NewsReports

In a bid to address the lingering price distortions affecting the Naira’s exchange rate, the Central Bank of Nigeria (CBN) has authorised the sale of $20,000 to eligible Bureaux De Change (BDCs). The decision comes after the bank said it observed continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the …

The Central Bank of Nigeria (CBN), says its ongoing reforms will check rising inflationary trend and address distortions in the foreign exchange market The CBN Governor, Yemi Cardoso said this on Tuesday in Abuja, while presenting the communique from the apex bank’s Monetary Policy Committee (MPC) meeting. Cardoso had announced the committee’s decision to adopt aggressive inflation-targeting by increasing the …

The Senate on Tuesday proposed a six-year single term for the Governor and Deputy Governors of the Central Bank of Nigeria (CBN). The Red Chamber also sought to limit amount the Federal Government can borrow from the apex bank under the Ways and Means Advances. For external Directors appointed on the board of the CBN, the Senate proposed that they …

President Bola Tinubu explained on Tuesday that the decision taken to remove subsidy on petrol was a challenging one but necessary to ensure a transparent and accountable energy sector. The President, who spoke at the opening of the 2024 Nigeria International Energy Summit, NIES, in Abuja, acknowledged that the decision has led to hardship, especially amongst low-income earners, assuring that …

A former deputy governor of the Central Bank of Nigeria (CBN) and the 2019 presidential candidate of the Young Progressives Party (YPP), Professor Kingsley Moghalu, along with other economic experts, have expressed divergent views on the multiplier implications of the latest CBN monetary policies on the Nigerian economy. The CBN Monetary Policy Committee increased the benchmark interest rate by 400 …

COMMUNIQUE AT THE END OF A NATIONAL EXECUTIVE COUNCIL (NEC) MEETING OF THE NIGERIA LABOUR CONGRESS (NLC) HELD ON TUESDAY, THE 27TH DAY OF FEBRUARY 2024 The NEC of Congress in session on Friday 16th 2024, ordered a 2-Day Nationwide Protest to join Nigerians in demonstrating outrage over the massive suffering and hunger facing the masses and workers as a …

Edo State Governor, Mr. Godwin Obaseki is urging for the collaboration and support of all stakeholders to proffer lasting solutions to the incessant price surge and guarantee better welfare for the people of the State. L-R: Commissioner for Business, Trade and Cooperatives, Hon. Patrick Uanseru; Commissioner for Public Safety and Security, Hon. Kingsley Uwagbale; Edo State Governor, Mr. Godwin Obaseki; Secretary …

Majority of citizens can no longer feed themselves. Stirrings of industrial unrest in the country are palpable with the decision of organised labour to embark on a two-day nationwide strike on 27 and 28 February, in response to what it considers as the Federal Government’s bad faith in implementing a 16-point mutually agreed pact. The dual policies of fuel subsidy …

Benin City, Edo, Nigeria – Dr Kingsley Okundaye, a Chieftain of Labour Party in Edo State, has said that Olumide Akpata’s emergence as the party’s candidate has set the stage for the party to win the September 2024 governorship election in the State. Dr Okundaye who made the assertion while speaking to newsmen in Benin City at the weekend, said …

…Says Guards Brigade’s task is to protect Seat of Power The Defence headquarters on Monday debunked allegations in an online media organization claiming that the Presidential Guards Brigade has been put on high alert following suspicious movements around the seat of power, indicating fears of coup plot. A statement by the Acting Director of Defence Information, Brigadier Gen Tukur Gusau …