Central Bank of Nigeria scrapped a meeting of its monetary policy committee for a second time since Governor Olayemi Cardoso was nominated to the post in September, raising concerns about attempts to bolster the nation’s currency that’s plunged about 42% this year and is fueling inflation. A calendar of MPC meetings published on the central bank’s website had scheduled the next gathering for Monday and Tuesday. The “MPC is not holding” a meeting this week, Isa Abdulmumin, spokesman for the bank, said by text message on Monday. He didn’t give a date for when it would be held. Investors have…

Lagos State Government under the leadership of Babajide Sanwo-Olu approved N24.5m for the renovation of the official residence of the Commissioner of Police in the state. The approval for the project executed by Omay Engineering Services Ltd was dated February 6, which was a few days before the February 25 general election. The main opposition parties in the state accused security agencies of colluding with non-state actors to intimidate their supporters and suppress votes in some areas of the state. This was seen in the Public Procurement awards by the state government in 2nd and 3rd quarters of 2023. Aside…

African governments are scrambling for dollars, and that’s creating a new dividing line for investors. Amid a deepening shortage of hard currency on the continent, governments are turning to bartering, currency devaluations, central bank exchange controls, and help from the International Monetary Fund andMiddle East to shore up their balance sheets. Investors are rewarding nations whose efforts to boost dollar liquidity are paying off. But they’re punishing those that can’t guarantee access to the currency they need to invest and repatriate returns, and are steering clear of countries without adequate reserves to cover import costs or debt repayments. African currencies…

As part of continuing efforts to decongest custodial centers across the country and make them humane for proper reformation and rehabilitation, a total of 4,068 inmates on option of fines worth N585 million have been set free. Minister of interior, Olubunmi Tunji-Ojo, said that the inmates freed were those held on account of their inability to pay their fines as penalties for their crimes can now regained their freedom following payment of their fines by the minister and other corporate bodies. He made this known at an event flagging off the payment of the fines and empowerment beneficiaries at the…