The Central Bank of Nigeria (CBN) has disclosed that Nigeria’s balance of trade position has reversed from surplus to deficit, recording a $20 million trade deficit in November 2022 as against a surplus of $50 million in the previous month, October 2022. CBN revealed this in its Monthly Economic report,[Read More…]
News
CBN Threatens to Arrest, Prosecute Fake News Peddlers Over New Naira Notes
The Central Bank of Nigeria has warned against fake news, stating that it will investigate, arrest and prosecute those spreading false information about the naira redesign policy. This threat was contained in a statement on Tuesday jointly signed by the CBN’s Deputy Governor, Corporate Services, Edward Adamu, and Director, Corporate[Read More…]
Petrol Rises by 55% to N257/litre in Jan – Report
The National Bureau of Statistics in its Premium Motor Spirit (petrol) price watch for January 2023 stated that on average, Nigerians paid the sum of N257.12 per litre for the product. The report noted that the average price in January 2023 was an annual increase of 54.52 per cent and[Read More…]
Ecobank Kenya appoints Josephine Anan-Ankomah as new MD Ecobank Kenya
Ecobank Transnational Incorporated (ETI) has appointed Ghanaian career banker, Mrs Josephine Anan-Ankomah as the Regional Executive, Central, Eastern and Southern African (CESA) and Managing Director, Ecobank Kenya. Her appointment has since received clearance from the Central Bank of Kenya, a statement by the Ecobank Kenya said on Monday. Anan-Ankomah leaves[Read More…]
Banks’ Commission From Customers Increase By 14% To N219.77bn
Amid severe competition from Fintech companies, six banks operating in Nigeria generated a sum of N219.77billion fees and commission for the year ended December 31, 2022 representing an increase of 14 per cent from N192.22billion reported in 2021. The six banks investigated include; Stanbic IBTC Holdings Plc, FCMB Group Plc,[Read More…]
Supreme Court Insists Old Naira Notes Still Legal Tender
The Supreme Court has said that the old N200, N500, and N1000 are still legal tender, insisting that its February 8 order barring the Federal Government and its agencies from enforcing the February 10 deadline still subsists. The court made the clarification on Wednesday following a complaint by the lawyer[Read More…]
Naira Redesign: Inflation Soars To 21.82%
Nigeria’s inflation soared to 21.82 per cent in January 2023, according to the National Bureau of Statistics. This is amid a redesign of the naira by the Central Bank of Nigeria. January’s inflation rate is a 0.48 per cent point increase from the 21.34 per cent that was recorded in[Read More…]
Petrol Ex-Depot Price Rises by 110% in Four Months
The Major Oil Marketers Association of Nigeria latest industry data report revealed that Ex-depot price of Premium Motor Spirit popularly known as petrol has risen by 110 per cent in four months. The data showed that the ex-depot price rose from N148 per litre last October to an average of[Read More…]
Buhari Signs Business Facilitation Bill into Law
President Muhammadu Buhari has signed Business Facilitation (Miscellaneous Provisions) Bill 2022 and five other bills passed by the National Assembly. The Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Babajide Omoworare, made this known in a statement issued on Monday and titled ‘President Muhammadu Buhari Assents[Read More…]
Naira swap: NMDPRA to sanction fuel stations not accepting POS
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will sanction fuel stations that reject the use of Point of Sale (POS) machines or bank transfers at their outlets. This is contained in a statement by Mr Kimchi Apollo, General Manager, Corporate Communications and Stakeholders Management, NMDPRA, recently[Read More…]
Consumer TV
FG Revenue Rises 76% to N12.5tn, Fueled by Tax and Oil Gains — Budget Office
The Federal Government’s earnings have increased by 76 percent, rising from N7.1 trillion in 2022 to N12.5 trillion in 2023, due to higher taxes and oil revenues. This information was revealed in the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper from the Ministry of Budget and[Read More…]