesperson Benson Upah
The spokesperson of NLC, Benson Upah, has said that those who say that petrol is sold for free in Nigeria...
President Tinubu’s Government has Borrowed a Staggering $6.45bn From The World Bank
The current administration led by President Bola Tinubu has borrowed a total of $6.45bn from the world bank in just...
CBN Ex-Deputy Governor Reveals Buhari Did Not Approve Emefiele’s Naira Redesign Plan
Edward Adamu, a former deputy governor of the Central Bank of Nigeria, testified as the fourth witness in the trial of the bank's immediate past governor on Wednesday. The Federal Government is suing Emefiele for overseeing the CBN's disorganised naira redesign program in late 2022. Before Justice Maryanne Anenih of the Federal Capital Territory High Court, Maitama, the former CBN helmsman is accused of four counts. Adamu informed the court on Wednesday, as the fourth prosecution witness, that Emefiele had violated the established protocol during the 2022 naira design exercise. Rotimi Oyedepo (SAN), the prosecuting attorney for the Economic and Financial Crimes Commission, testified in court that he had seen earlier redesigns of the naira, which were done to address a variety of issues including circulation volume, inflation, counterfeiting, and general currency management. But he asserted that it was illegal for Emefiele to have designed the 2022 naira during the government of former President Muhammadu Buhari to have done so without the consent of the CBN Board or the President. Adamu clarified that the Director of Currency Operations initiates the regular process for a naira redesign, which is then sent to the Committee of Governors, who approve it before sending it to the head of state. He claimed Emefiele got around this procedure. Adamu, on the other hand, said that Emefiele called a meeting of the Committee of Governors and then carried out the redesign after allegedly receiving presidential consent. He added that the design of the naira notes that are currently in circulation differs somewhat from what was approved by the CBN board and President Buhari after examining Exhibit E2, which was submitted as proof. He claimed that Emefiele had made these modifications on his own. Under cross-examination, defence attorney Olalekan Ojo (SAN) questioned Adamu about the custom of board recommendation coming before presidential approval before the new redesign of the naira. That was confirmed by Adamu. Ojo then enquired as to whether the President had ever approved a procedure without first notifying the board. Adamu retorted that he had not seen this kind of behaviour during his employment. Adamu was also questioned by the defence attorney about his knowledge of any occasions in which the President authorised the distribution of monies to the military, ECOWAS, or other nations without first consulting the CBN Board or Committee of Governors. Adamu acknowledged having heard of one such incident. Ojo also asked Adamu if he was aware of any repercussions for breaking the CBN Act's guidelines. Adamu said he has no memory of anything. Ojo questioned Adamu about whether he remembered stating that the minutes of CBN Meeting 764 were approved, referencing a previous statement he had given to the EFCC on February 24, 2024. In response, Adamu said he couldn't recall.The witness's testimony in court, according to the defence attorney, differed from what he had told the EFCC. The witness's testimony and earlier statement, according to the prosecution's objection, were not yet in the court's possession. The witness was then permitted by the judge to examine his statement to refresh his memory, which he duly did....
