Economy Archives - Page 46 of 95

Feb

24

2024

CBN provides Customs with updated guidelines regarding exchange rates for import clearance.

Business, Economy, Metro, NewsCBN, Economy, Money

The Nigerian Customs Service (NCS) has been directed by the Central Bank of Nigeria to establish a foreign exchange closing rate on the day that importers submit their "Form M" for the purpose of clearing their products and assessing import duties, amidst multiple hikes in customs exchange rates. This was revealed by the CBN in a statement on Friday that was signed by Hassan Mahmud, the department's director of trade and exchange. The pricing system has been upset by the frequent changes in the customs taxes rate, according to CBN, which has resulted in erratic increases in the market's final…

Feb

24

2024

By Amos Oge Kalu

Naira vs. USD: CBN will outlaw street trading and consider new BDC regulations

Business, Economy, Metro, NewsBusiness, Economy, Metro, Money, Nigeria

The Central Bank of Nigeria has announced new rules to Bureau De Change Operators in Nigeria, including the possibility of ending street trading, in response to the ongoing volatility of the Naira against the US dollar in the foreign exchange market. This was revealed on Friday by the top bank in its proposed Revised Regulatory and Supervisory Guidelines for Nigeria's Bureau De Change Operations. For Tier 1 and Tier 2 BDC licences, CBN intends to set the minimum capital share amounts at N2 billion and N500,000 million, respectively. This is a departure from the general license's former capital share of…

Feb

23

2024

By Amos Oge Kalu

Geometric Power will be commissioned on Feb. 26 to provide 24 hours of power supply to Aba.

Abia State, Business, Economy, Metro, NewsAba, Abia State, Business, Economy, Electricity

According to a statement by the company's management, the 181 megawatt Geometric Power plant in the Osisioma Industrial Layout of Aba in Abia State will now be commissioned on Monday, February 26, 2024. President Bola Tinubu was supposed to inaugurate the factory on Saturday, February 24. The President in Abuja selected the new date in response to what insiders called unforeseen events. Together with Aba Power Ltd., the president will officially open the 188 MW thermal plant. Nine of Abia State's seventeen local government districts will receive power from the new facility. Engineer Cliff Eneh, an energy consultant in Lagos…

Feb

22

2024

By David Okoye

Tinubu’s Administration Targets 100,000 Jobs by May 29

Economy, News, PoliticsBola Ahmed Tinubu, Economy, Next Level, Opinion, Politics

The Federal Government, under the leadership of President Tinubu, has unveiled plans to generate over 100,000 verifiable jobs by May 29. Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Micro, Small, and Medium Enterprises (MSMEs) and Job Creation, made the announcement during the inaugural Job Creation and MSME Quarterly Communications Forum in Abuja. Adekunle-Johnson highlighted the government's focus on job creation in collaboration with the Federal Ministry of Labour and Employment. He outlined a target of creating 384,000 jobs within four years, with a particular emphasis on partnerships to achieve this goal. In partnership with Access Bank, the…

Feb

22

2024

By Amos Oge Kalu

Rep Kalu, Deputy Speaker, applauds Senate’s adoption of South East Development Commission Bill.

Economy, Metro, News, PoliticsBenjamin Kalu, Biafra, Metro, Politics, South East

The Senate's passage of the bill establishing the South East Development Commission, or SEDC, has been approved Representative Kalu, Deputy Speaker, applauds the Senate's adoption of the South East Development Commission Bill. The Senate's passage of the bill establishing the South East Development Commission, or SEDC, has been approved by the Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu. After debating and adopting its provisions in the Committee of the Whole, which was presided over by Senate President Godswill Akpabio, the Senate on Thursday passed the Kalu-sponsored law. Recall that on December 21, 2023, the House…