By Emeka Chiakwelu / NNP / March 4, 2016 – “… Likened unto a foolish man, which built his house upon the sand: And the rain descended, and the floods came, and the winds blew, and beat upon that house; and it fell: and great was the fall of it.” -Matthew 7:27 By now we […]
-punch Oyetunji Abioye The naira rose further on Wednesday against the United States dollar at the parallel market to 300 from 310 on Tuesday. The local currency, which closed at 391 against the greenback last Thursday, had risen to 375 and 310 on Monday and Tuesday, respectively. While linking the recent gain recorded by […]
Oyetunji Abioye and Ade Akanbi-Punch The Central Bank of Nigeria needs to devalue the naira by adjusting the official exchange rate of N199/dollar to a more market-determined exchange rate, the International Monetary Fund has said. This position sharply differs from that of President Muhammadu Buhari, who insisted that Nigeria would not devalue the currency. A […]
REVEALED: The IMF advice that crushed BDCs •How foreign currency hawkers became victims of Lagarde’s visit By ISAAC ANUMIHE The Managing Director of the International Monetary Fund (IMF), Ms. Christine Lagarde came to Nigeria on January 4 to begin a three-day working visit. Her white private jet with registration number ZS PNP touched down on Nigerian […]
*As stock market losses peak at N1.2 trillion *Market capitalization down by 12.36 per cent By Emeka Anaeto, Economy Editor & Babajide Komolafe LAGOS—The financial sector appears to have entered a heightened pressure, yesterday, as both the foreign exchange and stock market sustained major negative trends. The Naira depreciated further to a 43-year low at […]
In a statement during her visit to Nigeria last week, Lagarde also expressed concerns that firms that had increased their leverage and dollar-denominated debts over the last couple of years may come under pressure due to rising interest rates, a strong dollar and a declining naira. She said: “Growth in 2015 is estimated at about […]
Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says the apex bank is evolving additional measures to boost the nation’s economy and stabilise the naira. Emefiele made the remark at an Interactive Session with Media Editors in Abuja. He declined to give details of the measures and modalities for their implementation. Don’t ask […]
Vanguard By Michael Eboh Nigeria’s economy faces significant risks in the days ahead, as the country is currently having difficulties getting buyers for its crude oil in the international market, even as the price of its various oil grades have been on a downward trend over the last couple of months. Data obtained from global […]
By Emeka Anaeto, Economy Editor Chairman of BCAN, Dr. Uju Ogubunka, told Vanguard yesterday that the association was meeting this week to, among other things, marshal out course of action to protect customers’ right to full and unrestricted access to their account, irrespective of their BVN status. Several banks had sent out messages to their […]
By Emeka Anaeto, Economy Editor Barely 24 hours to thedeadline for Bank Verification Number, BVN, less than half of the 52 million bank customers have been registered, a development that may have caused discomfort in the banking industry. Central Bank of Nigeria, CBN, had said no extension would be made while non-registered bank customers would […]
Alleged coup plotters bought 32 vehicles for covert operations
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Ex-Minister Diezani Alison-Madueke appears in london court for ‘£100,000 bribery’ trial
Key Boko Haram commanders killed in Borno airstrikes
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