The Central Bank of Nigeria has ordered all banks to close accounts of anyone who transacts in cryptocurrency. The order was contained in a circular to banks and other financial institutions, signed on Friday by the Director of Banking Supervision, Bello Hassan, and it is expected to take effect immediately. According to the CBN, dealing …read more →
Economy
Japaul to Commence Gold Mining in 12 Locations in Nigeria
Japaul Gold and Ventures may soon begin gold mining and refining in the country following its agreement with a Chines company Xiang Hui International Mining Company Nigeria. According to the Group Chairman, Japaul Gold and Ventures Plc, Jegede Paul, the deal involves the Chinese company officials working on its sites in Benue, Taraba, Osun and …read more →
Fitch Rating: Upgrade of Nigeria Outlook to Boost Confidence in Economy – Analysts
Analysts have projected that the recent upgrade of Nigeria rating by the global rating agency Fitch will improve the country’s risk perception and raise its ability to borrow from the external sources. Analysts at Financial Derivatives Company (FDC) said in a report that the revised rating of Nigeria’s outlook to stable from negative while affirming …read more →
Budget of Economic Recovery and Resilience : Full Text of President Muhammadu Buhari’s Speech
Budget of Economic Recovery and Resilience Delivered By: His Excellency, President Muhammadu Buhari President, Federal Republic of Nigeria At the Joint Session of the National Assembly, Abuja Thursday, 8th October 2020 PROTOCOLS 1. It is with pleasure that I present the 2021 Federal Budget Proposals to this Joint Session of the National Assembly. 2. Distinguished and Honourable Leaders, and …read more →
Our Focus is to Increase Opportunities for Quality Infrastructure Delivery to Nigerians – Buhari
President Muhammadu Buhari Monday has assured Nigerians of the willingness and determination of the Federal Government to provide stable electricity to every home and industry, while considering the economic challenges before individuals, families and businesses, explaining that “implementation of a Willing buyer, Willing Seller Policy for the power sector has opened opportunities for increased delivery …read more →
Experts seek infrastructure development for robust insurance, economy growth
Stakeholders in the insurance industry have attributed the lull in the economy to infrastructure deficits, explaining that the ecosystem calls for a deliberate effort to close the existing gap between the sector’s contribution and need for economic growth. The stakeholders, agreed that there is a link existing among underwriting activities, infrastructure development and economic growth. …read more →
Covid-19 Management: Europe’s Economy May Recover Faster than US – JPMorgan, Goldman Sachs
America’s failure to get a grip on the pandemic is putting the brakes on its rebound compared with Europe, where many former virus hot spots managed to resume economic activity without causing a similar surge in infections. Crucial for a sustainable recovery is confidence that the virus is no longer out of control, and Europe’s …read more →
Ugwuanyi Signs Enugu’s Revised 2020 Budget of N146.4bn into Law
Governor Ifeanyi Ugwuanyi of Enugu State has signed the revised 2020 budget of N146,374,641,080.00 into law, as against the earlier approved budget of N169,557,658,300.00. The revised 2020 budget of N146.4 billion represents 13.67 percent reduction in the initial budget size of N169.6 billion, which amounts to N23,183,017,220.00. The revised budget, which was in response to …read more →
Nigeria Sells N265.94 Billion Worth of Treasury Bills
Nigeria’s Debt Management Office (DMO) sold a total of N265.94 billion across all three tenors of Treasury bills on offer against N468.25 billion total subscriptions from investors. The nation on Wednesday surprisingly increased marginally the yield on its 1-year Treasury bond at an auction, but dropped rates it sold the 3-month and 6-month tenor paper. …read more →
We Take Loans to Develop Key Infrastructure – Makinde as Oyo adopts alternative project funding approach
Oyo State Governor, Engineer Seyi Makinde, has explained that his administration’s determination to fix the huge infrastructure deficit in the state and get the state on the right track for economic growth was behind the move to secure loans that target key infrastructure. In a statement released by his Chief Press Secretary, Mr. Taiwo Adisa, …read more →