Economy
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Analysts predict further hike in MPR amid pressures on domestic economy
Analysts at Cordros Securities have said members of the Monetary Policy Committee *MPC) of the Central Bank of Nigeria (CBN) may opt for smaller hike in Monetary Policy Rate (MPR) in the short term, given the build-up of pressures on the local economy. According to them, they expected Committee to increase the MPR by 50basis points– 100basis points and retain…
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CBN to sanction banks dispensing old currencies, insists on January 31 deadline
The Central Bank of Nigeria (CBN) has vowed to sanction commercial banks dispensing old naira notes ahead of the January 31 deadline. Godwin Emefiele, the CBN governor, stated this on Thursday during a sensitisation campaign on the redesigned Naira notes at Alamis Market in Lafia, Nasarawa State. Represented by Atiku Mohammed-Nasir, CBN’s director of security service, Emefiele urged the traders…
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Buhari meets Emefiele amid confusion over fate, Naira re-design deadline
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has met with President Muhammadu Buhari at the Presidential Villa. The meeting which held on Thursday afternoon came amid the prevailing confusion over the fate of Emefiele in office after he suddenly travelled out of the country and his alleged return two days ago shrouded in secrecy. Before his alleged…
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Uwaleke attributes decline in inflation rate to CBN’s monetary policy
Professor of Finance and Capital market at Nasarawa State, Uchenna Uwaleke has attributed the decline in December’s 2022 inflation rate to the tightening policy of the Central Bank of Nigeria (CBN). The inflation rate, according to National Bureau of Statistics (NBS) on a Month-on-Month basis dropped by 0.13per cent to 21.34 per cent in December 2022 from 21.47 per cent…
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Inflation rate appreciates by 5.72% points in 2022, says NBS
The National Bureau of Statistics (NBS) on Monday disclosed that Nigeria’s inflation rate in 2022 appreciated by 5.72 per cent points Year-on-Year (YoY) growth from 15.63 per cent reported in December 2021 as compared with 21.34 per cent reported in December 2022. The inflation rate, according to NBS on a Month-on-Month basis slowdown by 0.13per cent points to 21.34 per…
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Buhari wants Global South to agree on common agenda to reduce debt burden, inflation
President Muhammadu Buhari on Friday urged leaders of the Global South to agree on a common agenda on ways to reduce the increasing burden of debt and inflation on that region of the world. Addressing the Global South Virtual Summit, the President expressed optimism that the meeting, hosted by India, in its capacity as the voice of the South, will…
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Rebirth of PH refinery another evidence of Buhari’s acumen -BMO
The rehabilitation of the 60,000 barrels per day Port-Harcourt Refinery, the oldest refinery in the country, and its eventual start-up in the first quarter of 2023 has been described as historical and highly commendable. According to the Buhari Media Organisation (BMO), it is further evidence of President Muhammadu Buhari’s managerial capacity, a solid will to deliver on a commitment to…
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140,000 international passports still uncollected nationwide, says NIS
The Nigerian Immigration Service (NIS) on Tuesday said about 140,000 international passports are still uncollected nationwide. The service spokesman, Deputy Comptroller of Immigration Service (DCI), Tony Akuneme, said this in an interview during an official visit to the Alausa Passport office in Ikeja, Lagos State. Akuneme also said about 40,000 of the total 140,000 are in the Alausa Passport office…
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Subsidy won’t stay a day longer if I become president – Obi
Labour Party presidential candidate, Peter Obi has promised to remove the subsidy on petrol if he becomes president. Speaking at a townhall meeting organised by Channels TV on Sunday, the former Anambra State governor described subsidy as organised crime. While the Federal Government has said it would stop paying subsidy on petrol by June, Obi said it won’t last one…
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Proliferation of illegal operators a major concern, says Yuguda
Director General of the Securities and Exchange Commission (SEC). Mr. Lamido Yuguda has stated that the persistent proliferation of operators running illegal investment schemes in the country continues to be a major critical concern to the capital market. Yuguda, who stated this in a New Year Message in Abuja, however, assured of a renewed onslaught against promoters of such schemes.…
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