Naira will now be the currency for international transfers facilitated by international money transfer operators (IMTOs), following recent directives from the Central Bank of Nigeria (CBN). A notice from Ecobank Nigeria highlights the impact of these directives on several IMTOs, including Western Union, MoneyGram, Rapidtransfer, Ria, and others approved by the CBN. The notice states:…
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has announced that the bank will no longer provide Ways and Means advances to the federal government unless the outstanding balance is settled. This decision comes amidst efforts to address the country’s rising inflation, which has led to a significant increase in the prices of…
The Federal Government has pledged to release food supplies from the National Food Reserves as part of its strategy to combat rising food prices, following a meeting of the Special Presidential Committee on Emergency Food Intervention convened by President Bola Tinubu. The committee, led by Chief of Staff Femi Gbajabiamila and National Security Adviser Nuhu…
Trade Union Council (TUC), Food, Beverage and Tobacco Senior Staff Association (FOBTOB), and National Union of Food Beverages and Tobacco Employees (NUFBTE) staged a protest at the Lagos office of the National Agency for Food and Drug Administration and Control (NAFDAC) against the ban on the manufacture and sale of alcoholic beverages in sachets. Led…
The 364-day treasury bills stop rates in Nigeria surged to 19% per annum, marking a clear shift towards a hawkish monetary policy by the central bank. This move comes amidst efforts to address the depreciation of the naira and combat soaring inflation rates. The 182-day and 91-day bills also experienced increases, reaching 18% and 12.2%,…
The latest Food Security report by the World Bank has highlighted the precarious situation facing several states in Nigeria, particularly in the North-west and North-east regions, due to insecurity and armed conflicts. The report projects that seven states, including Borno, Adamawa, Kaduna, Katsina, Yobe, Sokoto, and Zamfara, will be at crisis food security levels in…
Finance Minister Wale Edun and Budget Minister Atiku Bagudu have offered reassurances to Nigerians that President Bola Tinubu is actively addressing the high cost of living that citizens are currently facing. They made these remarks during a sectoral debate organized by the House of Representatives for the finance sector and stakeholders on the current cost…
In a significant development for Nigeria’s economy, Governor Yemi Cardoso of the Central Bank of Nigeria (CBN) has revealed that foreign portfolio investors (FPIs) are displaying renewed interest in the Nigerian market. This announcement, made during an exclusive interview with Arise Television, signals a potential turning point in the country’s financial market attractiveness. Governor Cardoso…
Tope Fasua, an economist and appointee of President Bola Tinubu’s government, has raised concerns about the conduct of commercial banks in Nigeria, suggesting that their licences should be revoked due to their detrimental impact on the economy. As the special adviser on economic affairs in the office of Vice President Kashim Shettima, Fasua expressed his…
The Federal Government and the Central Bank of Nigeria (CBN) have refuted claims of plans to convert $30 billion domiciliary deposits to naira, dismissing the reports as false and aimed at causing panic in the foreign exchange market. The denial comes in response to allegations that the government and the CBN were considering converting domiciliary…