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Tuesday, 28 May 2024 04:49

Naira falls further in parallel market, rises in official window

The naira depreciated in the parallel segment of the foreign exchange (FX) market on Monday. At the Lagos street market, currency traders, known as bureau de change (BDC) operators, quoted the naira at N1,520 to the dollar. The traders set the buying price at N1,490 and the selling price at N1,520, resulting in a profit margin of N30. This marks a decline of N10 or 0.66 percent from the N1,510/$ traded on May 24. Conversely, in the official market, the naira appreciated by 9.6 percent or N143, reaching N1,339.33/$ on Monday from N1,482.81/$ on May 24. According to FMDQ Exchange,…

Monday, 27 May 2024 04:44

FG sues 36 governors, seeks full autonomy for LGs

The Federal Government has asked the Supreme Court to nullify the actions of 36 states accused of withholding local government funds. The lawsuit, filed by Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, seeks to prevent state governments from disbanding elected local government chairmen and replacing them with caretaker committees. The suit, dated May 20, 2024, calls for a declaration that, under Section 162(5) of the Nigerian Constitution, 1999, state governments are merely agents of local governments in collecting funds from the federation account. These funds, once received, must be paid directly into the state joint local government…

Sunday, 26 May 2024 05:08

Two emirs sit in 2 palaces in Kano: Here’s what we know so far of the ‘battle royal’ between Muhammadu Sanusi II and Aminu Ado Bayero

The last 48 hours have seen series of drama and intrigues playing out in Kano and Abuja over who finally takes the coveted throne as Emir of Kano between Muhammadu Sanusi II and Aminu Ado Bayero. Since Governor Abba Yusuf signed the Kano State Emirates Council (Amendment Number 2) Bill 2024 on Thursday and reinstated Sanusi, there has been tension in Kano State. It was gathered that the state government had planned for Sanusi to move to the Gidan Rumfa Palace on Saturday, but upon getting wind of Bayero’s arrival in the city in the wee hours of yesterday, the…

Saturday, 25 May 2024 04:42

Nigeria’s GDP growth slows on Naira slump, weaker manufacturing

Nigeria’s economy grew at a slower than expected rate in the first quarter as a sharp currency slump and adverse weather impacted the non-oil sector. Gross domestic product expanded an annual 2.98% in the three months through March, compared with growth of 3.46% in the previous quarter, according to data released by the National Bureau of Statistics on Friday. The median estimate of eight economists in a Bloomberg survey was 3.5%. Key contributors to the slower-than-expected growth were agriculture, due to bad weather and insecurity, and manufacturing where profits have been knocked by an almost 70% slump in the naira…

Saturday, 25 May 2024 04:42

CBN sacks 200 employees in fresh staff retrenchment

No fewer than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties, adding to the long list of ongoing disengagements in the apex bank. This adds to the list of 117 staff sacked by the bank between March 15th and April 11, 2024. The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff. Impeccable sources who are staff of the bank confirmed the sacking to our correspondent on Friday, adding that the sacked personnel were more than 200. They revealed that the latest purge included older directors…

Friday, 24 May 2024 04:51

Nigerians face rising hunger as food prices soar, reports NBS

Amid increasing poverty and hunger, Nigerians are grappling with skyrocketing prices of essential food items such as beef, rice, beans, white garri, and yam. The National Bureau of Statistics (NBS) revealed these alarming trends in its latest report titled ‘Selected Food Prices Watch (April 2024).’ The report highlights significant month-on-month and year-on-year price increases. In April, the average price of 1 kilogram (kg) of local rice reached N1,399.34, reflecting a 3.47 percent increase from March and a staggering 155.93 percent rise from April 2023, when the price was N546.76. Similarly, the average price of 1kg of white garri soared by…

Friday, 24 May 2024 04:50

Nigerians facing dire hardships, so much that ‘people could commit murder for N500’ - Sultan

Sultan of Sokoto, Muhammadu Sa’ad Abubakar, has expressed deep concern over the growing frustration among Nigerians due to escalating poverty and hunger, urging political leaders to fulfill their duties in improving the populace's living standards. Addressing the Federal Government, the Sultan emphasized that the current socio-economic conditions are extremely challenging, and political office holders must acknowledge and address this reality. Speaking at the first quarterly meeting of the Nigeria Inter-Religious Council (NIREC) in Abuja, the Sultan highlighted the severe impact of poverty and hunger, noting that desperation has driven some individuals to commit serious crimes for meager sums. “Nigeria has…

Thursday, 23 May 2024 04:46

Foreign portfolio outflows from Nigeria increased 237% in Q1 2024. Here’s what that means for the economy

