Economy
Reps summon CBN Governor over alleged revenue leakages
Nigeria’s House of Representatives Public Account Committee (PAC) has summoned the Central Bank of Nigeria (CBN) Governor, Mr Olayemi Cardoso to appear before it on or before Tuesday, March 5, or face arrest warrant. Rep. Bamidele Salam, the chairman of the committee said this in Abuja on Tuesday at the…
Read More »CBN’s MPC raises interest rate by 400 basis points to 22.75%
Story by: Abiodun Folarin The Monetary Policy committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday increased interest rate- the Monetary Policy Rate (MPR) by 400 basis points from 18.75 per cent to 22.75% saying that the hike in policy rate will help tame inflation pressure. The…
Read More »Nigeria: Bill to establish state police passes 2nd reading at Reps
A Bill for an act to establish State Police and other Related Matters thereto, has passed second reading in the House of Representatives. The bill which will alter provisions of the 1999 Constitution to provide for the establishment, was sponsored by Rep. Benjamin Kalu and 12 others. Leading the debate…
Read More »Nigeria: ONSA, CBN declare war on forex speculators
The Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) are joining forces to address challenges impacting the nation’s economic stability. This is contained in a statement by the Head, Strategic Communication at ONSA, Mr Zakari Mijinyawa, on Tuesday in Abuja. Mijinyawa said the recent…
Read More »NNPC Chief Mele Kyari Highlights Energy Security’s Role in Wealth Creation
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mr. Mele Kyari, says no public wealth creation endeavour can achieve any meaningful success without energy security. The GCEO stated this in a presentation at the Ministry of Finance Incorporated (MOFI) Public Wealth Management Conference which…
Read More »Maritime workers oppose proposed 50% from NPA’s revenue, threaten to shut ports
Maritime workers have insisted on a 30 per cent deduction from Nigerian Ports Authority (NPA) revenue instead of the proposed 50 per cent automatic deduction, warning of a potential nationwide strike. They made the threat in a statement jointly issued by the Senior Staff Association of Statutory Corporations and Government-Owned…
Read More »CBN assures of stability in exchange rate sooner than later
The Central Bank of Nigeria (CBN), has assured of stability in naira/ dollar exchange rate. The CBN Governor Mr Olayemi Cardoso, said at an interface with the Senate Joint Committee on Banking and Insurance in Abuja on Friday that “In terms of volatility of the exchange rate, we are using…
Read More »NNPC, CBN to Strengthen Relationship to Guarantee Seamless Commercial Operation
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mallam Mele Kyari, and the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, have reviewed the decision of the NNPC Ltd. to domicile a significant portion of its revenues and other banking services…
Read More »No Increase in PMS Prices, NNPC Ltd. Assures Nigerians
The Nigerian National Petroleum Company (NNPC) Ltd. assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol. NNPC Ltd, in a statement by Mr Olufemi Soneye, Chief Corporate Communications Officer, urges Nigerians to disregard unfounded rumours and assures them…
Read More »CBN dismisses speculation to convert domiciliary account holdings into Naira
The Central Bank of Nigeria (CBN) has been reacted to a story alleging that the Federal Government is considering converting $30 billion domiciliary deposits to Naira, saying the allegation is absolutely false. CBN is a statement signed by Sidi-Ali, Hakama (Mrs.), Ag. Director, Corporate Communications said the “aims of the…
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