Business

The central parity rate of the Chinese currency renminbi, or the Yuan, strengthened 68 pips to 7.1570 against the dollar on Thursday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the …

The Economic and Financial Crimes Commission (EFCC) has warned currency speculators and Bureau de Change (BDC) operators not to undermine the move by the Central Bank of Nigeria (CBN) to redesign and reissue higher denominations of the Naira. EFCC Chairman, Abdulrasheed Bawa in a statement on Wednesday commended the move …

nati The Central Bank of Nigeria (CBN) will in the next 100 days mop up N3.23 trillion from circulation to tackle rising inflation. CBN Governor Godwin Emefiele made the announcement during a special briefing in Abuja. He said that of the N3.23 trillion cash in circulation as of September 2022, …

Osun State 2023 Appropriation Bill of N136 billion, submitted to the House of Assembly, has scaled through second reading.A statement by Kunle Alabi, spokesman for Speaker Timothy Owoeye, said the executive arm of the government presented the budget on September 29. The statement said: “Speaker Owoeye at yesterday’s plenary stated …

President, Nigeria Society of Engineers (NSE), Tasiu Sa’ad Gidari-Wudil, has stressed the need for Nigeria to continue to examine available energy resources and elaborately find solutions on how the country can harness the available non-convectional (or renewable) energy to effectively tackle the energy challenge it is being faced with. Gidari-Wudil …

The Federal Government has inaugurated the Presidential Committee on the Review of Numbers and Strategy for Resourcing Nigeria’s Diplomatic Missions Worldwide. Among many things, the committee has a responsibility to “drastically reduce cost of running Nigeria’s Foreign Missions” and document all assets of Nigeria’s Foreign Missions. At the inauguration in …

The Federal Government says N3.36tn has been allocated for fuel subsidy in 2023 as Nigeria’s debt profile hits $102bn. The Minister of Finance, Zainab Ahmed, who made this known on Wednesday in Abuja, also said the 2023 budget proposal has a budget deficit of 10.78 trillion naira. She said this …

Nigeria’s macroeconomic outlook remains tough and companies and governments may continue to face low financial performance. In its latest macroeconomic review, analysts at FSDH Capital said while Nigeria’s Gross Domestic Products (GDP) growth has remained strong in 2022, driven mainly by the non-oil sector, the country will continue to face structural …

Nigeria’s local currency unit is set to weaken further next year as its current exchange rate to the dollar is well above fair value, according to Bank of America. According to a report by Bloomberg, economist Tatonga Rusike said in a note to clients on Tuesday that, “three indicators, the …

The Advertising Regulatory Council of Nigeria said the nation’s advertising industry loses over N120 billion annually to the production of advertising, advertisement and marketing communication materials outside the country. The Director-General of ARCON, Dr Olalekan Fadolapo, said this in a statement made available to the News Agency of Nigeria in …