Apparently miffed by the figures reeled out by JP Morgan, a U.S-based bank with global reputation, as representing Nigeria’s total foreign reserves, the Central Bank of Nigeria (CBN) has flawed the recent estimate of the US bank on Nigeria’s foreign exchange reserves, describing it as a misrepresentation of the actual value of the reserves. The […]
…threatens to replace inactive contractors The Minister of Works, Engr. Dave Umahi, has directed Federal Government contractors with unused contract payments for jobs undone or any other reason to return such payments pending the time the affected contractors will be ready to move to site. The minister told the contractors that if for any reason […]
Despite efforts by the monetary authorities to ensure improved value for the Naira at the foreign exchange (FX) markets over the past weeks, the local currency fell as low as N925 against the dollar on Wednesday morning at the peer-to-peer (P2P) market, before moderating to the N905/$ levels at about the noon hours. The depreciation […]
Apparently concerned about the current scarcity of foreign exchange (FX) in the economy, the Nigerian Exchange Limited (NGX) is currently working on a proposal to allow dollar-denominated bond listings by investors on its platform. A news report from Bloomberg indicates that the new initiative is considered by the NGX authorities, which are also dollar-denominated stock […]
….Facilitates $1Bn Third-Party Investments The Nigeria Sovereign Investment Authority (NSIA) has disclosed that it committed $500 million to domestic infrastructure and enabled over $1 billion third-party investments in the country so far. The Managing Director/Chief Executive Officer of the Authority, Mr Aminu Umar-Sadiq, made this disclosure on Tuesday during an investigative hearing of the Ad-hoc […]
The Federation Account Allocation Committee (FAAC) reported on Tuesday that it shared a total sum of N966.110 billion from accruals to the Federation Account to the three tiers of government in July this year. The Committee made this disclosure in the communiqué issued at the end of its meeting for August 2023 chaired by the […]
The Chief Executive Officer of Transcorp Group, Owen Omogiafo, has announced moves by the group’s management to add 2,000 megawatts to the nation’s grid before the end of this year. Omogiafo, who made this disclosure during a media briefing noted the previous challenges with gas and transmission but highlighted the impressive improvement recorded in Transcorp’s […]
A leading global financial services firm, JP Morgan, has estimated Nigeria’s net FX reserve to be around $3.7 billion much lower than the $14 billion reported at the end of 2021. The bank, which disclosed this in its latest report on Nigeria titled “Nigeria: Reform Pause Rather Than Fatigue”, noted that the lower-than-reported FX reserve […]
The Co-founder and Chief Executive Officer (CEO) of Flutterwave, Olugbenga Agboola, has maintained that the company remains committed to its planned Initial Public Offering (IPO) in spite of the current whirlwinds in the global digital payment space in order to realize its targets. The fintech expert, who gave this hint in an interview with Bloomberg […]
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has called on the management and staff of the Ministry of Finance and Nigerians to support the ongoing efforts of President Bola Tinubu aimed at growing the economy and positioning Nigeria on the path of sustainable growth. The Minister, who gave this […]