Nigeria’s inflation rate in January 2024 further increased, rising to 29.90% from 28.92% recorded in the previous month, amid macroeconomic whirlwinds in the nation’s socioeconomic space. The latest National Bureau of Statistics (NBS) ‘CPI and Inflation Report January 2024’ report posted on its website on Thursday indicated that the increase in the general price level […]
The Central Bank of Nigeria (CBN) has raised the foreign exchange (FX) rate for the clearance of goods from N1444.56/$ to N1515.09 against the one United States dollar (USD), representing an increase of N70.53 compared to the prior rate. Before the latest adjustment of the rate, the single-window trade portal of the Nigeria Customs Service […]
Yellow Card, the largest and only licensed stablecoin on/off ramp on the African continent, is set to introduce USDC, a digital stablecoin on the Stellar network, an open-source decentralised blockchain network, revolutionising cross-border payments, remittances, and treasury management globally. The initiative is coming as Africa slowly inches towards widespread adoption of digital assets, thereby becoming imperative […]
Ogun State Governor, Prince Dapo Abiodun, has announced a N5 billion intervention fund to cushion the effect of rising cost of living and inflation in the state. The governor, during a media chat in Abeokuta, said the fund would cover education, health, workers’ deduction and food palliative. He said: “As our administration acknowledges the concerns […]
The Federal Government is targeting to raise N2.5 trillion from its second FGN bond auction of 2024 as part of its efforts to raise more funds through debt instruments in order to bridge the about N9.18 trillion deficit in the approved 2024 budget. According to the latest circular from the Debt Management Office (DMO) on […]
The Federal Government has announced its partnership with the World Bank Group to raise $3 billion for expansion of broadband infrastructure in the country. The project involves laying additional 120,000km of fibre optic cables across the country. The Minister of Communications, Innovations, and Digital Economy, Dr. Bosun Tijani, who made this disclosure at stakeholders meeting […]
The Presidency has requested the Interpol National Central Bureau to place a Central Bank of Nigeria’s, (CBN’s) staff, Odoh Eric Ocheme, and two others on its Red Notice with a view to arresting them over fraudulent acts involving millions of dollars from the apex bank. Specifically, the Federal Government’s request to the Interpol is connected […]
The Nigeria Sovereign Investment Authority (NSIA) has announced the flagging off of the second edition of the NSIA Prize for Innovation (NPI 2.0), with a prize value of US$220,000 and an all-expense paid, five-week training at Draper University, Silicon Valley, USA. The maiden edition of the NPI Programme commenced with over 2,000 applications and a rigorous […]
The Nigerian Maritime and Safety Administration (NIMASA) has commenced moves for the deployment of the Modular Floating Dock to the operational base as part of its current efforts to enhance port operations in the country. Already, the agency has moved the Floating Dock to a jetty at the Standard Flour Mills in Apapa preparatory to […]
Standard Chartered Bank has projected that ongoing economic reforms in Nigeria hold the potential of improving Nigeria’s credit outlook, bolster the nation’s macroeconomic stability and create investment opportunities this year. The Global Chief Investment Officer at Standard Chartered Bank’s Wealth Management unit, Mr. Steve Brice, made this disclosure while presenting the Bank’s ‘Global Market Outlook […]