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COVID-19: CBN halts Forex sales to BDCs

The Central Bank of Nigeria (CBN) has suspended sales of foreign exchange to Bureau de Change (BDCs) until the COVID-19 pestilence is over. The disclosure was contained in a response to a request by Association of Bureau de Change Operators and signed by A.S Jibrin on behalf of the director, trade and exchange department, Central […]

CBN, Dangote plan N120bn COVID-19 fund, Elumelu, Rabiu donate N6bn

The Central Bank of Nigeria and the private sector, led by Aliko Dangote Foundation and Access Bank, have set up a coalition aimed at raising N120bn towards the fight against COVID-19 in Nigeria. The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, said at a press briefing in Lagos on Thursday that the Nigerian Private […]

COVID-19: NANTA Sends SOS To FG, CBN On Interest Free Loan Bailout

Seriously overwhelmed by the negative effect of the COVID-19 on the travel industry and its value chain, the National Association of Nigerian Travel Agencies (NANTA) has called on the Federal Government and the Central Bank of Nigeria (CBN) for a bailout through interest free loan to help cushion the unprecedented business twist suffered by its […]

Nigeria: Planned Phase Out of Petrol Cars, Threat to Nigerian Economy – Report

The proposed ban on the use of petrol and diesel-powered vehicles in the coming years by some buyers of Nigerian crude oil, including China and The Netherlands, among others, will have severe impact on the country’s economy, a report by Financial Derivatives Company (FDC) has said. However, FDC, in its latest monthly economic outlook report, […]

Businesses worried about inflation, lingering constraints

Although many businesses surveyed under the Central Bank of Nigeria’s Business Expectations Survey (BES) for the month of March expressed optimism about the macroeconomy, they are equally worried about the inflationary trend and lingering constraints in the business environment. Indeed, respondents’ outlook on the volume of total order, business activity and financial conditions (working capital) […]

Why we are investing $580m in varsities in Nigeria, west, central African countries

The World Bank said it is investing over $580m in 53 universities in Nigeria and other West and central African countries through its African Centres of Excellence (ACE) project to address common regional development challenges and strengthen their capacities to deliver high quality training and applied research. World Bank education specialist for west and central Africa, […]

Coronavirus: IMF, World Bank suspend debt payments by Nigeria, others

The International Monetary Fund and World Bank on Wednesday announced a hold on debt payments from Nigeria and other sub-Saharan Africa nations so that they can battle the coronavirus pandemic. Debt Management Office in January stated that the Federal Government and the 36 states, as well as the Federal Capital Territory, owed a total N26.22tn as of September 30, […]

Nigeria: Analysts Anticipate Interest Rate Cut As MPC Meets Today

Financial market analysts are anticipating a reduction in the benchmark Monetary Policy Rate (MPR) by the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) whose two-day meeting commences today in Abuja. Analysts based their prediction on the fact that the CBN had in the past few days announced expansionary measures in the quest to […]

Nigeria: Managing the Economy Out of This New Crisis

The covid-19 pandemic has altered much of the conversation about economies, worldwide. Out go all of the estimates, by year-end 2019, of the possible trajectory of the global economy and its constituent parts, including all of the enthusiasm that accompanied the signing by the U.S. and China of the first phase of their new trade […]

Covid-19: Telcos Move to Ensure Hitch-free Telecoms Services

Worried about the possible economic lockdown in Nigeria, in an attempt to curtail the spread of the deadly Coronavirus (Covid-19), telecoms operators under the aegis of Association of Licensed Telecoms Operators of Nigeria (ALTON), at the weekend, rose from an emergency meeting, where it took far-reaching decisions and made strong recommendations on how best to […]

COVID-19 And Economic Diversification

He came into office in 2014 when commodity prices globally collapsed. International prices of crude oil, Nigeria’s economic mainstay, crashed to $27per barrel. Other global exogenous factors had exposed how weak the economy was. The Gross Domestic Product (GDP) had declined and unemployment rate flying at the speed of a rocket, sliding the economy into […]

Nigerian Banks Brace for Virus, Oil Crash In Blow to Recovery

Nigerian banks still trying to recover from an economic contraction in 2016 now face a triple whammy of coronavirus, plunging oil prices and volatile markets that could further delay progress. The 2014 collapse in crude dried up foreign exchange in Africa’s biggest producer of the commodity, resulting in the first recession in 25 years and […]

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