Category: Business

The Central Bank of Nigeria (CBN) and the Bill and Melinda Gates Foundation (BMGF) have finalized their plans to promote and enhance financial inclusion within the country. In a recent strategic meeting between the two organizations, they discussed ways to deepen collaboration in order to address the challenges surrounding financial inclusion in Nigeria. Mr. Folashodun…

At the opening of Monday’s trading session, European stock markets experienced a decline, mirroring Tokyo’s downturn. Traders were closely monitoring inflation updates and the repercussions of the Wagner revolt. The FTSE 100 index, London’s main benchmark, recorded a 0.2% slip, reaching 7,447.85 points.The statement highlights the performance of two major stock market indices in the…

Freight forwarders operating at Seme Border have reached out to the Federal Government, urging them to consider reopening the border for vehicle importation. During a meeting between officials of Nigeria and Benin, organized by the Economic Community of West African States, Ibrahim Musa, the Director of Road Transport at the Federal Ministry of Transportation, revealed…

The recent float of the naira by the Central Bank of Nigeria is expected to lead to a potential annual export value of at least N41.99tn. The apex bank’s directive to remove the rate cap on the naira at the Investors and Exporters’ Window aims to narrow the gap between the official and parallel market…

President Bola Tinubu of Nigeria emphasized the importance of achieving a fair balance between fossil fuel and green energy in the global energy transition. During a meeting with Geoffrey Praytt, the United States Assistant Secretary of State, Bureau of Energy Resources, Tinubu expressed concerns about poverty in Africa and urged developed nations, including the United…

At a UN conference held on Monday, donors pledged nearly $1.5 billion to combat the escalating humanitarian crisis in Sudan and provide support to neighboring countries hosting refugees fleeing the conflict. UN Secretary-General Antonio Guterres warned that Sudan is rapidly descending into death and destruction, urging donors to intervene and prevent further catastrophe. The conference…

The removal of petrol subsidies in Nigeria has led to a significant increase in petrol pump prices, causing a spike in the prices of goods and services across the country. Despite public opposition due to the impact on the economy, economists and officials from the Chartered Institute of Bankers of Nigeria (CIBN) have highlighted the…

The President/Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara, has emphasized that trade-based money laundering poses a significant threat to the integrity of the global financial system and has wide-ranging implications for regulators and operators. During a breakfast session organized by the CIBN on the theme of “Countering trade-based…

Nigeria has experienced a significant increase in inflation over the past nine years. The analysis of inflation rate data provided by the Central Bank of Nigeria reveals that when Godwin Emefiele assumed office as the suspended CBN Governor in June 2014, the consumer price index stood at 8.2 percent. However, as of April 2023, the…

During Nairametrics’ second quarter economic outlook webinar, several financial experts expressed the opinion that the removal of subsidies would enable the government to fulfill its financial responsibilities and bring benefits to various groups within the economy. The event attracted a significant turnout of economic experts. The webinar titled, ‘Fostering economic resilience: Harnessing opportunities for development’,…