Operatives of the Economic and Financial Crimes Commission (EFCC) on Friday stormed Wuse Zone 4, Abuja, home to most bureau de change operators in the Federal Capital Territory, A source said the raid was a covert operation to dislodge currency speculators who are alleged to be massively mopping up available foreign currencies. The raid […]
With an escalating demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has assured that it would continue to make deliberate efforts in the foreign exchange sector to avert further downward slide in the value of the naira, which it said was fuelled by speculative tendencies. […]
The burden of under-recovery for fuel subsidy cost borne by the Nigeria National Petroleum Corporation, NNPC, Limited, and hence its inability to remit into the federation account, is a major factor worsening the prevailing acute scarcity of the dollar driving the continued depreciation of the naira. Other factors include increased forex demand for summer […]
The House of Representatives says with the worsening insecurity in the country, food shortage and crisis have spread with projections showing that at least 16 states will face a major food crisis. It said the problem had been compounded with terrorists laying siege on farms, kidnapping farmers, sacking villages and forcing farmers to pay […]
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said yesterday the nation’s economy was doing well under President Muhammadu Buhari’s administration than previous governments. She also explained the depletion of Excess Crude Account, ECA, saying it had not been funded for sometime. Mrs. Ahmed stated this after the Federal Executive Council, […]
Nigerian naira, on Wednesday, weakened to N707 a dollar at the parallel section of the foreign exchange market. The figure represents N42 or 7.45 percent depreciation compared to the N658 it traded last week — further losing value against the dollar. Street traders who spoke to TheCable said the free fall resulted from the […]
The Senate has summoned the governor of the Central Bank of Nigeria, Godwin Emefiele, over the depreciation of the naira. Reports revealed a United States dollar is exchanged to N658 in a parallel market on Wednesday. The depreciation of the currency fuelled the lawmakers’ decision to invite the CBN governor following a motion by […]
The Nigeria Labour Congress, NLC, has advised the Federal Government not to toy with another people’s uprising as witnessed during the #EndSARS protest in 2020 by quickly taking steps to resolve the ongoing industrial actions by staff unions in the nation’s tertiary institutions. The call was made on Tuesday by the Chairperson of the […]
BudgIT, a civic-tech organisation, has expressed concerns over the poor fiscal performance of the federal government’s 2022 budget and the growing subsidy payments. BudgIT said this in a statement on Monday signed by Iyanu Fatoba, assistant head, media and communications. The organisation said the fortunes of Nigeria have worsened in the last eight months. […]
The cost of servicing debt surpassed the federal government’s retained revenue by N310 billion in the first four months of 2022. This is contained in the 2022 fiscal performance between January and April released by the minister of finance, budget and national planning on Thursday. According to the document, the federal government’s total revenue […]
