By Sodiq Adelakun The Nigerian Export Supervision Scheme (NESS) has recently seen the addition of three new banks appointed by the Central Bank of Nigeria (CBN) for fee collection purposes. The newly appointed banks are Coronation Merchant Bank Limited, Paralex…
By Sodiq Adelakun Nigeria has been grappling with a decline in foreign direct investments (FDI) due to ongoing issues such as insecurity and a difficult business environment. As a result, the country has increasingly turned to foreign borrowing to boost…
The Nigerian naira was trading at N1008/$ in the peer-to-peer market on Monday as traders assessed the forex market situation amidst the ongoing crisis in the Middle East. This comes after the naira closed at N770.41/$ on Friday in the…
The Central Bank of Nigeria (CBN) has denied claims made by the media that the launch of the eNaira is endangering the country’s financial stability. In a statement released on Monday in Abuja, Dr Isa AbdulMumin, the Director of Corporate…
The Minister of Innovation, Science and Technology, Chief Uche Nnaji on Friday said Nigeria must increase production to strengthen the naira and boost the economy. Nnaji stated this at a news conference on readiness for implementation of Presidential Executive Order…
By Sodiq Adelakun The Federal Government of Nigeria paid a staggering interest of N912.32bn in the first quarter of 2023 on loans obtained from the Central Bank of Nigeria through Ways and Means Advances. This alarming figure, disclosed in the…
The Fiscal Responsibility Commission (FRC) on Saturday has raised concerns about banks lending in a way that goes against Section 45 of the Fiscal Responsibility Act. The Executive Chairman of the FRC, Mr Victor Muruako, spoke about the potential risks…
By Sodiq Adelakun Naira has been unequivocally identified as one of the most underperforming currencies in the vast continent of Africa, as astutely highlighted in a recent report by the esteemed World Bank titled “Africa’s Pulse: An analysis of issues…
By Sodiq Adelakun Despite increased dollar liquidity at the official foreign exchange market, the Nigerian Naira fell by 1.48% on Wednesday. At the close of trading on the Investors’ and Exporters’ forex window, the dollar was quoted at N756.21, weaker…
The Debt Management Office (DMO) has announced plans to raise to N1.2 trillion in debt by re-issuing federal government bonds. According to the DMO’s bond issuance calendar for the final quarter of the year, the agency intends to raise funds…
