ASSETS & FINANCIALS

Currency in circulation in the country rose by 157.27 per cent at the end of March to N2.53tn as of the end of May, latest figures from the Central Bank of Nigeria have revealed. According to figures obtained by media …

The Central Bank of Nigeria has issued a guideline placing a limit on contactless payment. This was disclosed by the CBN on Tuesday in two circulars signed by the CBN’s Director, Payments System Management Department, Musa Jimoh. The first circular …

The World Bank Group has approved a loan of $500m to help Nigeria drive women’s empowerment, media has learnt. This became the second loan approved by the World Bank under the new President, Bola Tinubu. It is a scale-up financing for Nigeria …

The Federation Account Allocation Committee says it shared N786.16bn among the three tiers of government in May 2023. The figure represents an increase of N130.23bn compared to the N655.93bn shared in April 2023, and it is the highest this year …

The external debt burden of the 36 states and the Federal Capital Territory may rise by as high as over 40 per cent following the recent floating of the naira by the Central Bank of Nigeria. On Tuesday, June 13, …

The value of Nigeria’s export may rise to at least N41.99tn per year following the Central Bank of Nigeria float of the naira. The apex bank had last Wednesday directed Deposit Money Banks to remove the rate cap on the …

The naira slumped further to the dollar after closing at 770.38/$ at the end of trading on the investor & exporter forex window on Monday. According to figures obtained from the FMDQ on Monday, the trading rates had closed at …

Amid objections by stakeholders, the Central Bank of Nigeria (CBN) has maintained that the 43 non-eligible items banned from the Foreign Exchange market introduced under Godwin Emefiele’s leadership as CBN Governor remains banned. Consequently, the items are not permitted to …

President Bola Tinubu An economic policy document prepared for President Bola Ahmed Tinubu’s government is targeting foreign reserves in the excess of $60bn with an exchange rate pegged between N500 and N600/$1. This is even as the policy document pushed …

The Federal Government has been asked to increase the capital requirements of Bureau De Change (BDCs) operators that seek to participate in Nigeria’s Foreign Exchange (FX) market. This is the position of the Policy Advisory Council of President Bola Tinubu …

The Manufacturers Association of Nigeria, MAN, has braced up for rising imports cost and foresees economic uncertainties and exchange rate volatility due to the difficulty in predicting future exchange rate movements, due to the floating of the Naira. This was …

The naira traded at 702.19/dollar at the close of business on Thursday, as the Central Bank of Nigeria has allowed for a free float of the national currency against the dollar and other global currencies. This means that the currency …

Nigeria’s markets regulator, the Securities and Exchange Commission, SEC has ordered the world’s largest cryptocurrency exchange platform, Binance to halt its operations in the country after allegations emerged that a local unit that courted Nigerian investors through a website was …

Following the suspension of Godwin Emefiele as the Governor of the Central Bank of Nigeria, a financial expert, Mr Mike Eze, Managing Director of Crane Securities Limited,  has stated that the financial market will remain stable until the investigation concludes …

Nigeria, South Africa and Egypt- the three biggest economies in Africa have been fingered for contributing significantly to the continent’s slow pace of economic growth in the decade between 2010 and 2019. This is according to a report by McKinsey …

The World Bank has downgraded Nigeria’s Gross Domestic Product GDP growth rate to 2.8% in 2023, a slight revision downward from earlier forecasts. The latest report highlights significant challenges that could hinder the country’s economic progress. Furthermore, per capita income …

The Department of State Services has said the suspended governor of the Central Bank of Nigeria, Godwin Emefiele, is now in its custody. According to reports, Emefiele was arrested in Lagos and flown to the Federal Capital Territory for questioning. …

The World Bank has retained Nigeria alongside Afghanistan, Somalia, South Sudan and Yemeh as hotspots of global food security concerns, raising a red flag on the governments’ capacity to weather the storm. It is not the first time Nigeria would …

The Asset Management Corporation of Nigeria on Thursday said the Court of Appeal, Lagos State Division, has dismissed an appeal brought before it by the Chairman of Global Fleet Group, Jimoh Ibrahim. It said Ibrahim was challenging the seizure of …

  The Federal Government recorded N930.8bn fiscal deficit in January and February 2023 according to the Central Bank of Nigeria. The CBN stated in its monthly economic report for February 2023 that, “The estimated overall fiscal deficit of the FGN …