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Nigeria Naira

Minister: Unifying Naira’s exchange rate will take time

The total borrowing of the country as of 31 December is 21.6 per cent of the GDP. So, if we were not looking at adding the other category of loans that I mentioned, we don’t even need to increase that at this time As of 2019, the debt to GDP ratio was 19.2 per cent so only two per cent was added.
Zainab Ahmed, the minister of finance, budget and national planning, says state and local governments share some of the responsibility to fix roads in Nigeria.

Nigerian government celebrates rising price of crude oil in the global market

The federal government has described as a welcome development, the rising price of crude oil in the global market, saying, “this is a good omen for Nigeria”.
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria, file. REUTERS-Afolabi Sotunde

Operators identify factors discouraging foreign investors from stock market

Foreign investors’ low patronage of the Nigerian stock market has been attributed to scarcity of foreign exchange (FX) as well as concerns about the coronavirus pandemic.

Nigeria to increase borrowing limit in new debt management plan

On Wednesday, the Debt Management Office released the federal government’s Medium-Term Debt Management Strategy on its website, seeking to increase total public debt as a percentage of gross domestic product from 25 percent to a maximum of 40 percent.
FILE PHOTO - A picture illustration shows U.S. 100 dollar bank notes taken in Tokyo August 2, 2011. REUTERS-Yuriko Nakao-File Photo

Forex: Nigerian manufacturers seek policy review, rates unification

Manufacturers and industrialists on Wednesday appealed to the Federal Government and the Central Bank of Nigeria for a review of the available foreign exchange (FX) policies in the country.
FILE PHOTO - Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS-Brendan McDermid

Analysts foresee faster economic recovery as oil price hits $60

Analysts yesterday forecasted a faster economic recovery for Nigeria as crude oil prices, at $60 per barrel, hit a new high since February 2020.

IMF: Nigeria’s economic outlook remains challenging

The International Monetary Fund (IMF) says that Nigeria’s outlook remains challenging and charged the federal government to urgently undertake policy adjustments.
The Central Bank of Nigeria (CBN) has revealed that the aggregate domestic credit in commercial banks grew by 7.61 percent in October 2020, compared with 7.35 percent in the previous month.

Nigeria’s central bank investigates crypto companies’ accounts for fraud

The Central Bank of Nigeria (CBN) has opened investigations into bank accounts of companies involved in the trading of cryptocurrencies with the intention of blocking those with suspicious transactions and fraud.
The National Drug Law Enforcement Agency, (NDLEA) Nnamdi Azikwe International Airport (NAIA), Abuja has intercepted 21.9kg of Cocaine.

Saudi Arabian currency equivalent to N315 million seized at Abuja airport

The Economic and Financial Crimes Commission (EFCC) has taken into custody two suspects linked with the SAR3.1million (Saudi Arabian Riyal) seized at the Nnamdi Azikiwe International Airport, Abuja, on Monday.
The Nigerian Economic Summit Group (NESG) has confirmed that dialogue in national transformation at this year’s economic summit will focus on job creation, youth empowerment and entrepreneurship.

NESG: Nigerian economy to beat IMF growth forecast in 2021

The Nigerian Economic Summit Group has predicted a growth rate of 2.9 per cent for the Nigerian economy in 2021, higher than the 1.5 per cent growth rate suggested by the International Monetary Fund.
The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar.

Economist: Official exchange rate may depreciate to N420 to the dollar

The managing director of Financial Derivatives Company, Bismarck Rewane, has projected that the naira will depreciate to N420 against the dollar on the official window by the end of 2021.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

CBN: Another coronavirus lockdown’ll wound economy

The Central Bank of Nigeria, CBN, yesterday warned the Federal Government (FG) against imposing another total lockdown of the country, saying such a move would be catastrophic to Nigerians and the economy.
Mrs Toki Mabogunje, President LCCI said this at the Chamber’s second quarterly briefing on the state of the economy on Tuesday in Lagos.

Lagos chamber projects positive economic recovery by Q2

The Lagos Chamber of Commerce and Industry (LCCI) has projected a return to positive growth path for the Nigerian economy in the second quarter of 2021.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

Nigeria’s central bank to stop exporters with unrepatriated proceeds from banking services

The Central Bank of Nigeria (CBN) has directed banks to deny exporters with unrepatriated export proceeds from accessing all banking services by January 31.
Nigeria Naira

Naira rises against dollar at official market

Naira strengthened against the U.S. dollar on Thursday at the Investors & Exporters (I&E) window of the foreign exchange market, data from the FMDQ Security Exchange where currencies are officially traded showed.

