The Nigeria Deposit Insurance Corporation (NDIC) is seeking stakeholders’ input into its recently reviewed Differential Premium Assessment System (DPAS) Framework with a view to making the document more resourceful for the nation’s sustainable economic development The corporation’s Director, Communication and Public Affairs Department, Bashir Nuhu, on Sunday stated that the DPAS Framework was reviewed to […]
The Director General of the Securities and Exchange Commission (SEC) Nigeria, Mr. Lamido Yuguda, has reiterated the commission’s commitment to deepening and diversifying the capital market to create wealth for investors and stimulate the nation’s economic growth. Yuguda, who made the remark at the weekend, explained that development of capital markets would serve as engine […]
Nigeria’s total merchandise trade grew to N12,046.92 billion in the first quarter (Q1) this year, with the total exports peaking at N6,487.04 billion while the total imports amounted to N5,559.88 billion. The National Bureau of Statistics (NBS) in its ‘Foreign Trade in Goods Statistics (Q1 2023)’ published on Monday indicated that the country’s merchandise trade […]
The World Bank Group has stated that the current multiple exchange rates being operated by the Central Bank of Nigeria (CBN) is slowing the nation’s economic growth based on the inflationary impact and discouragement of foreign direct investment (FDI) into the economy. The World Bank Group President, David Malpass, made this remark in a blog […]
The Manufacturers Association of Nigeria (MAN) has appealed to President Bola Ahmed Tinubu to prevail on the Central Bank of Nigeria (CBN) to give priority to productive sectors of the economy in its foreign exchange (FX) allocation as a strategic step towards boosting the nation’s economic growth. The Director-General of the association, Mr. Segun Ajayi-Kadir, […]
The Central Bank of Nigeria (CBN) has described a news report published today, Thursday by a national newspaper, that it had devalued the Naira as false and urged the public to disregard insinuations to the effect. The apex bank’s Acting Director, Corporate Communication, Dr. Isa AbdulMumin, made the clarification in a statement titled ‘CBN Has […]
Nigeria’s national currency, the Naira, on Thursday sustained its exchange rate gain momentum against the US dollar at the parallel market, recording a 2.36% appreciation, to trade at an average rate of N745/$1 from the N763/$1 it exchanged at during Wednesday trading session. The 2.36% appreciation in value recorded by the local currency against the […]
The National Bureau of Statistics (NBS) has reported that Nigeria’s Tax-to-GDP ratio, which has been hovering between 5% to 6% in the past 12 years, rose to 10.86% by the end of 2021. The Statistician-General of the Federation/Chief Executive Officer of the Bureau, Prince Adeyemi Adeniran, gave these figures in a letter dated 25th May […]
MultiChoice Group, a Africa’s leading entertainment company, Rapyd and General Catalyst have hinted of their plans to launch a joint venture (JV) company aimed at developing an integrated payment platform for Sub-Saharan Africa (SSA). The JV, which will operate under a new company, called Moment, will offer expanded payment infrastructure for businesses across Africa to help […]
Amid raging controversies and consumers’ anger over the timing of the fuel subsidy removal by the government and resurfacing of queues in filling stations nationwide, the Nigerian National Petroleum Company Limited (NNPCL), the biggest player in the petroleum industry’s downstream sub-sector, on Wednesday announced the official adjustments of its pump price for Premium Motor Spirit […]