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…Says it’s time for real central bankers to control CBN rather than commercial bankers Former Presidential Candidate and a Chieftain of the All Progressive Congress (APC), Mr. Gbenga Olawepo-Hashim has asked the Federal Government to dump the free float of the Naira in exchange to other currencies, for the Nigerian traditional managed float and allocate Nigeria’s forex and domestic resource for the nation’s economic and national priorities. He noted that for some time now, especially...

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The Economic and Financial Crimes Commission, EFCC, has gone all out to save Nigeria’s local currency, the naira from its continued free fall against foreign currencies. On Wednesday, Nigeria’s forex crisis saw the naira trade for N1,830/US$1 in the streets. The official exchange rate does not fare better too. The currency has plunged to N1,555/US$1, moving closer to the street rate. The naira also weakened against the Great British Pound and the Euro. The rates...

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Nigerians continue to feel the pinch of President Bola Tinubu’s major decisions – scrapping the petrol subsidy and relaxing foreign exchange restrictions – as inflation climbed more than anticipated to a near 28-year high in January. The National Bureau of Statistics, NBS, says Nigeria’s headline inflation rate increased to 29.90 per cent in January. Last month’s rate is a 0.98 per cent increase from the 28.92 per cent recorded in December 2023. Tinubu’s policies caused...

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As part of an effort to empower youths, the Arewa New Agenda (ANA) at the weekend rolled out plans for the creation of 10 million jobs for youths across the 19 Northern States of Nigeria. Through its farming and agricultural initiative, ANA is expected to increase the current 35 percent of arable land across the country to 65 percent in the next four years, through different interventions such as agro-allied industry, food security by up to...

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The Kano State Public Complaints and Anti-Corruption Commission has confiscated ten warehouses containing assorted foodstuffs in the Dawanau area of Dawakin Tofa Local Government Area of Kano State have been confiscated by the Kano State Public Complaints and Anti-Corruption Commission for alleged hoarding of grains to maximize profits. Mr Muhyi Magaji, the commission’s Chairman, disclosed this to newsmen shortly after confiscating the warehouses in Dawanau International Grains Market, Singer Market, and Kwari Textiles Market on...

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Nigeria’s annual inflation rose in September to its highest level in about two decades at 26.72 per cent, amid a worsening cost-of-living crisis in Africa’s largest economy. The September inflation rate is a 0.92 per cent increase from August’s 25.80 per cent, the National Bureau of Statistics [NBS] said on Monday in its Consumer Price Index [CPI] report for September 2023. Food inflation, making up the bulk of Nigeria’s inflation basket, rose to 30.64 per...

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The Federal Capital Territory Administration (FCTA) through its Agriculture and Rural Development Secretariat (ARDS) is set to develop innovative strategies to enhance agricultural efficiency and productivity in the nation’s capital. Mr. Lawal Geidam, the secretary of the secretariat, stated this in Abuja, after receiving briefs from different departments in the secretariat on their operations, achievements, and challenges. The secretary noted that the secretariat would also educate and equip residents, particularly the youth, with the necessary...

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Anambra State Government has signed memorandum of understanding with thirteen organisations across different economic sectors including commerce and automobile. The MOU signing ceremony was highpoint of the Anambra Investment Summit, ANINVEST 2023, held at Anambra International Convention Centre, Awka. The MoUs were signed with Universal Elysium Ltd for the development of Onitsha River Port, Birds Water Ltd and Neni Development Union for the development of Neni Water Scheme, OMAA Global Engineering and Tech for the...

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To unravel the discrepancies in the importation and supply of Premium Motor spirit (PMS), the House of Representatives is seeking a forensic audit of the Nigeria National Petroleum Corporation Limited (NNPCL) also known as fuel from 2015 to date. According to the House ad-hoc committee, the volume of fuel consumed daily in the country, will give clarity to the Direct Sale, Direct Purchase (DSDP) programme and the consortiums of DSDP operators. The committee which report...

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With regard to the cashless policy of the Central Bank of Nigeria (CBN), two Lagos based lawyers and an economist have said that obeying the Supreme Court ruling is the best way to go for the nation. Emeka Iheonu, a Lagos based lawyer and Alaowei Ebikonbowei Cleric, a human rights lawyer as well as a former World Bank/International Monetary Fund (World Bank/IMF) expert have hailed the court’s ruling, and stressed that as the highest court...

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