Naira depreciation and 2022 budget

October 25, 2021 Adefolarin A. Olamilekan 0

Regrettably, naira depreciation does not hold any assurance of better things economically for Nigerians. There is obviously misguided and unrealistic call that the naira be devalued in expectation that matching “official rates with parallel market exchange rates will attract foreign investors or ensure competitiveness of the Nigerian economy”. Conversely, foreign investors are ‘smart guys’ investing chiefly in economically and minimally Read More

Buhari set to unveil eNaira

October 24, 2021 Editor 0

The Central Bank of Nigeria (CBN) has announced that President Muhammadu Buhari will formally unveil the much talked about digital currency, known as the eNaira, on Monday. CBN Director, Corporate Communications, Osita Nwanisobi, who disclosed this in a statement on Saturday said the President will perform the unveiling ceremony inside the State House, Abuja. “Following series of engagements with relevant stakeholders Read More

eNaira may threaten banks’ source of income

October 18, 2021 Segun Odunewu 0

As Nigerians await the launch of Central Bank Nigeria’s digital currency, eNaira, some financial experts have argued that while the introduction may deepen the financial inclusion drive in the country, it may also erode the profitability of some banks in Nigeria. The eNaira which will be an electronic version of the local paper naira currency, equal in value and issued Read More

How Ajulo rescued teenager sentenced to death for stealing phone

October 8, 2021 Bode Olagoke 0

An Abuja based lawyer, Dr. Kayode Ajulo, has confirmed that a Court of Appeal sitting in Ado Ekiti Judicial Division has discharged and acquitted a teenager Adeolu Bamiteko, who was sentenced to death by a High Court for stealing phone. Bamiteko with one Ayobami Ojo were arraigned in Charge No. HAD/15C/2014 before the High Court presided over by Justice J.O Read More

Police nab robber, bank staff for attempted robbery in Ogun

October 5, 2021 Hakeem Adegbenro 0

The Ogun state police command have arrested one, Olagoke Dare, a staff of Abestone Microfinance bank located in Abeokuta for planning with one, Idowu Tunde to him of a cash sum of N3million belong to the bank. The police spokesperson, DSP Abimbola Oyeyemi in a press statement made available to Blueprint Tuesday, stated that the duo were arrested following the confessional Read More

Still on business owners’ concerns over soaring prices of materials

October 1, 2021 Blueprint 0

Over the years, businessmen have been lamenting the effects of poor infrastructure, multiple taxations, power on the cost of conducting business in Nigeria, but with the depreciation of the Naira against the Dollar, an already bad situation has been worsened; BENJAMIN UMUTEME reports. Over a week now, manufacturers of sachet water popularly referred to as ‘pure water’ in Jikwoyi, have Read More

Economy: Coalition stages rally, hails Buhari, Emefiele

September 22, 2021 Editor 0

Teaming members of Coalition of Civil Society Groups on Wednesday September 22, 2021, staged a solidarity rally in support of President Muhammadu Buhari and the Governor of the Central Bank of Nigeria (CBN, Mr. Godwin Emefiele for their tact in handling Nigeria’s economy amidst global pandemic COVID-19. In his address during the rally held at the Unity Fountain in Abuja, Read More

Rising debt: Stabilise Naira exchange rate urgently, PGF boss charges CBN

September 22, 2021 Bode Olagoke 0

Director General of the Progressive Governors Forum (PGF) Salihu Moh Lukman, has asked the Central Bank of Nigeria (CBN) to urgently take every measure necessary urgently and expeditiously stablise the Naira exchange rate. The All Progressives Congress (APC) chieftain also appealed to all functionaries of the federal government, especially in ministries of Finance and National Planning to provide all the Read More

Lawmaker decries continuous devaluation of Naira

September 22, 2021 Segun Odunewu 0

Bamidele Salam, the legislator representing Ede North, Ede South, Egbedore and Ejigbo Federal Constituency in the House of Representatives, has decried the continuous fall of the value of Naira against dollar. Salam, in an interview on Tuesday in Abuja decried the continuous devaluation of the Naira, saying that the Nigerian currency was doing badly when compared to other currencies of Read More

El-rufai to Southern govs: Anti open-grazing law unimplementable

September 21, 2021 Bode Olagoke 0

Kaduna state governor Nasir El-Rufai, has responded to the new law banning Open-grazing in the Southern states of Nigeria, saying such law is not implementable presently. Some southern states like Ondo, Oyo, Lagos, Enugu and Osun, among others have passed anti open gracing law. But speaking with newsmen Tuesday after a meeting with officials of the All progressives Congress (APC) Read More

