Economy
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CSO commends Supreme Court’s verdict on Naira policy
A civil society organization, Centre for Social and Economic Rights (CSER) has commended the Supreme Court for it’s landmark judgement, which invalidated the naira redesign policy of the Federal Government. The apex court on Friday ruled that the old naira notes of N200, N500 and N1000 should remain legal tender side by side the new denominations till 31st December 2023.…
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Supreme Court invalidates CBN policy on Naira swap
…N200, N500, N1,000 to remain legal tender till Dec The Supreme Court has ruled as invalid, the Naira swap policy of the Federal Government. The apex court therefore said the old N200, N500 and N1000 will remain legal tender until December 31, this year. The justices said that contrary to the position of the Federal Government, it has jurisdiction over…
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NGX Group declares 68.9% decline in profit
The Nigerian Exchange Group on Thursday declared 68.9per cent decline in profit after tax to N688.5million in its audited financial statement for full year ended December 31, 2022. The group had reported N2.2 billion in 2021 result and the decline in the year under review dragged profit after tax margin to 9.3 from 33.1per cent recorded in 2021. From the…
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BREAKING: CBN reviews tenure of Banks’ Executive management members
The Central Bank of Nigeria (CBN) has revised the regulatory requirements for the tenure of Executive Management and Non-executive Directors of Deposit Money Banks and Financial Holding Companies. This was contained in a circular to all banks signed by the Director, Financial Policy and Regulation Department Chibuzor Efobi on Friday. According to the circular, the revision was part of measures…
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2023 elections: Pantami inaugurates committee for cyberspace and ICT infrastructure protection
Minister of Communications and Digital Economy, Ali Ibrahim Pantami, on Wednesday in Abuja, inaugurated a committee led by the Chairman of the Nigerian Communications Commission (NCC), Prof. Adeolu Akande, to advise the Federal Government on appropriate measures to take in protecting the nation’s cyberspace and ICT infrastructure from potential attacks especially during the 2023 general elections. The minister, who represented…
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NCP approves Mainstream Energy Solutions for Zungeru hydroelectric power concession
The National Council on Privatization (NCP) has approved the appointment of Mainstream Energy Solutions Limited (MESL) as the preferred bidder for the concession of Zungeru Hydroelectric Power Plant. Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, Laolu Akande in a statement said the NCP held its second meeting of the year recently, chaired…
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Nigeria’s real GDP grew by 3.10% in 2022, says NBS
The National Bureau of Statistics (NBS) on Wednesday said Nigeria’s economy grew by 3.10 per cent in 2022 from the 3.40per cent reported in 2021. The bureau in its Nigerian Gross Domestic Product Report for fourth quarter (Q4) 2022 said GDP grew by 3.52per cent (year-on-year) in real terms, following a growth of 2.25per cent in the third quarter of…
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NCC sets up toll-free line for presidential election coverage
In view of the importance attached to the upcoming Presidential Election, the Nigerian Communications Commission (NCC) has dedicated its Consumer Toll-Free Number 622, to serve as 2023 Presidential Election Incident Hotline to enable voters and members of the public across Nigeria to report any issues that may affect them, or others, during the elections on Saturday, February 25, 2023. The…
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Those responsible for crude oil theft must be held accountable – Osinbajo
Tackling crude oil theft and sabotage remains a major concern of the Federal Government and those in charge must be accountable because, besides economic consequences, institutional and personal reputations are at stake, according to Vice Presiden,t Yemi Osinbajo. Prof. Osinbajo stated this on Tuesday in his remarks as Special Guest of Honour at a ‘Stakeholders Conference on Oil Theft and…
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BREAKING: How last minute meeting between governors, AGF paved way for Naira swap deadline reversal
Ahead of the Supreme Court ruling on the naira swap policy of the Central Bank of Nigeria (CBN), the Federal Government and state governments who took the case to court have reached an out of court settlement, WesternPost has learnt. The settlement sees the old N200, N500 and N1000 notes in circulation till May 1. The Governors of Kogi, Kaduna…
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