UN: Cash Scarcity Crippled Nigeria’s Economy
The United Nations (UN) has disclosed shortage of naira in recent times crippled the Nigerian economy and made Nigerians poorer. The UN disclosed this in its ‘Trade and Development Report Update; Global Trends and Prospects (April 2023),’ report produced by the United Nations Conference on Trade and Development (UNCTAD). It stated that the informal sector […]
SUBSIDY PALLIATIVE: FG To Pay N5,000 To 10M Households
The federal government will pay N5,000 to 10 million households for six months as palliative for removing petrol subsidy after June. The amount is N50 billion per month and reaches N300bn with $800m (N371.6bn at CBN N464/$1 rate) World Bank loan to fund the project. The Minister of Finance, Budget, and National Planning, Zainab Ahmed, […]
Despite N6tr Subsidy Payment, Fuel Price Soars By 81%– Report
THE price of Premium Motor Spirit popularly called petrol has risen by 81 per cent in the past three years, according to the National Bureau of Statistics reports analysed by our correspondent. This came as findings showed that the Federal Government has paid about N5.83tn subsidy on petroleum products. NBS data showed that between February […]
KPMG: Nigeria’s Unemployment Rate Projected To Hit 40%
KPMG: Nigeria’s Unemployment Rate Projected To Hit 41% Global consulting firm KPMG has projected that Nigeria’s unemployment rate would rise further to 40.6 percent in 2023. In a report titled ‘Global Economic Outlook’, the firm also said the inflation rate is predicted to remain above 20 per cent in 2023 due to structural and policy […]
NAIRA SWAP: Nigerians No Longer Interested In Depositing Their Money In Banks
Nigeria banking sector may be facing collapse as many citizens, who are still struggling to withdraw money from the system, have vowed not to deposit cash in banks again. Experts fear that such attitude, which stemmed from the Central Bank of Nigeria (CBN’s) Cashless Policy that caused Nigerians untold nightmares and hardship, could lead to […]
Nigeria’s Debt Hits N46.25Trn
Nigeria’s Debt Hits N46.25Trn Nigeria’s public debt profile as at the end of December 2022, stands at N46.25 trillion. This is according to a statement issued by the Debt Management Office (DMO), in Abuja on Thursday. The DMO said the total public debt stock of the country consisted of the domestic and external debts of […]
Making Passive Income As eNaira Merchant
Making Passive Income As eNaira Merchant Following the ongoing hitches with internet banking that has scuttle business transactions, as well as inability to access cash from banks, Automated Teller Machines(ATMs) and Point of Sales(PoS); another option left to conduct seamless business transactions is through the Central Bank Digital Currency (CBDC) known as eNaira. Hence, people […]
CBN Clears Air On Suspending OPAY, PALMPAY, Other Fintechs Accounts
The Central Bank of Nigeria (CBN) has made clarification on viral reports that it has suspended accounts of some Fintech companies like OPAY and PALMPAY. The apex bank refuted the reports, describing it as fake news. According to the News Agency of Nigeria (NAN), this was made known by the Acting Director, of Corporate Communications […]
Naira Scarcity: CBN Issues New Directive To Banks
Central Bank of Nigeria had confirmed the evacuation of banknotes to Deposit Money Banks and gives new directive. Read the memo below credit to CBN Facebook page; https://www.facebook.com/249235908516877/posts/pfbid06z5mjQyBv3hMm6JygZgtWKufFY8uis9p43KR3scUsMa1757Yn2faNPDywc5aJ1MJl/?app=fbl
Breaking: Government Removes Fuel Subsidy, Give Reasons
Breaking: Government Removes Fuel Subsidy, Give Reasons The government of Ghana as ordered National Petroleum Authority to announced the removal of fuel subsidy in the country. The removal of the subsidy is part of the country’s implemented regulatory measures to ensure stability across its downstream sector. The Chief Executive Officer of NPA, Abdul Hamid, said […]