In the first quarter (Q1) of 2024, foreign portfolio investment (FPI) outflows from Nigeria skyrocketed by 237% compared to the same period in 2023. Data from the Nigerian Exchange (NGX) research department revealed that foreign portfolio outflows reached N119.81 billion in Q1 2024, a significant increase from the N35.59 billion recorded in Q1 2023. This surge reflects the market's reaction to recent policy changes by the Central Bank of Nigeria (CBN). Despite the substantial outflows, foreign portfolio inflows also saw a dramatic rise. In Q1 2024, inflows were N93.37 billion, more than five times the N18.12 billion recorded in Q1…

Thursday, 23 May 2024 04:44

FG increased its offer of new national minimum wage by another N3k; Labour provides 5 key reasons why govt should pay much more

For the second consecutive day, the tripartite negotiation on Nigeria's new national minimum wage involving the Federal Government, organized labour, and the Organized Private Sector (OPS) ended in a stalemate. The government and private sector employers made only minimal adjustments to their initial offers. None of the six governors who are part of the negotiation committee attended the meeting, except for Imo State governor, Hope Uzodimma, who made a brief appearance. The meeting has been adjourned to Tuesday, May 28, 2024. Organized labour, which initially demanded N615,000, reduced its wage request first to N500,000, and then to N497,000. In response,…

Thursday, 23 May 2024 04:44

CBN directs Bureau De Change operators to re-apply for new licenses; grants 2 major reliefs

The Central Bank of Nigeria (CBN) has mandated that all existing Bureau De Change (BDC) operators re-apply for licenses. This directive was issued in a circular by Haruna Mustafa, Director of the Financial Policy and Regulation Department, on Wednesday. BDCs must meet the capital requirements for their license category within six months. The CBN outlined that all existing BDCs and promoters of new BDCs must re-apply for a new license according to their chosen tier or license category as specified in the updated guidelines. Significant changes to these guidelines include: - Removal of Mandatory Caution Deposits: The mandatory caution deposit…

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Wednesday, 22 May 2024 04:55

CBN has raised interest rates again. Here are 7 key implications of the apex bank’s latest monetary policy move

The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 150 basis points, bringing it to 26.25% from the previous 24.75%. During a press briefing on the outcome of the 295th Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor Olayemi Cardoso announced that the committee also retained the asymmetric corridor of +100/-300 basis points. Additionally, the MPC maintained the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45% and the Liquidity Ratio at 30%. Implications of the New Rate Hike on the Nigerian Economy: 1. Inflation Control: The primary objective of increasing the interest…

Wednesday, 22 May 2024 04:51

FG adds N6k to its initial new minimum wage offer; Labour says ‘no deal’

The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have expressed opposition to the federal government's proposal to set the minimum wage at N54,000 for workers. On Tuesday, reports emerged that the federal government had raised its proposed minimum wage to N54,000, following the rejection of an initial offer of N48,000 by organized labour during a negotiation meeting. Joe Ajaero, the president of the NLC, walked out of the negotiation meeting, stating that the government was not genuinely engaging with the labour representatives. “The government’s proposal of a paltry N48,000 as the minimum wage not only insults the…

Tuesday, 21 May 2024 04:59

Students of states-owned institutions excluded from student loans - for now - FG says

Ahead of the Students' Loan portal launch this Friday, the Nigeria Education Loan Fund (NELFUND) has announced that it will initially offer loans to students in federal tertiary institutions. The Fund specified that only students from institutions that have uploaded their data onto its dashboard will be eligible to apply. Akintinde Sawyerr, Managing Director/Chief Executive Officer of NELFUND, made this announcement on Monday during a Pre-Application Sensitisation Press Conference in Abuja. He stated that the first phase of the scheme will benefit 1.2 million students from federal universities, polytechnics, colleges of education, and technical colleges. Sawyerr encouraged students in federal…

Tuesday, 21 May 2024 04:57

Air Peace responds to UK regulator’s claims, says all safety standards adhered to

Air Peace, Nigeria’s flag carrier, has responded to allegations of safety violations in the United Kingdom. The airline, in a statement on Monday, asserted that its operations have been under intense scrutiny by authorities since its inaugural flight to London. The allegations stem from a report titled "Ramp Inspection," dated April 7, in which the United Kingdom Civil Aviation Authority (UK CAA) raised concerns about Air Peace’s compliance with certain UK safety regulations. The UK CAA claimed that Air Peace was using Electronic Flight Bag (EFB) functions without operational approval. However, Air Peace described the report as false, stating that…

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