Saturday, May 4

Business

Government of Nigeria: Coastal Routes Construction to Boost Naira Value
2May By Afolake IbidunNo Comments
Business

Government of Nigeria: Coastal Routes Construction to Boost Naira Value

The Minister of Works in Nigeria, Dave Umahi, emphasized the potential of constructing coastal routes in Nigeria to attract foreign investments and contribute to a stronger naira. Umahi shared this insight during the unveiling event of the new design routes for the Lagos-Calabar Coastal Highway project held in Lagos. He expressed that the government's infrastructure enhancement plans are geared towards fostering an economic revolution in Nigeria. Umahi highlighted, "Enhancing our economy requires foreign investments. The construction of these routes with concrete pavements under CPC+F specifications will pave the way for foreign investments to flow in, thereby bolstering and stabilizing the naira." He also mentioned that he was tasked by the President to initiate the design process for...
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NDIC Urges Depositors to Only Engage with Licensed Deposit Financial Institutions
2May By Afolake IbidunNo Comments
Business

NDIC Urges Depositors to Only Engage with Licensed Deposit Financial Institutions

In an advisory note, the Nigeria Deposit Insurance Corporation (NDIC) is emphasizing the importance of depositors engaging exclusively with deposit financial institutions that hold licenses from the Central Bank of Nigeria (CBN). During a briefing in Abuja on Thursday, Mr. Bello Hassan, the Managing Director of NDIC, stressed this directive while discussing the review of the maximum deposit insurance coverage level for depositors of failed banks. Hassan cautioned that only deposit financial institutions licensed by the CBN are covered by NDIC insurance. He warned depositors against being swayed by attractive interest rates offered by unlicensed deposit financial entities. In case of any dissatisfaction, Hassan outlined that depositors can address concerns regarding licensed deposit fi...
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The Federal High Court in Abuja has approved the issuance of contempt notice on CBN Governor for outstanding judgment
2May By Afolake IbidunNo Comments
Business

The Federal High Court in Abuja has approved the issuance of contempt notice on CBN Governor for outstanding judgment

An authorization has been granted by the Federal High Court in Abuja to issue contempt notices against the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the Director of Legal Services Department, Salam-Alada Kofo. This is due to their alleged failure to comply with a court order issued by Justice Inyang Ekwo. On February 22, a garnishee order absolute was made by Justice Ekwo directing the Central Bank to pay a judgment debt of N63.7 million and $10,000. The judgment was awarded against the federal government for the unlawful arrest and detention of a German national, Martin Gegenheimer, by the Nigerian Immigration Service. The notices, known as Form 49, require Cardoso and Kofo to provide reasons why they should not face committal for their actions. The c...
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The Nigerian Government’s Fresh Requirements for Gas Firm License Following Recent Explosion
2May By Afolake IbidunNo Comments
Business

The Nigerian Government’s Fresh Requirements for Gas Firm License Following Recent Explosion

Amid the recent explosion in Ogun State, the Nigerian government has introduced new criteria for firms applying for a gas license. During his visit to Abeokuta, the Ogun State capital, the Minister of State for Petroleum (Gas), Ekperikpe Ekpo, revealed this development on Wednesday. Ekpo conducted an on-the-spot assessment of the CNG explosion at Ita Oshin last Saturday, which resulted in at least one fatality and several injuries. He emphasized that in the future, companies applying for gas licenses must have the capability to deliver their products to end users without relying on virtual transportation. The Minister also assured that compensation would be provided to the victims of the explosion. "In our efforts to minimize the risks associated with gas ...
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Economist Alaje Suggests N100,000 as Minimum Wage for Nigerian Workers
2May By Afolake IbidunNo Comments
Business

Economist Alaje Suggests N100,000 as Minimum Wage for Nigerian Workers

Chief Economist and Partner at SPM, Paul Alaje, has recommended that the federal government's minimum wage review should be no less than N100,000. This revelation was made during an interview with Channels Television on Thursday. Alaje highlighted that Nigeria's minimum wage has undergone five historical reviews, increasing from N30,000 in 2018 to N125 in 1981. He emphasized that in order for Nigerian workers to break out of the poverty cycle, the minimum wage should range between $100 and $200. In anticipation of rising costs of transportation, energy, goods, imported items, and food in Nigeria, Alaje suggested that the government consider setting the minimum wage between N130,000 and N250,000 by 2024. He stated, "To lift individuals out of poverty, they must earn around $1...
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The end of fuel scarcity in Nigeria is on the horizon, assures government
2May By Afolake IbidunNo Comments
Business

