Food price: I ‘ll lead protest against FG – Olu Falae

 A former Secretary to the Government of the Federation, Chief Olu Falae has faulted the proposed price control of the Federal Government, saying it would not alleviate the suffering of the people, particularly farmers in the rural areas. Falae, a former Minister for Finance said there was a need to allow market forces to determine Read more

Dollar Rate Pegs for School Fees, PTA at N375/$ – CBN

In line with its determination to boost dollar supply in the economy as well as to bridge the wide gap between the interbank foreign exchange (FX) market and the parallel market, the Central Bank of Nigeria (CBN) yesterday pegged the Naira exchange rate for payment of school fees (strictly universities) abroad and Personal Travel Allowance Read more

Nigeria blew away US$1b for officials’ overseas medical bills

It is not clear how much Nigeria’s taxpayers pay for their leaders’ treatments abroad. Former first lady Patience Jonathan has claimed that half of US$31.5 million frozen in a corruption investigation was a government payout for medical bills she incurred in London in 2013. Ever-witty Nigerians took to social media to ask if she was Read more

Again: Naira’s fall a “major concern” to central bank – head of currency traders

Feb 15 Nigeria’s naira hit a fresh low on the black market on Wednesday and the head of its bureau de change association urged his members to help stabilise the currency, whose continued weakness had become a “major concern” to the central bank “The growing spikes in the parallel market to over 500/$ is becoming Read more

Nigerian group requests $500 million from Trump administration

The rancorous reign of the 45th US President faces a fresh controversy. A Nigerian economic and social rights group has written to the White House demanding the return of $500 million of stolen funds, which it claims are being held by the US. “(We urge) the administration to attach and release to Nigeria some $500 Read more

Nigeria Traders to Start Own Exchange Rate in Black Market Fight

Nigeria’s money-changers will introduce an exchange rate for the naira to help the central bank combat unregulated trading. Licensed dealers, known as bureaux de change, or BDCs, will post an exchange rate each Monday on their website from Jan. 16 to “highlight positive rate development in the market” and counter domains such as abokifx.com, which Read more

No more new road contracts – Babatunde Fashola

Nigeria will award no more federal road contracts, prioritising instead more than 200 stalled contracts already awarded. Babatunde Fashola, the minister of works, power and housing, made the announcement this week after the country’s National Bureau of Statistics warned that Nigeria could experience its first recession year in 25 years. The minister said the decision Read more

Sale Of National Assets Tears Nigerians Apart

The raging debate over the desirability or otherwise for Nigeria to sell some of its assets to raise funds to help the country out of recession is yet to abate, as some stakeholders and some elites locked horns with economic experts yesterday. While the stakeholders, including the Manufacturers Association of Nigeria (MAN) and Nigerian Association Read more

FG must allow states to develop natural resources – Ambode

The Governor of Lagos State Mr. Akinwunmi Ambode on Thursday said the Federal Government has a critical role to play in addressing the fundamental structural challenges undermining sustainable and inclusive economic growth in the states of the federation, among which is unbundling the potentials of each of the federating units. Speaking in Kaduna at the Read more

WEEKAHEAD-AFRICA-FX-Nigeria seen supporting naira, other African currencies steady

Nigeria’s central bank is expected to offer support to the naira with foreign exchange sales next week, while the Ghanaian, Kenyan, Ugandan and Tanzanian currencies are expected to hold steady. NIGERIA Nigeria’s central bank is expected to continue almost daily sales of foreign exchange next week to ease pressure on the naira as foreign investors Read more