No fewer than 28.4 million Nigerians in 26 states and the Federal Capital Territory, including 18,000 Internally Displaced Persons, are projected to face severe crisis between June and August this year due to the scarcity of fuel and naira, the latest report by Cadre Harmonise, stated. In the March 2023[Read More…]
Tag: naira
Naira Hits 550 To A Dollar As EFCC Warns Banks Against Forex Fraud
The Naira was at a record low against the dollar on Thursday, depreciating to nearly N550 at the unofficial market from N530 at last week’s close as demand for the greenback from importers continues to bump up against scarce market liquidity. Checks in Kano revealed the record high forex rate[Read More…]
Access Bank Staffers In Court For Stealing N197.2m From Customer Account
The Economic and Financial Crimes Commission (EFCC) has charged two of Access Bank PLC female staff, Olawunmi Audu and Glory Michael Sado before a Federal Capital Territory High Court, Abuja for allegedly stolen about N197.2 million from a customer’s account. EFCC alleged that the Defendants conspired and transferred the sum[Read More…]
Access Bank Announces N50 Billion Interest Free Loans and Grants For SMEs
Access Bank Plc has announced that it will be providing N50 billion interest-free loans and grants to Nigerians to support communities, the youths, and micro, small and medium-sized businesses (MSMEs). This is to help cushion the effect of Covid-19 pandemic, coupled with the hijacked #EndSARS protests that led to the[Read More…]
Receiving money transfers in foreign currency is detrimental – CBN
The Central Bank of Nigeria (CBN) says receiving international money transfers in foreign currencies by Nigerians is detrimental to the Naira. Ms Ozemena Nnaji, Director, Trade and Exchange in the apex bank, told the House of Representatives Committees on Diaspora, Banking and Currency, and National Planning at an investigative hearing[Read More…]
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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…]