The government has made a N713.1bn revenue windfall from the devaluation of the naira, an analysis of the government’s earnings has shown. The devaluation of the naira in June was meant to boost the country’s foreign exchange earnings and revenue …
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The naira crashed against the dollar on Monday, falling to 1, 030/$ on the average in the parallel market, losing the momentum it gathered last week. This represents a N80 loss or a 8.42 per cent decline of the local …
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Trading Floor of NSE Transactions on the Nigerian Exchange (NGX) closed trading on Wednesday, November 1st, 2023, in the positive territory as the All-Share Index appreciated by 1.94% to cross 70,000 index points. The equities market gained 1.94% as the …
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A US multinational financial services firm, JP Morgan, on Wednesday projected that the naira would trade at N850/$ at the Investors’ and Exporters’ Forex window before the end of 2023. However, the US bank said the recent efforts to restore …
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The naira exchanged at 1,185/$ on Wednesday at the parallel market, as liquidity challenge persisted, according to some Bureau de Change Operators. Some BDC operators who spoke to The PUNCH, said this was a slight improvement from 1,190/$ traded on Tuesday, …
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Dr Betta Edu The House of Representatives, yesterday, resolved to invite Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, over modalities adopted in the distribution of N25,000 monthly to 15 million households in 90 days. The resolution was …
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The Central Bank of Nigeria has denied reports claiming it plans to redenominate the country’s local currency. The Director, Corporate Communications, CBN, Isa AbdulMumin, said this in a statement titled, ‘No plan to redenominate the naira’, on Tuesday. AbdulMumin said, …
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Minister of the Budget and Economic Planning, Abubakar Bagudu The Federal Government on Monday approved a N2.18tn supplementary budget for the 2023 fiscal year. This would fund urgent issues including national defense and security. The supplementary funding was also targeted …
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Taiwo Oyedele The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that the ongoing plan by the Federal Government to introduce new foreign exchange rules will reflect the true value of the …
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The Minister of Works, Dave Umahi, has said the government needs to import construction equipment worth €1.2m to effectively perform rehabilitation works on the Eko Bridge in Lagos State. The Minister made the announcement during a working visit to Third …
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Nigeria’s debt to China increased from $3.93bn as of June 30, 2022, to $4.73bn as of June 30, 2023, showing an increase of $800m in one year. It is an increase of 20.36 per cent from the second quarter of …
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Naira, on Wednesday, appreciated against the US Dollar on the unofficial parallel market, commonly referred to as the black market. In afternoon trading, the exchange rate was N1,300 per dollar, representing a 0.76% increase (N10) compared to the N1,310 rate …
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• Proposes bill to prohibit use of foreign currency in local transactions• Moves to amend Cybercrimes Act, empower NSA to monitor compliance• Summons Ministers of Finance, Budget ahead of Tinubu’s budget presentation in Nov The Senate yesterday considered two bills seeking …
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Joe Biden The United States has extended its support to 18,000 small businesses in Nigeria to boost economic development and entrepreneurship. A statement said with an investment of $244m, the initiative would impact the local business landscape, ushering in a …
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Mr. Olawale Fasanya Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun on Monday said that the economy would receive $10 billion in foreign exchange inflows in the next few weeks to ease liquidity pressure in the foreign exchange …
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The Acting chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has allayed fears being expressed by corporate organisations that the resolve of FIRS to increase the country’s tax-to-GDP ratio to 18 per cent from 10.86 will lead to …
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Alhaji Aminu Gwadabe The President, the Association of Bureau De Change Operators of Nigeria, Dr. Aminu Gwadabe, says achieving a stable, strong and virile exchange rate in Nigeria will require the full participation of Bureaux De Change operators in the …
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About 71 companies enjoyed N390.26bn pioneer status incentives in two years, according to findings by media. Data obtained from the Federal Inland Revenue Service annual reports showed that pioneer status incentives gulped N1.43bn in 2021 and N388.83bn The Federal Government grants …
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• To present supplementary budget, 2024-2026 MTEF, others to NASS • Pegs crude oil at $73.96, approves $1.5b World Bank loan• FEC meetings no longer weekly, to hold Mondays• Tinubu swears-in Ibrahim-Bio, Lawal, Olawande as ministers Notwithstanding the volatility of the …
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The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 26.72 per cent in September 2023. The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for September, released in Abuja on Monday. According …
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