CBN lifts foreign-exchange ban on 43 items

The Central Bank of Nigeria, CBN, has ended an eight-year ban on 43 items that had been restricted from accessing foreign exchange, forex, on the official market. The importers of all the previously restricted items “are now allowed to purchase foreign exchange in the Nigerian foreign exchange market,” Isa AbdulMumin, CBN’s director of corporate communications said in a statement on Thursday. In 2015, the CBN banned manufacturers and importers of the items from accessing forex...

House of Reps task CBN to address naira depreciation

The House of Representatives has tasked the Central Bank of Nigeria, CBN, to address the steep downward slide of the naira against the US dollar. The naira is exchanged for over N1,000/$1. During plenary on Tuesday, Hon. Ismail Dabo (APC, Bauchi) lamented that the naira has been on a free fall against the USD since the central bank, with the backing of the federal government, introduced the currency float policy, which now permits market forces...

IRETI, health-tech startup emerges Wema Bank’s Hackaholics 4.0 winner

IRETI, a health-tech startup that helps women to bridge the gap and manages breast cancer, has emerged winner of the Wema Bank’s Hackaholics 4.0. Reports have it that the winner was announced at the weekend during the Wema Bank/ALAT Hackaholics Digital Summit and Grand Finale tagged ‘Re-imagine: Disrupting the Ecosystem for Scale’ held in Lagos. The grand event which was pioneered by the bank succinctly addressed and provided solutions to issues faced by startups and...

Federal Government To Make Ajaokuta Free Trade Zone

The Federal Government is planning to make the Ajaokuta environ a Free Trade Zone to attract Foreign Direct Investment (FDI) and to diversify the economy of the country. Prince Shuaibu Abubakar-Audu, Minister of Steel Development revealed this during a visit to the Ajaokuta Steel Company Limited (ASCOL) on Wednesday, as he took a tour of the complex. Abubakar-Audu said that the visit was aimed at getting first-hand knowledge of the problems that halted production in...

Tinubu tops N25,000 to the salary of junior civil servants

President Bola Ahmed Tinubu has announced a short-term pay raise of N25,000 for junior government workers, a move, he said, was to relieve the stress his “bold reforms” have had on families and households. Tinubu made the pledge on Sunday (Oct. 1) in his nationwide broadcast to commemorate Nigeria’s 63rd independence anniversary, 48 hours before a planned indefinite work strike by Nigerian workers set to begin October 3. Nigerian workers under the aegis of the...

NGO trains CBOs on village savings/loan association scheme

As part of efforts towards attaining the ActionAid Women’s Voice and Leadership project’s anticipated outcome of Improving the Management and Sustainability of Local Women’s Rights Organizations, and enhancing advocacy and programming for gender equality in Nigeria, a Non-Governmental Organisation (NGO), Women’s Rights and Health Project (WRAHP) has coordinated a two-day training on setting up an operational mechanisms for Village Savings and Loan Association Scheme. The two-day training which took place at Ireti Resource Center in...

Nigeria Forum 2023 set to hold Monday, October, 2

The Nigeria Forum 2023 is set to hold a business summit on Monday, 2nd October to address challenges and unlock business opportunities in Nigeria. Dr. Brian Reuben, the convener in a press statement made available to journalists stated that the prestigious Nigeria Forum, organised by the Sixteenth Council, aka Brian Reuben Policy Group United Kingdom, is set to take place on October 2nd, 2023, in Ikoyi, Lagos. The statement read, “This esteemed annual event draws policymakers, business...

Alleged plot to stop Tinubu’s probe of CBN exposed

…Former Acting Governor, Folashodun Shonubi, refused to vacate office despite President Tinubu’s appointment of a substantive governor to replace him. _____ Alleged plot by “influential individuals” in the business industry to prevail on President Bola Tinubu to stop the ongoing investigation of the Central Bank of Nigeria (CBN) has been exposed. The Coalition for Transparency and Economic Reforms (COTER), which raised the alarm over what it described as the looming danger at the CBN said,...

US Deputy Treasury Secretary Adeyemo identifies four economic reform priorities for Nigeria

U.S. Deputy Treasury Secretary Wally Adeyemo has urged the Nigerian government to stabilise the naira and fight corruption to unlock what he called “the type of growth that creates economic opportunity for the Nigerian people.” Adeyemo, the highest-ranking member of the African diaspora in President Joe Biden’s administration, who is on a trip to Nigeria, said this on Monday during his visit to Lagos Business School. He delivered an economic policy speech titled ‘U.S.–Nigeria Economic...

Soludo engages Canadian firm for Anambra rail project

Governor Chukwuma Soludo has contracted a Canadian-based infrastructure advisory organisation, CPCS Transcom Limited, to prepare and design a master plan for rail line network for Anambra State. The rail lines would run from Onitsha, the state’s commercial nerve centre, to Ihiala, targeting the Oseokwa Port through Nnewi, Igbo-Ukwu, Ekwulobia, Oko down to Umunze, the border town to Abia and Imo, General Manager, Anambra State Bureau of Public Procurement (ANSBPP), Mr Okey Ezeobi, told journalists on...

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