The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has stated that the country’s external reserve has increased to $36.89 billion as of July, 16 2024. CBN Governor, Mr. Olayemi Cardoso, made this statement during an engagement with the Senate Committee on Banking, Insurance, and Other Financial Institutions in Abuja on Friday. He noted that the CBN’s monetary policies and actions have stimulated growth and stability in the nation’s economy. According to him, the nation’s external reserves of the end of June, could finance over 11 months of imports for goods and services, or 14 months for…
Author: Temitope N.
The Federal Government said it has launched a comprehensive strategy to lead Africa’s digital trade revolution within the framework of the African Continental Free Trade Agreement (AfCFTA). Vice-President Kashim Shettima, disclosed this on Friday while delivering a keynote address during a Stakeholders Summit held at the Presidential Villa, Abuja. According to him, the roadmap would harness trade as a catalyst for economic growth and continental cohesion in line with AfCFTA objectives. Shettima outlined key components of the roadmap to include implementation of AfCFTA’s Digital Trade Protocol and the development of expansive technical talent hubs. Nigeria’s strategic position Shettima said Nigeria…
In 2023, eleven Nigerian banks incurred a total of N575.168 billion in taxes, marking a significant 175% increase compared to the N209.608 billion incurred in 2022. Out of this total, N440.305 billion was specifically for that taxable year, 2023. This dramatic rise in tax expenses can be attributed to a substantial increase in pre-tax profits recorded by these banks. The banks collectively made N3.722 trillion in pre-tax profits, driven by a rise in net interest income, non-interest income, and foreign exchange revaluation gains. This pre-tax profit figure represents an impressive 197% increase from the N1.255 trillion reported in 2022. These…
The Postmaster-General of the Federation, Ms Tola Odeyemi, has said that the Nigeria Postal Service (NIPOST) is going through a reform that would see 50% of its 1,400 offices modernized by 2027. Odeyemi disclosed this at the Nigerian-British Chamber of Commerce (NBCC) event, “NBCC meets Postmaster General” on Thursday in Lagos. According to her, Nigeria is currently pushing to revamp and upgrade logistics and courier processes to world-class standards for improved international mail exchange. “There is work ongoing on the Postal Reform Bill to separate the regulatory arm from the operation arm as many stakeholders are clamouring. By 2027, NIPOST…
The Nigerian Vice President, Kashim Shettima, has said that the federal government is committed to bringing over 30 million unbanked Nigerians into the formal financial system. According to a statement issued on Thursday by the Senior Special Assistant to the President on Media & Communications, Stanley Nkwocha, the VP stated this during a high-level policy dialogue between the Nigerian government and private sector stakeholders held in Washington DC, the United States capital. In line with the commitment, the VP said there is an urgent need for financial innovation to drive Nigeria’s economic and financial inclusion agenda. The initiative, which brought…
Global tax and advisory service firm, KPMG Nigeria has criticised the 50% windfall tax on the bank’s foreign exchange revaluation gains recorded in 2023 stating that it could result in a legal dispute. The firm stated this in its reaction to the recently imposed tax on banks by the federal government where it stated that current revenue challenges of the government may have triggered the tax. According to the firm, Nigeria’s tax policy does not support retroactive taxation and since most banks have settled their tax liabilities for the financial year of 2023, it could lead to a constitutional crisis…
In recent weeks, a series of monetary policy decisions have seen central banks across Africa hold benchmark interest rates, as inflationary pressures ease across the continent. In South Africa, the South African Reserve Bank voted to hold its benchmark rate at 8.25%. According to reports, four members of its monetary policy committee voted to hold the rates, while two voted for a 25-basis point cut. Speaking to pressmen on July 18, South Africa’s central bank governor, Lesetja Kganyago noted that the committee members agreed to hold the rate to mitigate future inflation risks. “The battle against inflation is not yet…
Will Smith and Martin Lawrence’s summer hit, Bad Boys: Ride or Die, has surpassed the N400 million mark at the Nigerian box office. According to data posted by the Nigerian Box Office page on X, the movie has recorded over 88,000 admissions. Admissions refer to the total number of tickets sold for a movie screened at cinemas. “Bad Boys: Ride or Die crosses the N400M mark with over 88K admissions. It becomes the 1st non-December movie to cross that mark since The Woman King (October 2022) and Black Panther: Wakanda Forever (November 2022),” the page reported. Over the weekend of…
The Court of Appeal sitting in Abuja has dismissed the case filed by a former minister, state for Petroleum Resources, Timipre Sylva, against Douye Diri’s election as governor of Bayelsa State. The judgement was delivered on Thursday by a three-man panel of the appeal court, led by Justice James Abundaga in an appeal entered by Timipre Sylva and the All Progressives Congress (APC). The appeal commenced as a petition at the tribunal after the Independent National Electoral Commission’s (INEC) declaration of the candidate of the People Democratic Party (PDP), Duoye Diri, as the winner of the Bayelsa governorship election. Appellant’s…
Former Vice President of Nigeria, Atiku Abubakar, has commended the sacrifices of members of the House of Representatives as they decided to reduce their salaries by 50% for six months as a demonstration of solidarity and shared sacrifice with the Nigerian people who are currently experiencing economic challenges and food insecurity. He emphasizes that this is merely a drop in the ocean of Nigeria’s fiscal challenges. In a statement on his X account, the ex-vice president stressed that the core issue lies within the allowances of lawmakers and government officials, not their salaries. Atiku expressed concerns over the much-trumpeted implementation…