Doyin Salami: Nigeria spent N1.85 trillion on food importation in 2020

The Nigerian government spent N1.85 trillion on food imports in 2020 after it closed the country’s land borders, the chairman of the presidential economic advisory council, Doyin Salami, has said.
FILE PHOTO - A picture illustration shows U.S. 100 dollar bank notes taken in Tokyo August 2, 2011. REUTERS-Yuriko Nakao-File Photo

Dollar drops as traders prepare for Janet Yellen to talk up stimulus

The dollar dropped on Tuesday as investors prepared for U.S. Treasury Secretary nominee Janet Yellen to talk up the need for major fiscal stimulus and commit to a market-determined exchange rate when she testifies later in the day.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

Fitch forecasts $42 billion external reserves for Nigeria in 2021

Fitch Ratings has predicted that Nigeria’s external reserves would rise to $42 billion in 2021, higher than the $35.374 billion it stood at the end of 2020. This is according to figures obtained from the website of the Central Bank of Nigeria (CBN).
The Minister of Power, Mr. Sale Mamman, who disclosed this in series of tweets via his official Twitter handle, explained that the Siemens deal would expand Nigeria’s power grid capacity to 25,000 megawatts.

Why Nigerian government suspended new electricity tariff hike

Minister of Power, Engr. Sale Mamman, has directed the Nigeria Electricity Regulatory Commission, NERC, to suspend the recent hike in electricity tariff with immediate effect.
Nigeria Labour Congress (NLC)

Nigerian labour rejects new electricity hike

The NLC also accused the Federal Government of deceit and insensitivity to the plight of Nigerians at this period the Coronavirus pandemic has caused havoc to the people, adding that if the action of the government was not resisted, exploitation in the country would have no end.
The Ibadan Electricity Distribution Company Plc (IBEDC) said it has begun the implementation of the revised service-based reflective tariff as approved by the Nigerian Electricity Regulatory Commission (NERC).

NERC approves new tariff increase for Ibadan Disco in minor review

NERC in an order (NERC/225/2020) signed by its Chairman, Sanusi Garba and Commissioner Legal, Licensing and Compliance, Dafe Akpeneye, on December 31, 2020, said the new tariff order took effect January 1, 2021 and will exist until a new order is made.
Nigeria Naira

Naira devalues to N410.25/$1 at official NAFEX window

There are indications that the Central Bank of Nigeria (CBN) may have affected an adjustment in the foreign exchange rate that officially devalues the Naira at the Nigeria Autonomous Foreign Exchange (NAFEX) window from N392/$1 to N410.25/$1 on December 31, 2020.

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Sheikh Ahmad Gumi says the easiest and safest way to end insecurity in the north is to negotiate peace with the bandits that have turned the region into a killing field.

NUJ calls for Sheikh Gumi’s arrest

The Nigeria Union of Journalists (NUJ), on Friday, called for the arrest of Sheikh Ahmad Gumi, for saying journalists are criminals for calling bandits criminals.
Mr Bank-Anthony Okoroafor, an energy expert, has commended the Federal Government on plans to make available 600,000 gas cylinders in the country as part of effort to drive Liquified Natural Gas (LPG) penetration.

Nigerian government to launch new pricing framework for gas operations

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OPC nabs four ‘kidnappers’ in Ibarapa

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The Central Student Disciplinary Committee, CSDC, of the University of Ibadan, UI, has meted various punishments to 22 erring students of different departments.

University of Ibadan to deliver lectures virtually

The University of Ibadan (UI) has announced that its resumption for the 2020/2021 academic year is to be virtual only.
Zainab Ahmed, the minister of finance, budget and national planning, says state and local governments share some of the responsibility to fix roads in Nigeria.

2020 Budget: Nigerian government records 89% capital release in December 2020

The Minister of Finance, Budget and National Planning, Zainab Ahmed, says as at December 2020, Federal Government recorded 89 per cent release to Ministries Departments and Agencies (MDAs) for capital component of the 2020 budget.
A Nigerian police officer holds a bunch of handcuffs in Abuja on October 3, 2020. Sodiq Adelakun-Channels TV

73-year old man nabbed for defiling 7-year old girl in delta

A 73-year-old man identified as Madumeye has been arrested by operatives of the Delta State Police Command for allegedly defiling a seven-year-old girl in Ubulu-Uku, Aniocha South Area of the state.
Dr Chris Ngige, Minister of Labour and Employment said this while fielding questions on television concerning the time for payment of the new wage.

Minister: APC will capture Anambra with unseen forces

The Minister of Labour and Productivity, Senator Chris Ngige, has declared that the All Progressives Congress (APC) will capture Anambra State through “seen and unseen forces”.
A Nigerian police officer holds a bunch of handcuffs in Abuja on October 3, 2020. Sodiq Adelakun-Channels TV

Police arrest man for ‘killing’ neighbour

The police in Lagos have arrested a 53-year-old man for allegedly stabbing his neighbour to death. The incident happened on Monday at Mafoluku, Oshodi, the police said.