(AFRICAN EXAMINER) – The Nigeria Customs Service, Adamawa/Taraba Area Command, has stated that there has been a huge reduction in the smuggling of premium motor spirits, also known as petrol, since the removal of fuel subsidy. The African Examiner recalls that President Bola Ahmed Tinubu had, during his speech on inauguration on May 29, 2023, […]
(AFRICAN EXAMINER) – President Bola Tinubu on Friday in Paris, France said that the financial system under the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele was rotten The President spoke during an interactive session with Nigerians in the Diaspora residing in France and neighboring European countries, on the sidelines of the […]
(AFRICAN EXAMINER) – The International Monetary Fund (IMF) has commended the Zambian Government for the Debt Treatment Agreement it signed with its official creditors under the Group of 20 (G20) Common Framework. The G20 is an intergovernmental forum comprising 19 countries and the European Union (EU). It works to address major issues related to the […]
(AFRICAN EXAMINER) – An American company previously indicted for bribery in Nigeria has again been accused of collaborating with officials of the Nigerian National Petroleum Company, NNPCL and TotalEnergies in undermining Nigeria’s local content law and award of a contract for providing a drilling ship at $142k per day higher than that originally awarded. South-South […]
(AFRICAN EXAMINER) – The Federal Government, on Monday, said six new companies have received approval to import petroleum products into Nigeria. The Managing Director of Nigeria Mainstream and Downstream Petroleum Regulatory Authority (NMDRA), Farouk Ahmed made this disclosure to state correspondents at the Presidential Villa. Farouk stated that apart from the approved six, several companies […]
(AFRICAN EXAMINER) – President Bola Tinubu has assured prospective investors in Nigeria that his administration would provide a better business climate for them to thrive. A statement issued on Monday and signed by Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, said Tinubu made the commitment on Monday during an […]
(AFRICAN EXAMINER) – Stallion Motors Nigeria has reaffirmed its leadership in the Nigerian automobile industry with the commendation of the company’s Hyundai Kona EV, Nigeria’s first locally produced electric vehicle by Vice President Kashim Shettima. Produced from its Lagos plant, the Hyundai Kona EV is projected to be the toast of Nigerian automobile enthusiasts and […]
(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) on Wednesday informed all authorised dealers and the general public of immediate changes to operations in the Nigerian Foreign Exchange (FX) Market. This will involve the unification of all segments of the forex market collapsing all previous windows into one, said a statement by the Director […]
(AFRICAN EXAMINER) – The African Development Bank (AfDB) Group has announced the appointment of Jacques Edjangue as Vice President for People and Talent Management/ Edjangue’s appointment, which takes effect from 16th of June, was contained in a statement made available to the media on Wednesday. He is a Cameroonian national, who is an accomplished […]
(AFRICAN EXAMINER) – African Development Bank (AfDB) has announced that it is providing $950,000 to support women’s access to finance and training and accelerate economic inclusion in the Sahel region of Africa. The $950,000 grant will be facilitated by AfDB’s Gender Equality Trust Fund to the Africa Small and Medium Enterprise Business Linkages Programme in […]
(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) has reacted to reports claiming that it has devalued the naira to about 630 naira to a dollar. The report of the currency devaluation was earlier reported by one of the national dailies. However, in a statement on Thursday, the bank’s Acting Head of Corporate Communications, […]
(AFRICAN EXAMINER) – The Central Bank of Nigeria, CBN, has refuted claims that it devalued the Naira. It could be recalled that there are reports that the CBN devalued Naira from N631 to the dollar from N461.60 it sold at the Importers and Exporters (I&E) window the previous day. Reacting to this development, in a […]
(AFRICAN EXAMINER) – The President of the World Bank Group, David Malpass, has warned that Nigeria’s parallel exchange rate is harmful as it worsens future debt service payments and increases the risk of debt distress. Malpass said this in a blog post titled ‘Parallel Exchange Rates: The World Bank’s Approach to Helping People in Developing […]
(AFRICAN EXAMINER) – President Bola Tinubu has stated that the present 18.5 per cent interest rate of the Central Bank of Nigeria (CBN) is “too high”. Tinubu made this known on Monday in his inaugural speech as president. Addressing Nigerians, Tinubu stated that the interest rate needs to be adjusted downwards to enable investment as […]
(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) has raised the interest rate from 18 percent to 18.5 percent. The apex bank governor, Godwin Emefiele, announced the decision on Wednesday after the policy-setting committee meeting at the CBN headquarters in Abuja. The development is the third consecutive time the apex bank will be raising […]
(AFRICAN EXAMINER) – The Infrastructure Concession Regulatory Commission (ICRC), said the concessioning of three ports by the Federal Executive Council (FEC) would attract an investment 3.7 billion dollars from the private sector. The Director-General, ICRC, Micheal Ohiani said this in a statement signed by Mr Ifeanyi Nwoko, Acting Head, Media and Publicity, ICRC, in Abuja […]
(AFRICAN EXAMINER) – African Development Bank (AfDB) has approved a $15 million subordinated loan to Infrastructure Credit Guarantee Company Limited (InfraCredit) to strengthen its capital base and help close Nigeria’s infrastructure financing gap. InfraCredit is a specialized Nigerian credit guarantee company that mobilizes long-term capital from institutional investors, including pension fund and insurance companies, to […]
(AFRICAN EXAMINER) – The International Monetary Fund has said that weaker currencies in Nigeria and other Sub-Saharan African countries are pushing up public debts. This was disclosed in a blog post published on the IMF’s website on Monday. The fund noted that with an average depreciation of nine per cent since January 2022, sub-Saharan African […]
(AFRICAN EXAMINER) – The Naira depreciated against the dollar on Monday, exchanging for N464 at the investors’ and exporters’ window. The rate represented a decrease of 0.36 per cent when compared to the N462.33 it exchanged at the close of business on May 12. The open indicative rate closed at N463 .50 to the dollar […]
(AFRICAN EXAMINER) – The director-general of the budget office of the federation, Ben Akabueze, has stated that Nigeria’s borrowing space keeps reducing because of the inability to service debt. Akabueze made this known on Wednesday in the induction of newly-elected lawmakers of the 10th national assembly in Abuja. He stated that the ratio of the […]
