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Business Business, Finance & Economics 17 — 10 rashyman

South Africa may overtake Nigeria as Africa’s biggest economy — IMF

The International Monetary Fund has forecasted that South Africa could surpass Nigeria to become the largest economy in Africa. According to the IMF’s World Economic Outlook, South Africa, which is one of the most industrialised countries in Africa, is projected to approach a…
Business Business, Finance & Economics 11 — 10 rashyman

Forex crisis: Naira plunges to 1,025/$, job losses, factory shutdown loom

The naira fell further on Tuesday as it exchanged for the dollar at the parallel market between 1,005/$ and 1,025/$. Owners of small-scale enterprises, Nigeria Employers’ Consultative Association, and manufacturers, who spoke to The PUNCH, expressed concern about the falling value of the…
Business Business, Finance & Economics News 29 — 09 rashyman

Financial reforms ready for unveiling, says Cardoso

Anew monetary and financial sector blueprint will soon be unveiled by Central Bank of Nigeria (CBN), its Governor Olayemi Cardoso hinted yesterday. The blueprint, Cardoso said, will serve as framework for implementation of major reforms by the apex bank. He gave insight into some guiding…
Business Business, Finance & Economics News 28 — 09 rashyman

Nigeria-UK trade volume increases by 48.4 per cent

Total trade in goods and services between the United Kingdom (UK) and Nigeria was £7.6 billion in the first quarter, an increase of 48.4 per cent or £2.5 billion from the record of the fourth quarter of 2022, the U.K’s Department of Trade…
Business Business, Finance & Economics 25 — 09 rashyman

$10bn debt: CBN defaults on payment to banks, dollar nears N1,000

Over two weeks after the Central Bank of Nigeria promised to clear over $10bn foreign exchange debts owed Deposit Money Bank, the apex bank has yet to do so according to findings by The PUNCH. This came as the naira was sold between 990/$…
Business Business, Finance & Economics News 21 — 09 rashyman

Federation Account Accrued Over N5tn In Six Months, Says RMAFC

The Revenue Mobilisation Allocation And Fiscal Commission (RMAFC) says a total of N5,244,037,636,561.60 has accrued into the Federation Account for the period between January and June 2023. Channels Television reports that the figure was captured in the monthly report to the Federation Account…
Business Business, Finance & Economics News 12 — 09 rashyman

FG obtains $163m AfDB loan to boost wheat production —Shettima

Vice-President Kashim Shettima has said the Federal Government had obtained $163 million loan from the African Development Bank (AfDB) to support wheat production in the country. According to the News Agency of Nigeria (NAN), Shettima stated this at the palace of the Emir…
Business Business, Finance & Economics News 1 — 09 rashyman

Fed Govt halts Nigeria Air

Nigeria Air  will not fly  now, the Federal Government said yesterday. Contracts awarded in respect of the controversial project, which immediate past Aviation Minister Hadi Sirika devoted energy in the last days of the Buhari Administration, will be properly audited. Minister of Aviation…
Business Business, Finance & Economics 1 — 09 rashyman

CBN, FG agency to review new regulation on bank customers

The National Commissioner of the Nigeria Data Protection Commission, Dr Vincent Olatunji, has disclosed that the commission has formed a joint committee with the Central Bank of Nigeria to review the regulation mandating financial institutions to obtain social media handles, among other data,…
Business Business, Finance & Economics 22 — 08 rashyman

Nigeria’s reserve is $3.7b, not $33.8b, says JP Morgan

Global financial service firm JP Morgan has estimated Nigeria’s net foreign reserve to be around $3.7 billion. The figure is far below the $33.8 billion as of August 17 on Central Bank of Nigeria (CBN) website. JP Morgan’s estimate is much lower than the net figure of $14…

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