PRICES TO INCREASE AS FG RAISES EXCHANGE RATE FOR CARGO CLEARANCE TO N1.356 PER DOLLAR
The Bola Tinubu-led federal government, through the Central Bank of Nigeria (CBN), has increased the exchange rate for cargo clearance from N952 per dollar to N1.356 per dollar. This adjustment follows recent increases in the exchange rate for cargo clearance, reflecting a continuing trend of fluctuations in the country’s foreign exchange policies. TIMELINE: How Pump […]
Senate Summons CBN Chief Cardoso Over Naira Free Fall
The Senate’s Committee on Banking, Insurance, and other Financial Institutions has summoned the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to appear before Committee next Tuesday. The move comes amid pressing concerns about the state of the economy and the sharp decline of the naira in the foreign exchange market. With the official […]
Budget Minister Issue Fresh Updates To CBN On Printing Of Naira Notes (DETAILS)
Amidst revenue pressures facing the 2024 national budget, the Federal Government, FG, has indicated that it would no longer allow Central Bank of Nigeria, CBN, to print money by Ways and Means to fund the budget deficit. Disclosing this in a chat with journalists in Lagos, the Minister of Budget and National Planning, Atiku Bagudu, […]
Top 10 money Market Funds to Look out for in 2024
As part of a list of short-term investment options, Money Market funds are a popular choice for investors seeking stability and liquidity. They typically offer higher interest rates compared to regular savings accounts and often provide easy access to your funds. These funds invest in short-term debt securities such as Treasury bills, commercial papers, government-issued bonds, […]
Ogun Govt. Plans Annual Scholarship Award For 10,000 Learners
The Ogun State Government has concluded arrangements to give out Annual Scholarship Award to 10,000 learners from primary education to tertiary level, so as to make education affordable and reduce out-of-school children. Commissioner for Education, Science and Technology, Prof. Abayomi Arigbabu, made this known at Lisabi Grammar School, Abeokuta, during the 2nd Term Pre-resumption Stakeholders’ […]
FG to commence new regulation for digital money lenders in 2024
The Federal Government has announced that it will implement a new regulatory framework for digital money lenders, DMLs, known as loan apps. The Chief Executive Officer of the Federal Competition and Consumer Protection Commission, FCCPC, Mr Babatunde Irukera, disclosed this in an interview with TVC on Monday. He said the new regulations would address Nigerians’ […]
Over 100 Million Nigerians In Poverty Circle As Food Inflation Hits 32.84%
Nigerians are finding it more difficult to feed themselves, as food inflation rose to 32.84 per cent in November. According to the National Bureau of Statistics’ Consumer Price Index: November 2023’ report released on Friday, headline inflation surged to 28.20 per cent in November from 27.33 per cent in October. The cost of food rose […]
JUST IN: Inflation Rises to 28.20% Says NBS
The National Bureau of Statistics (NBS) on Friday, December 15, said the inflation rate rose from 27.33% in October 2023 to 28.20% in November 2023. This was contained in its document tagged: “CPI and Inflation Report November 2023.” The report said: “In November 2023, the headline inflation rate increased to 28.20% relative to October 2023 headline […]
Banks Ration Cash as Naira Scarcity Persists
Bank customers’ agony over the prevailing cash scarcity increased, yesterday, as more banks resorted to rationing cash withdrawals while Point of Sale Operators, PoS, operators, hiked transaction fees by 100 per cent. Meanwhile, the Central Bank of Nigeria, CBN in a move aimed at ameliorating the situation, suspended charges for cash withdrawals above the regulatory […]
FG removes VAT and Customs Duty Payments from Cooking Gas Imports into Nigeria
The Federal Government has removed VAT and customs duty payments from cooking gas imports. This is according to a letter written to several government agencies. The Cable reports that the federal government has decided to waive customs duty and value-added tax (VAT) on the importation of liquefied petroleum gas (LPG) also known as cooking gas and its […]