CBN cash swap programme to promote new naira circulation
Onome AmugeJanuary 23, 2023
By Onome Amuge The Central Bank of Nigeria (CBN) has introduced a cash swap programme in partnership with super agents and deposit money banks (DMBs) to foster the circulation of the redesigned N100, N500, and N200 notes across the 774 local government areas in the country. The apex bank made the disclosure in a January […]
Nigeria fails to make AfDB’s 10 African economies to grow 5.5%+ in 2023–2024
BEN EGUZOZIEJanuary 23, 2023
By Ben Eguzozie Rwanda, Côte d’Ivoire, Benin, Ethiopia, Tanzania, in world’s 10 fastest-growing Nigeria, listed as Africa’s largest economy with a gross domestic product (GDP) size of $456.54 billion, is unpredictably missing from a list of the continent’s top 10 economies projected by the African Development Bank (AfDB) to grow by 5.5 percent or more […]
25 million Nigerians at high risk of hunger in 2023, UN warns
Onome AmugeJanuary 17, 2023
By Onome Amuge The October 2022 Cadre Harmonisé, a government led and UN-supported food and nutrition analysis carried out twice a year, has warned that nearly 25 million Nigerians are at risk of facing hunger during the 2023 lean season between June and August ,,if urgent action is not taken. This, according to a […]
Nigeria’s inflation drops to 21.34% in December
Onome AmugeJanuary 16, 2023
By Onome Amuge Nigeria’s inflation rate fell for the first time in 11 months to 21.34 per cent , a significant decrease of 0.13 per cent compared to 21.47 per cent recorded in the previous month of November 2022, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics […]
CBN says reduction of cash-based transactions by 2025 will foster cashless economy
Chisom NwatuJanuary 4, 2023
By Chisom Nwatu The Central Bank of Nigeria (CBN) has said the use of cash payment will naturally reduce by 2025 as the new naira notes circulate in the economy. The apex bank disclosed this in its Payments Vision 2025 document, saying that by 2025 the country aspires to have a cashless and efficient electronic […]
Analysts weigh in on economic, political outlook, see GDP deceleration
BEN EGUZOZIEJanuary 3, 2023
BY BEN EGUZOZIE Election Year 2023 EIU, AfDB in number crunching As Nigeria enters into national elections this year, beginning with presidential poll in quarter one, international analysts group, the Economist Intelligence Unit (EIU), and the pan-African development finance institution, the African Development Bank (AfDB) have predicted an economic and political outlook of instability, with […]
LPLEL affirms Lekki Port readiness for operation
Innocent ObasiDecember 27, 2022
By Innocent Obasi Lekki Port LFTZ Enterprise Limited (LPLEL) has said the first phase of the Lekki Deep Sea Port is ready for official commissioning and commercial operations. Du Ruogang, the managing director of LPLEL made this disclosure recently at an end-of-the-year media conference held in Lagos. This comes as the port’s promoters have started […]
Sweetened beverages production dips on Nigeria’s excise tax policy
Onome AmugeDecember 27, 2022
BY ONOME AMUGE Staggering from the blows of a dwindling revenue that has weakened its ability to meet its obligations, the Nigerian government has in recent times turned frantic and employed desperate measures to shore up revenue, including raising excise duties levied on the production of sugar-sweetened beverages and tobacco. The federal government raised specific […]
FGN grows VAT, CIT revenue by 25%, generates N3.5trn
Onome AmugeDecember 20, 2022
Onome Amuge The federal government’s revenue from Value Added Tax (VAT) and Company Income Tax (CIT) grew 25 per cent, year-on-year, to N3.47 trillion in the first three quarters of the year from N2.77 billion in the corresponding period of 2021. The report, recently published by the National Bureau of Statistics (NBS), showed […]
CBN threatens to revoke banks’ forex licence over diaspora remittances in naira
Onome AmugeDecember 20, 2022
By Onome Amuge The Central Bank of Nigeria (CBN) threatened to withdraw foreign exchange dealership licences of banks that partner with International Money Transfer Operators (IMTOs), in violation of its directive that beneficiaries of diaspora remittances should be paid in their preferred currency. The warning, issued in a circular signed by Ozoemena Nnaji, the […]