Netflix, a popular streaming platform, has added 8.05 million new paid subscribers in the second quarter of 2024. The company surpasses projected estimates of 5.2 million by 54%. This increase brings Netflix’s global subscriber base to 277.65 million, reinforcing its dominance in the streaming market. Although considerably lower than the 9.33 million recorded in Q1, 2024, it is still ahead of the curve for its estimated new subscribers. Based on its Q2 earnings reports, it has outperformed expectations continuing a strong performance streak this year. The streaming giant reported $9.5 billion in revenue and $4.88 earnings per share, in line with…
On Thursday,18th of July, 2024, President Bola Tinubu approved a new minimum wage of N70,000 for Nigerian workers, with a commitment to review this amount every three years. The announcement was confirmed by Bayo Onanuga, the Special Adviser to the President on Information and Strategy. President Tinubu revealed the new minimum wage during a meeting with leaders of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) at the presidential villa in Abuja. Key attendees included Joe Ajaero, the president of NLC, Festus Osifo, the president of TUC, and various relevant ministers. In addition to the minimum wage…
The International Criminal Police Organization(INTERPOL) said it has blocked over 720 bank accounts linked with online financial frauds across West African countries. The organization said this was the outcome of its sting operation tagged ‘Operation Jackal III’, which ran from 10 April to 3 July across 21 countries on five continents. It added that the operation targeted online financial fraud and the West African syndicates behind it. According to a statement from INTERPOL, the operation led to hundreds of arrests, the seizure of assets worth USD 3 million, and the dismantling of multiple criminal networks around the world. Nigerian network…
The Manufacturers Association of Nigeria (MAN) has asked the federal government to address the concerns raised by the organised private sector during the new minimum wage negotiation to enable them to implement the new minimum wage agreement. The Director-General of the Manufacturers Association of Nigeria (MAN), Mr. Segun Ajayi Kadir stated this in his reaction to the N70,000 minimum agreement between the federal government and organised labour unions yesterday. According to him, the President promised to find ways to help the private sector and sub-nationals pay the minimum wage and manufacturers looked forward to the promised assistance and urged the…
The Central Bank of Nigeria (CBN) has announced the sale of $106.5 million as foreign exchange (FX) to 29 FX dealer banks. In a statement signed by Dr Omolara Omotunde Duke, Director, Financial Markets Department, it was disclosed that on July 18 and 19, 2024, the CBN sold $106.5 million to 29 authorized dealer banks at exchange rates ranging from N1,498/$1 to N1,530.00/$1 and bought $9.5 million from four authorized dealer banks at rates between N1,510/$1 and N1,550/$1. The statement read: “Over the next few weeks, the CBN will continue to support various segments of the official markets with liquidity. “In…
Nnewi-based cable manufacturer, Cutix Plc is currently trading at a share price of N6.13, marking a 46% appreciation from its July 12 opening price of N4.20. The company announced a dividend payment of N0.15 per share as well as a bonus share issuance on July 12, which led to a 10% appreciation in its share price that day. The stock then appreciated by 9.96% and 9.84% on July 15 and July 16 respectively. As of 12.30 pm on July 17, the stock had already appreciated by 9.86% with a turnover volume of about 187.2 million shares, reflecting immense attention from…
Cryptocurrency exchange, OKX, has announced plans to discontinue its service in Nigeria effective from August 16, 2024. The company disclosed this in an email message to its Nigerian users on Wednesday citing unfavourable policies by the Nigerian government. With this, OKX has asked its Nigerian customers to withdraw their funds from the platform on or before the said date. This development follows a similar action in March by Binance, whose executives are currently facing trial in Nigeria. According to the company, from August 16, Nigerian customers will no longer be able to open any new account on the platform. What…
As a qualitative economist, I look at trends and patterns to explain and analyze the economy. The Nigerian economy is shrinking at a pace we have not seen since the civil war. Rated as number 4 in Africa, down from number 1, if it continues at this pace and there is nothing to show that it will slow down, we might be dropping out of the top 10 by the end of this administration’s first term in office. But like I said, I have begun to notice some positive trends emanating from this carnage. Human trends flow like water. It…
The Niger Delta Development Commission (NDDC) is advocating for new legislation to allocate 3% of the Value Added Tax (VAT) revenue as an additional funding source. This initiative emerged from the technical sessions at the recently concluded Niger Delta Stakeholders Summit 2024, held in Port Harcourt, Rivers State, from July 10 to 12, 2024. This information is contained in a press release issued by the NDDC, which outlines several resolutions reached at the end of the three-day summit. “At the end of the sessions, the following were arrived at as Resolutions from the entire summit: “That additional sources of funding…
Nigeria’s inflation rate in June 2024 surged from 33.95% in May 2024 to 34.19% in June according to the latest report from the National Bureau of Statistics, (NBS). The headline inflation rate in June 2024 increased by 0.24% points in June when compared to the figure for May 2024. The headline inflation rate in June 2024 was 11.40 percentage points higher compared to June 2023, rising from 22.79%. On a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, an increase of 0.17% points from May 2024’s rate of 2.14%. This indicates that the average price level increased…