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 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 House of Representatives has announced plans to investigate allegations of dollar hoarding by some commercial banks, following a motion moved by Babajimi Benson (APC, Lagos) during plenary on Wednesday. Mr. Benson raised concerns that certain banks are undermining the efforts of the Central Bank of Nigeria (CBN) to stabilize the naira by hoarding dollars…
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…
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…
Mr James Sule, Permanent Secretary of the Federal Ministry of Arts, Culture and Creative Economy, has reaffirmed the Federal Government’s commitment to strengthening the relationship between Nigeria and China. This statement was made in his goodwill message to commemorate the Chinese New Year Temple Fair held in Abuja on Saturday. Represented by his special adviser,…
Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s directive to the Central Bank of Nigeria (CBN) to take over the management of crude oil sales proceeds from the Nigerian National Petroleum Company Limited (NNPCL). In a statement released on Thursday, Atiku condemned the directive as illegal and a threat to the operational independence…
The Nigeria Data Protection Commission (NDPC) hosted its first hackathon on Friday, aimed at generating local ideas for implementing data protection laws. The event was part of the activities for National Data Privacy Week, celebrated from January 28 to February 4, and focused on undergraduate students from higher institutions. Organized in collaboration with the Nigeria…