The owner of micro-blogging site, X, Elon Musk, has warned users against indulging in engagement farming. Musk threatened to suspend any account discovered if corrective action is not taken. Posting on X, he wrote: “Any accounts doing engagement farming will be suspended and traced to source.” Engagement farming is a situation when a user wants […]
Why Nigerian govt issued N8trn treasury bills – Finance Minister, Edun
Minister of Finance, Wale Edun, has said that the Nigerian Government issued N8 trillion in government security, known as treasury bills, to stabilize and boost the economy. He disclosed this in an interview with journalists on Thursday during the International Monetary Fund, IMF/World Bank spring meetings in Washington D.C., United States of America. He noted […]
Israel, Iran war: Oil prices surge amid tension
The price of Brent crude is now $90.54 per barrel, up from $87 days after the war between Israel and Iran escalated. Oil prices jumped more than 3.94 per cent on Friday after Israel carried out a retaliation strike in Iran, triggering fears of an all-out war in the Middle East. Also, the US West […]
NPA secures $700m facility from Citibank to rehabilitate Apapa, Tin-Can Ports
The Nigerian Ports Authority (NPA) has negotiated a loan of $700million from the Citibank to be funded by the UK Export Finance (UKEF) an export credit agency, to rehabilitate the Apapa and Tin-Can Island ports, Lagos. The Ports Authority has also opened a discussion with another funding agency to secure financing for upgrading of the […]
N3.2tn electricity subsidy needed – NERC gives reason for tariff hike
The Nigerian Electricity Regulatory Commission, NERC, says the federal government needs to provide N3.2 trillion in subsidies in 2024 to reverse the recent electricity tariff hike. The Nigeria Electricity Regulatory Commission Chairman, Sanusi Garba, said this in Abuja during a Thursday meeting with the House of Representatives Committee on Power. Recall that on April 3, […]
39% of Nigerian children engaged in child labour – NBS
N7.3tn remitted to Federation Account in Q2 2023 amid revenue increase – RMAFC
The Revenue Mobilization Allocation and Fiscal Commission has said that N7.3 trillion was remitted into the Federation Account in the last six months of 2023, indicating an increased revenue inflow. RMAFC Chairman, Mr Mohammed Bello Shehu, disclosed this in a statement on Thursday. He stated that the amount the Federation Account Allocation Committee shared was […]
Naira loses N81 to dollar
The naira recorded N81.34 depreciation against the US dollar in a single day at the foreign exchange market. FMDQ data showed that the naira tumbled to N1,154.08 per dollar on Thursday from N1,072.74 on Wednesday. This represents a 7.04 per cent loss against the dollar compared to N1,072.74 per dollar traded the previous day. Similarly, […]
CBN Gov Cardoso explains what will sustain naira’s appreciation
The governor of the Central Bank of Nigeria, Olayemi Cardoso, says continued liquidity in the foreign exchange market will sustain naira’s appreciation. Cardoso disclosed this on Wednesday during the ongoing International Monetary Fund/World Bank Spring Meetings held in Washington, D.C., United States. He explained that Nigeria’s FX market has sufficient liquidity, between $600 million and […]
CBN reduces banks’ Loan-to-Deposit Ratio to 50%
The Central Bank of Nigeria, CBN, has reduced deposit money banks’ Loan-to-Deposit Ratio, LDR, to 50 per cent from 65 per cent to boost lending capacity. This is according to a letter by Dr Adetona Adedeji, CBN’s Acting Director of the Banking Supervision Department, addressed to all banks. Adedeji said the reduction was similar to […]