The World Bank Group has unveiled plans to fund 1,000 mini solar power projects in Nigeria as part of its support for the nation’s current drive towards transition from fossil-fuel powered energy to climate-friendly green energy alternatives. The President of the bank, Ajay Banga, who made the pledge on Saturday, said that under the first […]
The newly established Policy Advisory Council (PAC) by President Bola Ahmed Tinubu has proposed the merger of the Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS), and the Nigerian Maritime Administration and Safety Agency (NIMASA) into the Nigerian Revenue Service. The members of the (PAC), who include Senator Tokunbo Abiru (chair), Dr. Yemi Cardoso, Sumaila […]
The Central Bank of Nigeria has issued Awacash, a fintech platform, a microfinance bank (MfB) licence following the company’s earlier acquisition of a money lending license. Commenting on the latest regulatory approval by the monetary authorities granted the fintech platform to operate as MfB, Co-Founder of Awacash, Dayo Okunfolami, said: “We understand the obstacles encountered […]
The World Bank has raised its 2023 global growth forecast to 2.1% as many economies, especially the U.S economy continue to exhibit stronger resilience, warning, however, that higher interest rates will cause a larger-than-expected slowdown of global economies next year. The bank, in its latest ‘Global Economic Prospects’ report released on Tuesday, projected that real […]
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) on Wednesday announced new appointments into its Directorate and other cadres. With the latest appointments, Mr. Osita Nwanisobi, who had been working in Acting Director’s capacity since October 2020, has now been elevated to Director, Corporate Communications Department. Also appointed Directors were Mrs. Elizabeth Omolara Fasoranti, who assumes the […]
The Central Bank of Nigeria (CBN) has disbursed over N2.46 trillion to beneficiaries of its sundry intervention programmes in the past few years, with agricultural, manufacturing and health sectors accounting for the largest chunk of the funding supports. For instance, while the apex bank has disbursed a total of N756.51bn to over 3.7 million farmers […]
Barely three days after it released a new regulatory framework guiding the operations of for Payment Service Banks (PSBs), the Central Bank of Nigeria (CBN) at the weekend released a new Regulatory Guidelines and Framework for Mobile Money Services (MMS) in the country. The apex bank stated that the introduction of mobile telephony in Nigeria […]
The Central Bank of Nigeria (CBN) on has extended the operations of the ‘Naira 4 Dollar Scheme’ until further notice. The apex bank stated this in a circular signed by its Director, Trade and Exchange Department, Mallam Saleh Jibrin, titled ‘Re: Introduction of the CBN’s “Naira 4 Dollar Scheme’’ for Diaspora Remittances”. It stated: “Further […]
President Muhammadu Buhari on Thursday directed the Central Bank of Nigeria (CBN) not to allocate foreign exchange (Forex) for the importation of food items or fertilizer in line with the monetary and fiscal authorities’ efforts to conserve the nation’s fast-depleting foreign reserves. Buhari gave the order, the second time since August 2019, at a meeting […]