ASSETS & FINANCIALS

The Nigerian mushroom subsector can contribute N1.8tn trillion to the country’s revenue base if properly developed by the Federal Government. The Chairman of the Mushroom Growers, Processors and Marketers Association of Nigeria, Michael Awunor, disclosed this at the inaugural summit …

The World Bank has said Nigeria is likely to make N462bn the electronic money transfer levy as a source of stable revenue in 2021. The multilateral institution said this in its ‘Resilience through Reforms’ report. According to the report, the …

Analysts at Financial Derivatives Company Limited, led by financial expert Bismarck Rewane, have said the planned introduction of a digital currency will deepen financial inclusion in the country. They said most central banks had indicated keen interests in developing their …

• We’re paying for inefficiency, corruption and wastage, says LCCI • Keshinro: Despite importation, scarcity, price hike remain till year-end Lack of refining capacity in Nigeria for basic fuels and other petroleum products has left the nation dependent on the importation …

Nigerians travelling abroad can access a maximum amount of $4,000 foreign exchange from the banks following the Central Bank of Nigeria’s announcement to increase forex supplies. Sources from some of the banks said those travelling on business trips could also …

The country’s external reserves fell by $1.4bn in two months, the latest data from the Central Bank of Nigeria showed on Wednesday. The reserves, which stood at $35.25bn as of April 16, fell to $34.23bn as of May 31 and …

The Governor of Central Bank of Nigeria, Mr Godwin Emefiele, has said that the bank is willing to assist the Central Bank of the Gambia to print its legal tender. Emefiele said this in Abuja on Tuesday during a two-day …

A new World Bank report released on Monday showed that for every dollar governments invest in protected areas and support for nature-based tourism, the economic rate of return is at least six-times the original investment. The report, titled ‘Banking on …

• $719.61m used to service Chinese loans since inception in 2015 The Buhari’s administration has borrowed $2.02bn as loans from China from 2015, data obtained from the Debt Management Office on Monday showed. According to the statistics obtained from the …

Nigeria has lost N24.72bn ($60.14m) in 10 days to the Twitter ban that took effect on June 5. According to NetBlocks Cost of Shutdown Tool, Nigeria loses N102.9m ($250,600) every hour to the ban. The Federal Government had on June …

The value of the naira to the dollar fell from 196.99 in December 2015 to 410 in April 2021, reflecting a 51.95 per cent decline despite the various foreign exchange policies introduced by the Central Bank of Nigeria to strengthen …

The Director-Information Technology Department, Central Bank of Nigeria, Mrs Rakiyat Mohammed, has said that the banking regulator will launch a digital currency before the end of 2021. Muhammed disclosed this during a press briefing on the Bankers’ Committee meeting on …

The House of Representatives has asked the Central Bank of Nigeria to urgently put in place a policy to check further devaluation of the naira to the United States dollar and other international legal tenders. The House decried that while …

Nigerians transacted over N20tn instant payment transactions in May according to the Nigeria Inter-Bank Settlement System. Transaction in May was 0.15 per cent higher than for April. Instant payment transactions in May also showed a spending recovery from the month …

The Federal Government through its National Social Investment Management System has shortlisted 550,000 applicants for the final selection for Batch C of the N-Power programme. It also said that the Central Bank of Nigeria would support Batches A and B …

Telecommunication companies have lost 19.20 million subscribers since the Federal Government began the linking of National Identity Number with SIM cards, according to new industry statistics released by the Nigerian Communications Commission on Tuesday. The subscriber base fell from 207,907,709 …

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, has said that the country is blessed with huge potentials exportable items in non-oil sector that can boost the …

The National Pension Commission has ordered Pension Fund Administrators to stop charging any fee on micro pension funds under their management that are below N5m. It disclosed this on Monday in a circular signed by the Head, Surveillance Department, PenCom, …

The Chartered Institute of Taxation of Nigeria says it has continued to make efforts to create relevance for its members in the country and internationally. The immediate President, Dame Olajumoke Simplice, said this while delivering her last message as the …

The Nigerian stock market reversed some of its recent losses last week as the market capitalisation rose above the N20tn mark. The Nigerian Exchange Limited All-Share Index and market capitalisation appreciated by 1.23 per cent to close the week at …