ASSETS & FINANCIALS

Amid the worsening naira crisis, the total amount of currency-in-circulation in the Nigerian economy has tumbled from N3.3tn to N1.54tn, a Central Bank of Nigeria document obtained by media has revealed. This came as a biting shortage of new naira …

The International Monetary Fund has called for a review of the Central Bank of Nigeria Act 2007 to strengthen the bank’s autonomy and governance. IMF made the call in the latest report titled ‘Nigeria: 2022 Article IV Consultation-Press Release; Staff Report; …

  World Bank President, David Malpass, announced on Wednesday that he would step down by the end of June from his position heading the development lender. “After a good deal of thought, I’ve decided to pursue new challenges,” the 66-year-old …

The Nigerian Exchange Limited (NGX) reopened in an upbeat mood yesterday, as market capitalisation advanced by N20 billion, following gains recorded by many blue-chip stocks, especially Conoil and MRS. At the close of trading, yesterday, the All Share Index (ASI) …

…increases by 100% The Debt Management Office has announced that it raised N724.9 billion in February 2023 Federal Government bond auction. DBO said it was a 100% increase compared to the previous year. The auction, which was held on February …

Meta, the parent company of social media platforms, Facebook, Instagram and WhatsApp, has said it will continue to invest in its platforms to encourage growth. In a statement by the tech company on Monday, it announced the exit of its …

  The Central Bank of Nigeria seized N365.24m counterfeit notes between 2016 and 2020, according to findings by media source. The figures were collated from the CBN’s annual report for each year available on its website. The 2017 CBN annual …

The International Monetary Fund says the Federal Government has projected to spend 82 per cent of its revenue on interest payments in 2023. According to the IMF, external debt (including that of the private sector) will rise to $121.6bn, with …

The Nigeria Employers’ Consultative Association has said the Central Bank of Nigeria does not understand the naira crisis challenges, pointing out that the apex bank appears not have a solution to the economic problems caused by the naira redesign policy. …

The Securities and Exchange Commission on Sunday expressed its readiness to partner with the Nigerian Agricultural Insurance Corporation to deepen the commodities trading ecosystem and boost forex earnings. According to a statement issued on Sunday, the Director-General, SEC, Mr Lamido …

The Federal Government has budgeted N5.51tn for tax expenditures in 2023. This was according to the 2023 fiscal framework document obtained by our correspondent. According to Tax Foundation, tax expenditures are a departure from the “normal” tax code that lowers …

Jamaica has disclosed plans to source for vehicles from Innoson Vehicles Manufacturing in Nigeria. This plan was revealed by Jamaican High Commissioner to Nigeria, Esmond Reid during a facility tour of IVM plant in Nnewi, Anambra State on Saturday. He …

As Nigerians grapple with the reality of the new naira note policy, the Institute of Chartered Accountants of Nigeria says the cash-in-hand challenge has revealed the weakness in the country’s alternative financial payment system. As such, the institute advised banks, …

A lawyer and Senior Advocate of Nigeria, Mike Ozekhome, has explained the judgement of the Supreme Court restraining the Federal Government from implementing the Central Bank of Nigeria’s February 10 ultimatum for the old N200, N500 and N1,000 banknotes to …

Sterling Bank says it has waived all personal account transaction fees as part of its gesture of solidarity for its customers over the new naira scarcity challenge. The Chief Executive Officer, Sterling Bank, Abubakar Suleiman, made the announcement in an …

The Federal Government has spent N612.56bn raised through Sovereign Sukuk between 2017 and 2021 for the construction and rehabilitation of 77 road projects and 23 bridges. This was disclosed by the Minister of Finance, Budget and National Planning, Dr Zainab …

The Central Bank of Nigeria may fine banks hoarding new notes a sum of N5m and members of the public selling the new notes N50,000,  according to findings by media. This was based on the Central Bank of Nigeria Act …

Over 50 per cent of Point of Sale operators have closed their shops as scarcity of new and old naira notes bites harder, it has been learnt. The National Chief Aggregating Officer of the Association of Mobile Money and Bank …

  Telecommunication consumers under the aegis of the National Association of Telecoms Subscribers have dragged the Federal Government to court over its plan to implement a five per cent excise duty on telecom services. According to the National President, NATCOMS, …

Despite investors’ sentiment trading and uncertainty surrounding the 2023 general elections, the anticipation for dividend payout and sectoral performance of the NGX bank index raised the stock market capitalisation by N1.08tn in January. The stock market in 2022 recorded foreign …