Economy Archives - Page 40 of 69

Nov

29

2023

Supreme Court says that until further notice, old and new naira notes will coexist.

Business, Economy, MetroBusiness, CBN, Court, Economy, Metro, Naira, Nigeria

The Federal Government's appeal to extend the life of the N200, N500, and N1000 notes—which were redesigned during President Muhammadu Buhari's most recent administration—has been granted by the Supreme Court. A panel of seven judges on the top court, chaired by Justice John Okoro, ruled on Wednesday morning that the old notes will remain legal money until the infrastructure needed to replace them is in place. As to the ruling of the Supreme Court, the outdated notes are allowed to coexist as legal tender alongside the updated ones. The Federal Government's motion was heard on Wednesday and was made by…

Nov

27

2023

By Amos Oge Kalu

N27.5 trillion 2024 appropriation bill has been approved by FEC.

Economy, Politics2023, Bola Ahmed Tinubu, Economy, Politics

On Monday, the Federal Executive Council gave its approval to the appropriation bill for the year 2024, which is expected to be presented by President Bola Ahmed Tinubu along with a total of N27.5 trillion. Ministers, the governor of the Central Bank of Nigeria (CBN), the national security adviser, and a few other high-ranking government officials, including permanent secretaries, are all members of the Council, which is the highest policy-forming body for the federal government. More to come.....

Nov

07

2023

By Amos Oge Kalu

Nigeria struggles with Naira volatility as exchange rates undermine country’s economy, investors’ confidence.

Business, Economy, Metro, PoliticsBusiness, Economy, eNaira, Money, Nigeria

Investor confidence is impacted by the Naira's volatility versus the US dollar, which keeps sending shockwaves of anxiety across Nigeria's economy. The country's currency appreciated against the dollar last week, providing a brief reprieve. On the parallel market, it was trading at N970/$1 as opposed to N1300/$1 the week before. The naira, however, had a poor start to the week, with Monday's exchange rates ranging from N1000 to N1020/$1. This indicates a minor decline from the N970/$1 exchange rate during the previous weekend. In the same vein, the Naira fell 4.24 percent at the official FMDQ market, from N780.03/$1 on…

Nov

04

2023

By Amos Oge Kalu

Nigeria, revenue, poverty and taxation atrophy – Opinion

Column, Economy, Metro, Opinion, PoliticsAbiodun KOMOLAFE, Economy, Next Level, Nigeria, Politics

By Abiodun KOMOLAFE When our forefathers came up with the wise saying that ‘the earnest wish of potters is for the earth to be clay’, it was not only worthy of commendation but also no mean achievement. The beauty of the adage is that, in some 1000 years to come, it will still be relevant. So, instead of concentrating on having more wealth, the wisdom in it is learning how to be frugal and maximally productive with the little that’s available. Simple Economics: economic activities breed taxation, while taxation without representation is problematic. Generally, the mission of governments is revenue…

Nov

03

2023

By Amos Oge Kalu

Conflict amongst palm oil unions in Umuahia leaves two injured

Abia State, Business, MetroAbia State, Business, Economy, Metro

After a fight between two rival market unions at Umuopara Palm Oil Beach Market in Umuahia South Local Government Area (LGA) of Abia State, two people were badly hurt and sent to the Federal Medical Center, FMC Umuahia. Since August 2023, the two competing organizations, the United Palm Oil Dealers Association and the Palm Oil Association of Nigeria, have been engaged in a power struggle about who should be in charge of collecting market revenues and who should be the market's leader. However, on Thursday, a violent altercation between the two competing associations sent three members of the United Palm…