CBN moves to stop slide as Naira continues free fall

September 16, 2021 Segun Odunewu 0

The Nigerian currency continues its free fall against the US dollar on the black market, as it exchanged at N565 per $1 on Thursday. Thursday’s rate indicates Naira dropped N3 at the black market when compared to the N562/$1 it traded on Wednesday. At the same market, the Nigerian currency depreciated against the Euro by N3 to close at N648/€1 Read More

Importers, manufacturers, others lament as Naira approaches N600/$

September 16, 2021 Segun Odunewu 0

Importers of goods and services and other businessmen who depend on foreign exchange for their transactions have warned that prices of goods and services may hit the roof as the fortune of Naira worsens against the U.S Dollar and other international currencies. The exchange rate at the parallel market depreciated again to another all-time low on Wednesday Morning at N557/$1 Read More

(VIDEO) BBNaija: Liquorose ‘dumps’ Emmanuel

September 15, 2021 Editor 0

Big Brother Naija Housemate, Liquorose, appears to have parted ways with close pal, Emmanuel, after she told him to leave her alone and mingle with other housemates. Liquorose was point blank when told Emmanuel, “It’s really tiring having to be with the same person for eight weeks. The point is just that I have not been comfortable in the last Read More

APC group lauds Buhari’s strategic responses to Covid-19 pandemic

September 15, 2021 Bode Olagoke 0

A group of the ruling All Progressives Congress (APC) on the aiges of APC Legacy Awareness and Campaign (APC-LAC) has commended the firm responses of President Muhammadu Buhari-led administratiom to the Covid-19 pandemic. The group, which is a voluntary think-tank group of the governing party, particularly lauded President Buhari’s setting up of an Economic Sustainability Committee chaired by the Vice Read More

Naira continues unprecedented fall as banks ration dollar supply

September 15, 2021 Segun Odunewu 0

Naira extended its decline on Tuesday as it hits N550 against the United States Dollar at the parallel market, popularly called the black market, representing an all-time record low against the greenback. Against the British Pound and the Euro common currency, the Naira slid to N750 and N637, respectively. The inability to service the economy with enough forex coupled with Read More

BDCs offer to help CBN as naira edges towards N600/$ mark

September 14, 2021 Segun Odunewu 0

The Association of Bureau De Change Operators of Nigeria (ABCON) has offered to assist the Central Bank of Nigeria (CBN) in stopping the naira’s depreciation. The Naira began the week at N545 per dollar at the black market, 3.1 percent depreciation from last week’s opening rate. The naira had opened last week at N528 but by the end of the Read More

FG wants attackers of firefighters in Kogi brought to book

September 10, 2021 Bode Olagoke 0

The federal government has condemned the reported attack on some firefighters and fire trucks by hoodlums in Kogi state, saying such act “is unacceptable and those responsible will definitely not go unpunished.” Controller General of the Federal Fire Service (FFS) Dr. Liman Ibrahim, has however has vowed that those behind the act described as ‘dastardly’ will surely be punished The Read More

Naira falls to new record low at parallel market

September 2, 2021 Segun Odunewu 0

The naira hit a new record low, depreciating against the dollar at the parallel market, as it was traded at N528/$1 on Thursday, 2nd of September 2021, representing a N2 drop when compared to N526/$1 recorded on the previous trading day. The naira fell against the dollar across the forex markets with demand pressure, despite the dollar supply of $486.31 Read More

CBN selects technical partner for digital currency project

August 31, 2021 Amala Ifeakandu 0

The Central Bank of Nigeria (CBN) has announced the formal engagement of the global fintech company, Bitt Inc., as the technical partner for its digital currency, named eNaira, which is due to be unveiled later in the year. The Governor of the Central Bank, Mr. Godwin Emefiele, while disclosing the development in Abuja listed the benefits of the Central Bank Read More

Naira suffers major setback as forex reserves now $33.52bn

August 23, 2021 Segun Odunewu 0

The naira suffered its weakest performance in recent weeks at the beginning of the new week after Nigeria’s foreign exchange (forex) reserves recorded its first depletion in six weeks. The naira closed weaker at the official and parallel markets, the first all-round negative performance in recent weeks, exchanging for N520 to a Dollar. The British Pound Sterling opening rate was Read More