Economy Archives - Page 34 of 69

Feb

20

2024

The depreciation of Naira against the US dollar continues

Business, Economy, NewsBusiness, Economy, Metro, Naira

At the official and unofficial foreign exchange markets, the value of the naira plummeted to an all-time low versus the US dollar, exacerbating the country's foreign exchange crisis. The naira fell in value last week, from N1,574.62 per US dollar on Monday to N1,537.96 on Friday, according to data from FMDQ. In comparison to the N1,537.96 recorded at the close of trading on Friday, this indicates a N36.66 or 2.3% loss. In a similar vein, on the parallel market, the naira fell from N1,590 on Friday to N1,660 on Monday per US dollar. A Bureau De Change operator named Dayyabu…

Feb

19

2024

By Amos Oge Kalu

CSO demands immediate stop to 27 senior immigration officers’ illegal retirement

Column, News, Opinion, PoliticsEconomy, Next Level, Nigeria, Opinion, Politics

Taking into consideration the alleged unlawful retirement of 27 senior immigration officers, the Civil Society for Good Governance and Accountability has issued a severe warning to the departing Comptroller General of Immigration, Adepoju, as well as to the Minister of Interior, Tunji-Ojo. In a press statement that was issued on Monday in Abuja, the spokesperson for the organisation, Monday Okafor, called for immediate action to be taken in order to reverse this decision. "It is our demand that the commander Immigration Officer Adepoju and Minister Tunji-Ojo immediately reverse their decisions to retire these 27 top immigration officers without providing a…

Feb

18

2024

By Amos Oge Kalu

In Midst Of National Turmoil, Ohanaeze Ndigbo Applauds Southeast Display Of Peace, Sagacity

Economy, Metro, News, OpinionEconomy, Enugu State, Metro, Nigeria, Ohanaeze Ndigbo, Opinion

A firm quiet radiates from the Old Eastern region of Nigeria, which includes the Southeast and South-South regions. This response comes in the wake of widespread clamour and agitation that was triggered by growing costs of living, economic suffering, and starvation. Many people, including the Presidency and the North, have been taken aback by the startling tranquilly and firm silence that has prevailed in the midst of the widespread rage and turbulence that has been occurring in the North and Southwest. OHANAEZE NDIGBO, the preeminent Igbo socio-cultural organisation and unwavering advocate for the Igbo people, through Mazi Okechukwu Isiguzoro, her…

Feb

17

2024

By Amos Oge Kalu

Nigerian Breweries suffers an unprecedented N145 billion loss.

Business, Economy, NewsBusiness, Economy

Nigerian Breweries, the country's largest beer manufacturer, reported a pre-tax loss of N145.3 billion for the previous year, the most since the company's founding in 1946. The beer manufacturer announced the loss following a year in which the value of the naira dropped by more than half due to foreign exchange losses. The brewer's net loss on foreign exchange transactions increased to N153.3 billion from N26.3 billion in the previous year, putting the company's bottom line in the red. Fifty percent of the brewer's input expenses are imported and priced in foreign currencies. Revenue increased by 8.9% to almost N600…

Feb

16

2024

By David Okoye

Abuja Supermarket Sealed Over Price Fixing

Business, Economy, Metro, NewsAbuja, Business, Economy, FCT, Metro

A popular supermarket in Abuja, Sahad Store, was sealed by the federal government on Friday due to allegations of price fixing and hoarding of commodities. The enforcement, led by Adamu Ahmed Abdullahi, the executive vice-chairman of the Federal Competition and Consumer Protection Commission (FCCPC), was a response to reports of the store charging prices different from those displayed on shelves. Mr. Abdullahi stated that FCCPC's preliminary investigation confirmed the supermarket's lack of transparency in pricing, contravening Section 115 (3) of the law. The store will remain sealed pending further investigation. Under Section 155, corporate entities found guilty could face fines…