The Central Bank of Nigeria on Monday stepped up its fight to boost foreign exchange liquidity in the economy with a new circular mandating Deposit Money Banks to stop the use of foreign currencies as collateral for naira loans within 90 days. The development happened as the naira rose against the greenback at both the…
The Central Bank of Nigeria has again announced the sales of dollars to Bureau De Change operators. It disclosed this in a circular uploaded to its website on Monday. The apex bank said it is set to sell $10,000 to each BDCs at N1101/$ and directed the operators to sell at a spread not more…
In a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation, President Bola Ahmed Tinubu has approved the establishment of the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET). The Presidential Economic Coordination Council (PECC) comprises distinguished leaders…
Naira and Dollar The naira maintained a steady appreciation against the United States dollar on Thursday, gaining N18 to close 1,382/$ at the official market. This came as Presidency warned currency speculators to desist from unpatriotic act against the national currency, saying racketeers would have their fingers burnt. The naira gain came a day after…
Naira and Dollar The naira rebounded against the United States dollar on Wednesday at the official and parallel markets, with the local currency recording a significant gain against the greenback at the black market. This came as the Central Bank of Nigeria announced the final settlements of all valid foreign exchange backlogs, fulfilling a key…
Again, Nigerian Breweries increases prices of beer Nigerian Breweries products. Nigerian Breweries Plc has announced another increment in the price of its products after the previous increase in February. The PUNCH earlier reported that the company issued a new price review notification to all its customers in the West Zone. According to a letter dated Monday,…
Some housewives in the Federal Capital Territory (FCT) have decried the high cost of living in the territory and Nigeria in general. They told the News Agency of Nigeria (NAN) on Sunday that it was becoming almost impossible for them to feed and care for their families. They said there was a need for an…
A Senior Advocate of Nigeria, Ebun-Olu Adegboruwa, has said the looting of a government warehouse in Abuja on Sunday was a direct reflection of the level of hardship the majority of Nigerians battling currently. The lawyer said Abuja residents who looted food items used it to pass a message to President Bola Tinubu about…
Africa’s Global Bank, United Bank for Africa (UBA) Plc has reaffirmed its unwavering commitment to spearhead economic growth across the continent through targeted policies aimed at maximizing the benefits derived from the mining and oil sectors. To this end, the bank is poised to collaborate with the Economic Community of West Africa States (ECOWAS) towards…
The Catholic Bishops Conference of Nigeria (CBCN) has asked President Bola Tinubu’s government to give account of the savings from fuel subsidy removal in the first nine months of his administration. The clerics questioned the lack of operational refineries despite spending huge amount of money in turnaround maintenance which had led to continued reliance on…
