The National Bureau of Statistics (NBS) has announced plans to include illegal and hidden activities such as prostitution and drug peddling in the calculation of Nigeria’s Gross Domestic Product (GDP). This disclosure was made at a sensitisation workshop on GDP and Consumer Price Index (CPI) rebasing, organised in collaboration with the Nigerian Economic Summit Group (NESG). Speaking at the event, the Statistician General of the Federation, Prince Adeyemi Adeniran, explained that the rebasing exercise is...

The Central Bank of Nigeria, CBN, has increased the monetary policy rate, MPR, from 27.25 per cent to 27.50 per cent to address the nation’s persistent inflation. This decision was announced during the Monetary Policy Committee, MPC, meeting held at the apex bank’s headquarters in Abuja on Tuesday. The MPR is the benchmark interest rate used by the CBN to regulate lending and borrowing in the economy. By raising the MPR, the CBN aims to...

The Central Bank of Nigeria (CBN) has expressed readiness to continue partnering with Microfinance Bank in the Micro Small and Medium Enterprises (MSME), Agricultural credit guarantee scheme, and financial inclusion. Mr. Sah Nyashi, CBN Controller Yola branch disclosed this at the inauguration of Dabtikir Microfinance Bank Limited formally known as Biyama in Hong Local Government Area, Adamawa state on Saturday. Nyashi, represented by Adamu Yusuf, Head of the Currency Management office congratulated people in the area...

First Lady Oluremi Tinubu unveiled the winning fabric of the #OneNigeria Unity Fabric competition on Monday at the State House in Abuja. She awarded N25 million to the designer, Bamidele Mofiyinfoluwa. Mrs Tinubu explained that the project aims to foster creativity, enhance national unity, and support local enterprises to boost the economy. She announced that the winning fabric would be used officially on 1st October for Nigeria’s Independence Day celebrations.   “Our goal is to...

The federal government of Nigeria has announced a new levy on electronic money transfers. Starting on Monday, 9 September 2024, customers of fintech companies such as Opay, Moniepoint, and PalmPay will incur a N50 charge on any transfer of N10,000 or more. According to a notice from Opay, the fee aligns with Federal Inland Revenue Service, FIRS, regulations. “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will...