Economy

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Background

Economy

CBN SELLS FOREIGN EXCHANGE TO BUREAU DE CHANGE AT 1,251 NAIRA TO A DOLLAR.

The Central Bank of Nigeria CBN hasannounced the sales of 10,000 dollars to each of the eligible Bureau De Change BDC operators in the country at the rate of 1,251 Naira to One dollar.  In a circular to the President of the Association of BDC Operators of Nigeria signed by the Director of Trade and Exchange Department of CBN, HASSAN MAHMUD, the BDCs are to sell to eligible end users at a spread of not more than 1.5% above the purchase price.  The CBN warned that any BDC that breaches the terms shall be sanctioned appropriately, including outright […]

todayMarch 26, 2024

Economy

CBN ALLOTS 100 BILLION NAIRA TO THE MINISTRY OF AGRICULTURE

The Governor of the Central Bank of NigeriaCBN, OLAYEMI CARDOSO has announcedthe allocation of 100 billion Naira and 2.15 million bags of fertilizers to the Ministry of Agriculture to cushion the effects of high prices of food in the country.  CARDOSO who revealed this yesterday during a meeting with the Minister of Agriculture and Rural Development MOHAMMAD ABUBAKAR, and the Minister of Agriculture and Food Security ABUBAKAR KYARI at the ministry’s headquarters in Abuja said they believe that providing support to farmers would help mitigate the high food prices currently bedeviling the nation.  He said the CBN has turned away from direct […]

todayMarch 14, 2024

Economy

ENUGU INTERNATIONAL TRADE FAIR TO HOLDS IN APRIL.

The Enugu Chamber of Commerce, Industry, Mines, and Agriculture, ECCIMA has announced that the 35th International Trade Faire, 2024, will be held from Friday, 5th to Monday, 15th April 2024, with both local and international companies declaring interest in participating. The President of ECCIMA, ODEIGA JIDEONWO who made this known during the Chamber’s 1st Quarter Press Briefing and the 35th Enugu International Trade Fair Publicity Launch at ECCIMA house, Enugu said the fair will focus more on the Agricultural Sector as it remains a critical sector toward diversification. Speaking on […]

todayMarch 12, 2024

Economy

CUSTOMS ANNOUNCES 90-DAY WINDOW FOR IMPORT DUTY REGULARISATION ON VEHICLES

The Nigerian Customs Service NCS yesterdayannounced a 90-day window for regularizingimport duties on specific categories of vehiclesfollowing the directive of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.  In a statement signed by its Public Relations Officer, Abdullahi Maiwada Customs noted that the initiative applies solely to vehicles imported into Nigeria where the requisite customs duty has not been fulfilled or vehicles detained due to undervaluation.  The NCS stated that all vehicle owners, Importers/Agents seeking to […]

todayMarch 4, 2024

Economy

PRESIDENT TINUBU TELLS QATARI INVESTORS TO REPORT BRIBE SEEKERS.

President Bola Tinubu has reiterated his government’s determination to fight corruption and create a good business environment, urging Qatari investors to report any Nigerian government official who asks for a bribe.  Tinubu who stated this yesterday at the Nigeria-Qatar Business and Investment Forum in Doha, promised that his government will deal decisively with any entrenched interests in the country that undermine investor confidence in the Nigerian economy.  He stated that Nigeria will no longer be defined by the past, but by what they do now and moving forward urging Qatari investors not to let perceptions become […]

todayMarch 4, 2024

Economy

THE GOVERNOR OF ENUGU STATE PRESENTS A 521 BILLION NAIRA BUDGET FOR THE 2024 FISCAL YEAR.

The Governor of Enugu State Peter Ndubuisi Mbah has presented a total budget estimate of Five hundred and twenty-one billion, five hundred and sixty-one million, three hundred and eighty-six thousand naira for the 2024 fiscal year, to the Enugu State House of Assembly. Mbah who tagged the 2024-2026 Multi-Year Budget estimates as Budget Of Disruptive Economic Growth stated that it is structured to drive growth in a markedly different pattern […]

todayDecember 6, 2023

Economy

NLC WARNS THE FEDERAL GOVERNMENT AGAINST ANOTHER INCREASE IN PUMP PRICE.

The leadership of the Nigeria Labor Congress has warned that it will embark on a nationwide indefinite strike should the Federal Government allow another hike in the price of petrol amid the ongoing negotiations with the government.   The Nigerian National Petroleum Company Limited NNPCL has repeatedly increased pump prices of Premium Motor Spirit PMS popularly known as petrol, since the May 29 declaration of President BOLA Tinubu that fuel […]

todayAugust 15, 2023 3

Economy

CHINA PROMISES INCREASED ECONOMIC TIES WITH NIGERIA.

The President of China, Xi Jinping has pledged increased economic cooperation with Nigeria, saying the country is important to Africa and the world. Jinping in a statement through his Special Envoy, Peng Qinghua, Vice Chairperson, Standing Committee of National People’s Congress who met with Tinubu yesterday at the State House, Abuja said the two countries at present had good bilateral relations and economic cooperation, noting that Chinese companies are doing […]

todayJune 1, 2023 6

Economy

NGOZI OKONJO-IWEALA ADVISES GOVERNORS: MOVE BEYOND CRUDE OIL DEPENDENCY.

The Director-General of the World Trade Organization WTO, Ngozi Okonjo-Iweala has counselled incoming governors to stop depending on crude oil and diversify the sources of revenue in their respective states. Speaking during an induction organized for elected governors in Abuja, the former Minister of Finance highlighted that states that heavily depend on the monthly Federation Account Allocation Committee, FAAC would be badly affected when the country’s oil and gas no […]

todayMay 17, 2023 81

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