Economy
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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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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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