Central Bank of Nigeria(CBN) governor, Mr. Godwin Emefiele speaks on the economy and why the Naira will continue to be weak: “It is either I do not understand economics and how exchange rates work or a vast majority of us Nigerians still don’t get how we have wrecked our country with our own curious choices. […]
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No fewer than 14 airlines have withdrawn their services from the country due to low patronage on account of the economic recession. The airlines, including Iberia, United Airlines and Air Gambia, are among the 50 that operated the Nigerian routes some months ago. Besides, foreign airlines operating in the country are estimated to have lost […]
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THE Central Bank of Nigeria, CBN),has indicated that fiscal policy gaps and other factors outside its control have constrained the ability of its policies to have an impact on price stability in the economy. The apex bank in its post Monetary Policy Committee (MPC) report expressed worry at the developments in the inflationary pressure since […]
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The minister of finance, Kemi Adeosun has said that Nigeria is “technically in a recession”. Fielding questions from senators on Thursday, Adeosun explained that the previous administration did not adequately tackle the economic challenges faced by the country. “Are we in recession? Technically, yes we are, “she said. “The previous administration was borrowing to pay […]
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The Central Bank of Nigeria (CBN) has dissolved the Board of Skye bank and appointed Tokunbo Abiru, former commissioner of finance in Lagos state, as the new chief executive officer (CEO) and managing director (MD) of Skye Bank. This was done, following the resignation of Timothy Oguntayo and the dissolution of the top management of […]
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In May this year, President Mohammadu Buhari refused any argument supporting devaluation of the naira. This policy affected many companies, including Dangote group. At a meeting with members of the Council of Retired Federal Permanent Secretaries, the president told them he was not buying into the logic or benefits that such an action would bring. […]
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The Federal Character Commission says it is unaware of a waiver authorising the Central Bank of Nigeria to conduct a secret recruitment of hundreds of new employees, comprising dozens of family members of serving and past senior government officials, including President Muhammadu Buhari’s nephew. The acting chairman of the Federal Character Commission, Shettima Abba, told […]
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The Central Bank of Nigeria has said it opted for a secret process of hiring new staff in the past two years because the bank was doing “targeted recruitment”. The apex bank is at the centre of a recruitment scandal exposed by two newspapers. A news report published Wednesday by Daily Trust, said the CBN […]
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The Central Bank of Nigeria has proposed a N100-per-month charge on every debit card (your typical ATM card) in Nigeria. This is separate from the existing N65 charge after the third withdrawal within the same month. For naira dominated cards, a monthly maintenance fee of N100 was also proposed for every month a debit card […]
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Nigeria and Saudi Arabia are both oil economies, both get more than 80% of their Foreign Exchange earnings from one commodity Crude Oil…. both have been hit hard by falling oil prices, both have significant record budget deficits, Saudi Arabia has $98b deficit, Nigeria has an $11b budget deficit, both are engaged in armed conflict […]
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