The end of fuel scarcity in Nigeria is on the horizon, assures government

A 15-day emergency supply operation has been initiated by the Nigerian government to alleviate the fuel scarcity crisis nationwide, as revealed by Engr. Ayo Cardoso, the South West Regional Coordinator of the NMDPRA. Recent reports have highlighted the prolonged fuel scarcity situation prevailing throughout Nigeria, despite assurances from the Nigerian National Petroleum Company Limited about the availability of sufficient petrol nationwide. In alignment with NNPCL's assurances, Cardoso confirmed that a shipment of 300 liters of Premium Motor Spirit arrived in the country just two days ago. Assuring the public, Cardoso emphasized that there is no need for alarm as the long queues at fuel stations will soon disappear. “There will soon be an ample supply of fuel countrywide. As of...
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Nigerian banks take action on 2 million accounts due to BVN, NIN, and more
2May By Afolake IbidunNo Comments
Business

Nigerian banks take action on 2 million accounts due to BVN, NIN, and more

During the first quarter of 2024 (Q1'24), Nigerian commercial banks made the decision to close a minimum of 2 million bank accounts. This step was implemented to eliminate suspicious accounts, specifically targeting customers who did not adhere to regulatory directives regarding linking their accounts with the National Identity Number (NIN). Last December 2023, the Central Bank of Nigeria (CBN) instructed all commercial banks in the nation to freeze tier-1 accounts that lacked proper NIN and Biometric Verification Number (BVN). A recent report by the Nigerian Interbank Settlement System (NIBSS) revealed that over two million accounts were shut down in compliance with the CBN's order. NIBSS also highlighted that the count of inactive bank accounts witnessed a monthly rise of four million...
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Insightful Discussion with BDCs President, Gwadabe, on Strategies for Naira Value below N1,000 per Dollar
2May By Afolake IbidunNo Comments
Business

Insightful Discussion with BDCs President, Gwadabe, on Strategies for Naira Value below N1,000 per Dollar

Dr. Aminu Gwadabe, the National President of the Association of Bureaux De Change of Nigeria (ABCON), shared exclusive insights with NewsNow's Correspondent, Ariemu Ogaga, discussing the recent depreciation of the Naira and proposed solutions for achieving foreign exchange stability in Nigeria. Here are the key points from the interview: Assessment of Recent Naira Depreciation: The recent downward trend in the value of the Naira has raised concerns due to unexpected developments. Several factors have contributed to this situation, including speculative behaviors in the market and pressures from online trading platforms affecting the Naira's performance. Intervention Measures by the Central Bank: Despite interventions by the Central Bank of Nigeria, such as providing funds to eligibl...
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1May By Afolake IbidunNo Comments
Business

CPPE Urges Fixing Customs Exchange Rate at N1000 per Dollar to Address Forex Crisis

In response to the continuous fluctuations of the naira against the dollar in the exchange market, the Centre for the Promotion of Private Enterprise (CPPE) has called on the Nigerian federal government to set the customs duty exchange rate at N1000 per dollar. Dr. Muda Yusuf, the Director of CPPE, made this plea in a statement on Wednesday, citing the frequent customs exchange adjustments by the Central Bank of Nigeria. On Tuesday, the Central Bank of Nigeria raised the customs exchange rate by N162, marking the 38th adjustment this year according to CPPE. CPPE highlighted that the varying customs exchange rates have resulted in increased volatility in cargo clearing costs, exacerbating inflationary pressures and compounding investment risks, particularly in the real sector. Empha...
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April Sees Naira’s Depreciation of N112 Against Dollar in Forex Market
1May By Afolake IbidunNo Comments
Business

April Sees Naira’s Depreciation of N112 Against Dollar in Forex Market

Within the forex market in April 2024, the Naira experienced a decrease of N112.38 against the US dollar. According to data from FMDQ, the Naira was trading at N1,390.96 per dollar on Tuesday, April 30th, compared to N1,278.58 per dollar at the month's onset. This indicates a 10% devaluation against the dollar during the reviewed period. Despite the Naira's impressive 12% appreciation against the dollar in the first 12 days of April, following a significant 14% rise in March, the currency ultimately experienced a setback in the latter half of the month. Subsequently, Goldman Sachs labeled the Naira as the top performing currency. However, the losses incurred in the latter part of April resulted in a decline on a month-to-month basis. Meanwhile, Olayemi Cardoso, the governor of the Cen...
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