Economy
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Naira redesign: Atiku urges CBN to extend deadline for ordinary Nigerians
The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar has urged the Central Bank of Nigeria to extend its deadline for the phasing out of old naira notes. The CBN had insisted that the old N200, N500 and N1000 notes will cease to be legal tender as from January 31, 2023, urging all Nigerians to deposits their old…
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Why Lekki Deep Sea Port is game changer for economy – BMO
The $1.5billion Lekki Deep Sea Port is a confirmation of President Muhammad Buhari’s commitment to boosting the country’s economy through infrastructural development. According to the Buhari Media Organisation (BMO), it is a game changer and yet another legacy that the President would be fondly remembered for. BMO, in a statement signed by its Chairman, Niyi Akinsiju and Secretary, Cassidy Madueke,…
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Currency in circulation drops to N3.01trn in 2022 over CBN’s tightening policy
Amid its tightening polices on the inflation rate and strengthening the local currency against other currencies, the Central Bank of Nigeria (CBN) has revealed that currency in circulation dropped to N3.01trillion in December 2022 from N3.33trillion in December 2021. The latest CBN “money and credit statistics” revealed that currency in circulation dropped by 9.42per cent or N313.1 billion Year-on-Year (YoY).…
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January 31 deadline for old naira notes remains – Emefiele
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says the January 31 deadline to stop the circulation of old Naira notes remains. Mr Emefiele gave the clarification on Tuesday in Abuja, after the Monetary Policy Committee (MPC), meeting of the apex bank. According to him, the 90 days window given by the CBN for Nigerians to deposit their…
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Fuel Scarcity: Buhari sets up committee to tackle supply, distribution of petroleum products
President Muhammadu Buhari has approved the constitution of a 14-man steering committee on petroleum products supply and distribution management. The steering committee will be chaired by the President and the Minister of State for Petroleum Resource Timipre Sylva as the alternate chairman. Sylva, in a statement by his media aide, Horatius Egua, said the committee would, among other things, ensure…
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Nigeria Data Protection Bureau hosts National Privacy Week
Nigeria will on Saturday 28th of January 2023 join the international community to observe Global Data Privacy Day 2023. It is a Day that has been set aside to create awareness of fundamental rights and freedoms relating to the privacy of citizens in the data processing ecosystem. In line with the overarching global objective of awareness on data privacy, the…
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17.5% MPR: High-interest rate inimical to economic growth, job creation, says Uwaleke
The President of Association of Capital Market Academics (ACMA), Professor Uche Uwaleke has said high-interest rate environment is inimical to economic growth, job creation and the stock market. Uwaleke was reacting to the hike in the Monetary Policy Rate (MPR) to 17.5 percent by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) during its first meeting…
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January 31 Deadline: Customers throng banks, decry limited access to new banknotes
On Monday, some customers in Birnin Kebbi thronged banks to either deposit or receive money and expressed concern over limited access to the new Naira notes. Checks on different banks in Birnin Kebbi revealed that customers in their large numbers were sighted at different banks trying to gain access to the banks or access to Automated Teller Machines (ATMs). In…
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Equities market appreciates by N34bn over investors interest in Geregu Power, 17 others
Opening the week, the equities market of the Nigerian Exchange Limited (NGX) on Monday rebounded with a gain of N34 billion on buying interest in Geregu Power Plc and 17 others. The All Share Index (ASI) rose by 63.01 points or 0.12 per cent to close at 52,657.69 basis points as the overall market capitalisation value gained N34 billion to…
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FIRS breaks its 2021 record, collects N10.1trn in 2022
The Federal Inland Revenue Service (FIRS) has announced that it collected over N10 trillion in tax revenue in the year 2022, the highest tax collection ever recorded in its history. The Service made this known in its the “2022 Performance Update,” report signed by its Executive Chairman, Mr. Muhammad Nami, and released to the public on Monday, after his briefing…
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