Tinubu Attacks FG Over Poor Exchange Rate of N800 against $1

The presidential candidate of the All Progressives Congress (APC), Bola Tinubu, at the party’s presidential campaign rally in Calabar, Cross River State, slammed the President Muhammadu Buhari-led federal government over the depreciation of the nation’s currency. This comes few days after Tinubu criticised the government. According to Tinubu, when the government took over, the naira/dollar exchange rate was about N200 to a dollar, but it has depreciated to about N800 to the dollar on the parallel market. “Today, they moved the exchange rate from N200 to N800. If they had repaired it, if they had arrested this, we won’t be

CBN bans dollar charges on domestic transactions, launches new card, AfriGo

The Central Bank of Nigeria (CBN) has launched the Nigerian National Domestic Card Scheme, AfriGo, aimed at creating a more robust payment system that would drive financial inclusion in the country. Launching the card virtually, this morning, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, said that transaction charges on all cards would henceforth be paid in Naira, except for international transactions. According to him, AfriGo would be cheaper and would be a matter of national pride, with potential to boost financial inclusion. Emefiele said, “The National Domestic Card avails us the sovereignty of our data. Secondly,

Group congratulates Edema, Ogunmola on NDDC appointments

O’dua Study group has congratulated Engr. Charles Ogunmola, and Hon. Gbenga Edema on the confirmation of appointments and inauguration as members of the NDDC board. The duo were inaugurated recently by President Muhammadu Buhari after their nomination was confirmed by the Senate. Charles Ogunmola was confirmed as the Executive Director of Projects in NDDC and Hon Gbenga Edema as the commissioner representing Ondo State. Congratulating the duo through a press statement signed by the president, Adeyeye Kehinde on Wednesday, the group described Ogunmola's appointment as a divine grace and the first of its kind and a test of unity in

By |January 11th, 2023|Categories: News, Business|Tags: , |0 Comments

LCCI lists consequences of planned supplementary budget by FG before year-end

The Lagos Chamber of Commerce and Industry has warned that the planned supplementary budget by the Federal Government will, amongst other consequences, cause economic shocks in the coming year. In a statement signed by its Director-General, Dr Chinyere Almona, the chamber noted that with few days to the end of 2022, the Federal Government plans to add N819.5bn supplementary budget for critical infrastructure projects, to be financed from domestic borrowing sources. The statement said that while the LCCI expects the supplementary budget to be used totally on repairing damaged infrastructure, it is also important to invest more in building infrastructure

Why N’Assembly fails to pass 2023 budget

The National Assembly on Thursday failed to pass the 2023 Appropriations bill as earlier scheduled. Indications of this emerged when the budget report was not listed on the Order Paper for Thursday’s legislative activities. Shortly after a closed-door session that lasted 15 minutes, the Senate President, Ahmad Lawan, said that due to irreconcilable figures detected by Appropriations committees of both chambers, the National Assembly would not be able to deliberate on the 2023 budget as earlier scheduled on Thursday. Lawan said as a result of the long cleaning process the draft budget proposal underwent, Committees on Appropriations from both Chambers,

By |December 23rd, 2022|Categories: Business|Tags: |0 Comments

In Six Months, Nigerians Consume Beer Worth N599.11 billion 

          Nigerians drink beer worth N599.11 billion in six months running from January t0 June 2022, according to the first quarter results of four major brewers in the country.   Champion Brew ended the First Half (H1) 2022 as the best performing company in the brewery Industry, as Nigerian Breweries and Guinness Nigeria lost market share to their rivals.   In the industry analysis of their revenue growth within January to June 2022, Prime Business Africa gathered Nigerian Breweries, Guinness Nigeria, International Breweries and Champion Brew generated a combined N599.11 billion.   READ ALSO: Stock Market:

By |August 28th, 2022|Categories: Business|Tags: |0 Comments

Agric budgets hit N874.83bn, food imports gulp N7.81tn

  The Federal Government budgeted about N874.83bn for the Federal Ministry of Agriculture and Rural Development from 2016 to 2021, whereas the imports of agricultural goods into Nigeria during same period were estimated at N7.81tn, checks by our correspondent showed.   It was gathered that the highest imports of agricultural goods into the country during the period under review were recorded in 2021, as products valued at N2.74tn were imported last year.   On the other hand, the least imports within the same duration were reported in 2016. Nigeria’s agricultural goods imports in 2016 were estimated at N656.4bn.   Operators

By |August 9th, 2022|Categories: Business|Tags: , |0 Comments

Despite dollar restrictions, MSMEs remain at the mercy of black market operators

Micro, Small, and Medium scale enterprises (MSMEs) in Nigeria are left at the mercy of black market operators to access dollars for transactions even after the Central bank pulled the plug on supply to the operators and challenged supply to commercial banks. Currently, it costs N415 to get one dollar at the official rate, while it costs no less than N550 in the parallel market giving a difference of at least N135 per dollar. Although the black market is much more expensive, it is a faster and less cumbersome process and at the end of the day, the dollar is

CBN Retains Benchmark Interest Rate At 11.5%

The Central Bank of Nigeria’s Monetary Policy Committee on Tuesday retained the Monetary Policy Rate (MPR) at 11.5% and kept all other parameters unchanged. CBN Governor Godwin Emefiele made the announcement while addressing journalists at the bank’s headquarters in Abuja. The MPR, which has remained unchanged for months, is a powerful tool for regulating interest rates in the economy. Lowering the rate could have stimulated more borrowing while raising the rate could have signaled the CBN’s intention to reduce the economy’s money supply.  

By |January 25th, 2022|Categories: Business|Tags: |0 Comments

Titan Trust Bank Takes Over Union Bank

  One of Nigeria’s newest commercial banks, Titan Trust Bank Limited is set to take over Union Bank of Nigeria Plc, the latter has announced. The Company Secretary of Union Bank, Somuyiwa Sonubi, disclosed this in a statement on Thursday. According to him, the Board of Directors of Union Bank has received a notification from Union Global Partners Ltd. (UGPL) – the holder of a majority shareholding in the bank – of the execution of a share sale and purchase agreement between UGPL, some of its other existing shareholders, and Titan Trust Bank Limited (the purchaser) for the sale of

By |December 24th, 2021|Categories: Business|Tags: |0 Comments
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