CSOs Alert CBN, Others Of Plot To Thwart Banking Reforms

BusinessNewsNigeriaCSOs Alert CBN, Others Of Plot To Thwart Banking Reforms

Uzoamaka Ikezue (Staff Reporter)June 24, 2024

A coalition of Civil Society Organisations (CSOs) has alerted the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), the Bankers Committee and the Nigerian media of an organised plot by some vested interest within the Nigerian Banking System to thwart plan to reform the banking sector. The group made up of over eight CSOs, include Centre for Anti-corruption and Open Leadership (CACOL), Constitutional Rights Advocate...

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Nigeria’s Debt Burden Swells to N121 Trillion

BusinessNewsNigeriaNigeria’s Debt Burden Swells to N121 Trillion

By Ezinwanne Onwuka (Senior Reporter)June 20, 2024

Nigeria’s public debt has risen to N121.67 trillion, according to the Debt Management Office, DMO. This represents a N24.33 trillion or 24.99 per cent increase over the N97.34 trillion recorded in December 2023. The DMO attributes this surge primarily to new domestic borrowing by the federal government to finance a portion of the 2024 budget deficit. Additionally, disbursements from multilateral and bilateral lenders have contributed to the rise. “The increase was from new borrowing to...

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Presidency Rejects New York Times’ ‘Jaundiced’ Economic Report on Nigeria

BusinessNewsNigeriaPoliticsPresidency Rejects New York Times’ ‘Jaundiced’ Economic Report on Nigeria

By Ezinwanne Onwuka (Senior Reporter)June 17, 2024

The Nigerian Presidency has rejected a recent report by the New York Times on the country’s economic situation, labelling it as misleading and jaundiced. The report, published on June 11, painted a dire picture of Nigeria’s economy, blaming the current administration’s policies for the country’s woes. “Nigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in free-fall and millions of people struggling to buy food,” Ruth Maclean and Ismail...

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Nigeria’s Cost of Living Crisis Worsens As Inflation Rate Hits 33.95%

BusinessEconomyNewsNigeriaNigeria’s Cost of Living Crisis Worsens As Inflation Rate Hits 33.95%

Hassan Umar Shallpella (Regional Correspondent)June 17, 2024

The National Bureau of Statistics, NBS, released data on Saturday showing Nigeria’s inflation rate climbed to a staggering 33.95 per cent in May, the highest level in 28 years. This represents a 0.26 percentage point increase from April’s already concerning rate of 33.69 per cent. The report highlights a relentless rise in the cost of living, with food prices at the forefront. Food inflation specifically reached 40.66 per cent in May, up from 40.53 per...

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World Bank Approves $2.25b Loan to Support Nigeria’s Economic Recovery

BusinessNewsNigeriaWorld Bank Approves $2.25b Loan to Support Nigeria’s Economic Recovery

By Ezinwanne Onwuka (Senior Reporter)June 14, 2024

The World Bank has approved a US$2.25 billion loan for Nigeria to bolster economic stability and support vulnerable populations within the country. The loan will be used to provide immediate financial and technical support for Nigeria’s urgent economic stabilisation efforts and to enhance the country’s non-oil revenue generation and safeguard oil revenues. According to Ousmane Diagana, the World Bank Vice President for Western and Central Africa, “Nigeria’s concerted efforts to implement far-reaching macro-fiscal reforms place...

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President Tinubu Woos International Development Financiers

BusinessNewsNigeriaPresident Tinubu Woos International Development Financiers

Hassan Umar Shallpella (Regional Correspondent)June 7, 2024

Nigerian President Bola Tinubu has called on International Development Financiers to see Africa as a destination for growth and prosperity. Tinubu during a meeting with a delegation of the International Finance Corporation, IFC, a member of the World Bank Group, led by its Managing Director, Mr. Makhtar Diop, urged global financiers to consider more strategic investments in agriculture, infrastructure, research, and development on the continent. “The IFC and the World Bank need to see Africa...

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Naira Seen Weakening to N1,450-$1 by Year-End, Says Fitch Ratings

BusinessMoneyNewsNigeriaNaira Seen Weakening to N1,450-$1 by Year-End, Says Fitch Ratings

By Ezinwanne Onwuka (Senior Reporter)June 6, 2024

International credit rating agency Fitch Ratings has projected a decline in the value of the Nigerian naira by December 2024. The agency forecast the naira to settle around N1,450 to the US Dollar by year-end. This projection comes as the naira currently trades around N1,488 to the USD on the official market and N1,500 at the parallel market (as of 5 June 2024) amidst ongoing volatility in the Nigerian foreign exchange market. The naira has...

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CBN Debunks Allegations Of Plans To Revoke Three Bank Licenses

BusinessNewsNigeriaCBN Debunks Allegations Of Plans To Revoke Three Bank Licenses

Uzoamaka Ikezue (Staff Reporter)June 4, 2024

The Central Bank of Nigeria (CBN) has debunked widespread speculations that there are plans by the apex bank to revoke the licenses of three additional banks, describing the rumours as false which is orchestrated to trigger panic in the financial system. The CBN’s reaction is contained in a statement by Mrs. Hakama Sidi Ali, the Acting Director Corporate Communications, made available to newsmen on Tuesday. The CBN also assured that the Nigerian financial system remains...

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Nigeria Secures Stable Oil Production Level of 1.5 BPD Per Day Till 2025

BusinessNewsNigeriaOil & GasNigeria Secures Stable Oil Production Level of 1.5 BPD Per Day Till 2025

By Ezinwanne Onwuka (Senior Reporter)June 3, 2024

The Organisation of the Petroleum Exporting Countries, OPEC, has granted Nigeria a reprieve on its oil production quota. At their recent ministerial meeting, OPEC announced the extension of Nigeria’s production allowance of 1.5 million barrels of crude oil per day (bpd) throughout 2025. This decision comes after OPEC increased Nigeria’s production limit to 1.5 million bpd for 2024 in November 2023. The extension signifies OPEC’s confidence in Nigeria’s production capacity and stability within the oil...

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CBN Revokes Heritage Bank’s License Citing Financial Instabil

BusinessNewsNigeriaCBN Revokes Heritage Bank’s License Citing Financial Instabil

By Ezinwanne Onwuka (Senior Reporter)June 3, 2024

The Central Bank of Nigeria, CBN, has revoked the operating license of Heritage Bank Plc, effective immediately. The decision comes after a period of sustained financial struggles at the bank. According to a statement issued by the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, the bank’s management has not been able to “improve the bank’s financial performance, a situation which constitutes a threat to financial stability.” The CBN had previously engaged with Heritage...

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