Economy Archives - Page 53 of 69

Dec

20

2022

World Bank warns CBN on negative impact of Naira redesign on economy, poor households

Business, Economy, Lifestyle, NewsBusiness, Economy, Lifestyle, Opinion

The World Bank has warned that the time and short transition period to the redesigned naira notes will have a negative impact on economic activities and in particular the poorest households. The redesigned N200, N500, and N1000 naira notes came into circulation on Thursday, December 15th while the old ones will cease to be legal tenders from January 31st of next year. The World in its latest Nigeria Development Update, December 2022, agreed with the Central Bank of Nigeria, CBN, that the need to redesign the nation’s currency is overdue noting the naira has not been redesigned for two decades.…

Dec

18

2022

By Amos Oge Kalu

CAN President says cash withdrawal limits will stop politicians from manipulating voters

Business, Economy, Metro, Opinion, Politics2023, Business, CAN, Economy, Metro, Next Level, Nigeria, Opinion, Politics

The President of the Christian Association of Nigeria, CAN, Most Reverend Daniel Okoh, has disclosed that the Central Bank of Nigeria cash withdrawal limit Policy would stop politicians from manipulating voters in the forthcoming presidential election. Also, the religious leader predicted that the price of the Dollar might go up because some politicians would turn to it for their nefarious acts. Okoh made this known at the thanksgiving service of the new President of the Organisation of African Instituted Churches, Nigeria Region, OAIC. The CAN President, represented by the immediate President of OAIC, Napo Emuchay, said the policy is targeted…

Dec

12

2022

By Amos Oge Kalu

Debt servicing to gulp 123% of 2023 revenue

Business, Economy, LifestyleBusiness, Economy, Nigeria, Politics

The World Bank has projected that debt servicing will gulp 123.4 per cent of the Federal Government’s revenue in 2023. This was according to a presentation made by the new World Bank Lead Economist for Nigeria, Alex Sienaert, in November 2022, which was obtained by our correspondent. The document was entitled, ‘Nigeria Public Finance Review: Fiscal Adjustment for Better and Sustainable Development Results.’ The document projected that debt servicing would gulp 100.2 per cent of Federal Government revenue by the end of 2022. This was a decline from the earlier projection in its October Africa’s Pulse report, which is a…

Dec

09

2022

By Amos Oge Kalu

CBN may ‘tweak’ new cash withdrawal limits, says Emefiele

Business, Economy, NewsBusiness, CBN, Economy, Emefiele, Metro, Nigeria

ABUJA-Central Bank of Nigeria, CBN, Governor, Mr. Godwin Emefiele, yesterday, said that the apex bank would consider tweaking the new weekly cash withdrawal limits of N100,000 and N500,000 for individuals and corporate bank customers. Emefiele, who addressed State House correspondents after meeting behind closed doors with President Muhammadu Buhari in Daura, Katsina State, assured that the apex bank would not be rigid on the policy as it was not meant to hurt anybody but to strengthen the nation’s economy. Emefiele also hinted that over N1 trillion worth of old notes had been deposited by bank customers, adding that the CBN has…

Dec

09

2022

By Amos Oge Kalu

Govt agencies, marketers agree to end petrol scarcity in 48 hours

Business, Economy, MetroBusiness, Economy, Fuel Scarcity, Metro, Nigeria, NNPC

Federal Government agencies and petroleum marketers have undertaken to end the crippling shortage of petrol across the country that has seen pump prices hit N285 per litre. Speaking after a meeting at the Nigerian National Petroleum Company Limited, Nigerian Midstream, and Downstream Petroleum Regulatory Authority, NMDPRA, in Abuja on Thursday, the operators said the depots would work for 24 hours daily until the queues are cleared. The meeting had in attendance officials of the Department of State Services, the Major Oil Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association of Nigeria, Independent Petroleum Marketers of Nigeria, National Union…