The suspended chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa is Thursday morning having a taste of many of the experiences many guests of his agency have had in his custody – waking up in confinement without as much as a clue of what is happening in the world around him. The …
The next step for Nigeria after a bold first move towards unifying the country’s problematic multiple exchange rates is to boost dollar supply into the market, according to several economists polled by BusinessDay. The Central Bank of Nigeria (CBN) allowed the market to determine the naira exchange rate for the first time in years on …
Nigeria, Africa’s biggest economy, is expected to see the exit of 300 dollar millionaires this year; up from 200 in 2022, according to the 2023 edition of Henley Private Wealth Migration Report. This will make the country the second-biggest loser of millionaires on the continent after South Africa, which is expected to see a net …
If President Bola Tinubu needed any reminder of the role his cabinet members and other appointees will play in resetting Nigeria’s struggling economy, the financial market’s reaction to the suspension of Godwin Emefiele as the governor of the central bank, provided a glimpse. Suspension of the head of Nigeria’s most powerful agency not only triggered …
Nigeria’s stock market jumped on Tuesday to its highest level since July 2008 as investors interpreted the suspension of Godwin Emefiele as CBN governor as the end of unorthodox monetary policies that have spooked foreign investments. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation increased by 3.99 percent or N1.22 trillion …
eNaira, the Central Bank Digital Currency (CBDC), promoted by Godwin Emefiele, the suspended governor of Nigeria’s central bank, faces an uncertain future. According to sources close to the market, the eNaira project is unlikely to be continued – at least with the same fervour as Emefiele – by the new governor of the CBN given …
Naira on Tuesday gained 0.66 percent against the dollar at the parallel market following low demand as speculators adopt a wait-and-see approach, after the suspension of the governor of the Central Bank of Nigeria (CBN). After trading on Tuesday, the dollar was quoted at N755 compared to N760 quoted during the morning trading and last …
Exchange rate, price stability, interest rate, and economic growth, top priorities as the financial market and the public await the appointment of the next governor of the Central Bank of Nigeria (CBN). President Bola Tinubu, on Friday, suspended Godwin Emefiele as governor of the CBN in what is expected to usher in reforms in the …
Despite the disbursement of N1.09 trillion in eight years by the Central Bank of Nigeria (CBN) to boost staple foods production in the country, the average prices of yam, rice, and garri have risen the most during the period, according to data from the National Bureau of Statistics (NBS). Prices of the three products have …
Nigeria’s biggest consumer goods firms paid N33.92 billion in income tax in the first three months of 2023 despite facing acute foreign exchange and rising liquidity challenges. Data gleaned from the Nigerian Exchange Group showed consumer goods firms paid the sum of N33.92 billion as income tax in the first quarter of 2023, a three …