THE Senate has approved President Bola Tinubu ‘s loan request amounting $500 million in favour of the Bureau of Public Enterprises, BPE, for electricity metering program to improve financial and technical performance of electricity distribution companies, DisCos, under the World Bank funded Nigeria Distribution Sector Recovery Program, DISREP. The approval yesterday was sequel to the consideration […]
The Naira further depreciated to N1,530 per dollar at the parallel market on Wednesday, May 16th, 2024 in contrast to N1,525 recorded Tuesday. Even though the Nigerian Autonomous Foreign Exchange Market (NAFEM) reports an increase for the Naira at N1,459.02 per dollar on Wednesday. Data from FMDQ indicated that the indicative exchange rate for NAFEM […]
The Securities and Exchange Commission has pledged to work with the Economic and Financial Crimes Commission in a bid to ensure that trade manipulations are reduced in the virtual space. Acting Director General of the SEC, Dr. Emomotimi Agama stated this yesterday when he received a team from the EFCC led by the Executive Chairman […]
The World Bank yesterday said Nigeria recorded 133 private sector investment commitments in three projects in 2023. The World Bank disclosed this in its Private Participation in Infrastructure (PPI) 2023 annual report. The report stated: “In 2023, Sub-Saharan Africa, SSA saw investments in 66 projects totaling $3.5 billion. “This marked a 24 percent decrease from the […]
The Economic and Financial Crimes Commission on Tuesday revealed that some foreign missions in Nigeria were using third parties to transact in foreign currencies. The anti-graft agency, therefore, described the act as illegal under Nigerian law. The EFCC spokesperson, Wilson Uwujaren, disclosed this during an interview on The Morning Show on Arise Television. “What actually […]
The Managing Director and Chief Executive Officer, Nigerian Consumer Credit Corporation, Uzoma Nwagba, has said that over one million Nigerians have submitted applications for the consumer credit scheme three weeks after its takeoff. The credit scheme is aimed at working citizens to access loans for important purchases. According to Nwagba, since the unveiling of the […]
The Federal Government has charged tax practitioners to work harder in getting more revenue from taxes, stressing that tax revenue is currently the highest income source for the federation. It disclosed this on Tuesday through the Accountant-General of the Federation, Oluwatoyin Madein, at the 26th Annual Tax Conference of the Chartered Institute of Taxation of […]
The Naira yesterday depreciated to N1,520 per dollar in the parallel market, from N1,470 per dollar last week Friday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,478.11 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,478.11 per dollar from N1,466.31 per dollar last […]
Bamboo Global Inc, an online brokerage firm, yesterday launched on its platform Nigerian stocks including blue chip corporations like Guaranty Trust Holding Company PLC, MTN, and Dangote Cement. In a statement, Bamboo said it is ensuring that retail investors will see the fastest trade settlement timelines and the most seamless dividend payment system available in the […]
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent. Cardoso, in an […]
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