Author: Aishat Olalere

The mode of sharing the monthly FAAC Allocation among the tiers of Government in Nigeria might be altered by the Presidential Committee on Tax Reform and Fiscal Policy. This was disclosed by the Chairman of The Presidential Fiscal Policy and Tax Reform Committee, Taiwo Oyedele, who said it is a bid to revamp the Federation Account Allocation committee disbursement mechanism. Oyedele said there is a belief that the system can be designed to credit the account of Local, State and Federal Governments daily. He added “that the shift aims to streamline operations, redirecting the focus of monthly FAAC meetings towards…

The Central Bank of Nigeria sold $575m in May. This is the highest dollar sales in a single month in 2024, according to data obtained from FMDQ Securities Exchange. The CBN’s sales only accounted for 6.6 per cent of the total market turnover in May. This amount exceeds the combined total of $151m in April and $189m in March. According to the report, the CBN sold dollars on three occasions last week, with the single-day high in 2024 coming on Wednesday, May 29, when it sold $141m. The bank’s intervention didn’t have a lasting impact on the naira, which ended…

The Federal Government has sealed a $7 billion Foreign Direct Investment (FDI) in the oil sector to boost the country’s economy. Wale Edun, the Minister of Finance and the Coordinating Minister of the Economy, disclosed this while appearing as a guest on Channels Television Politics on Sunday. He added that the government was investing in port infrastructure to ease trading for investors, and boost the country’s productivity. “In terms of figures, 7 billion dollars is estimated to come in from the oil sector with another major improvement in the economic environment, the national single window project, which really is an e-community and…

Nigeria is on the right economic path as government is doubling efforts to increase agricultural production to ease high inflation. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy said this on Channels Television on Sunday. He added that agricultural output is up to bring down inflation. This follows the 16th consecutive increase of the country inflation. The inflation rate was 33.36 % in April which has a great effect on purchasing power of income earners. The inflation rate increased by 11.47 percentage points year-on-year compared to 22.22 percent it stood last April, it decelerated month-on-month by…

Fidelity Bank Plc share price rose by 23% week-on-week as value hunters and shareholders queued behind the financial service stock. The bank benefited from a fresh rally on the Nigerian Exchange, and led the gainers chart over a five day rally. Its market valuation increased by 22.89% in five trading sessions to ₦326.524 billion.  According to data from the Nigerian Exchange, Fidelity Bank surged to ₦10.2 on Friday from ₦8.30 per share at the beginning of the week. The bank stock price had peaked at ₦14.4, its 52-week high, details from the exchange showed.  At the current rate, Fidelity Bank…

Nigeria must use its national assets to maximum advantage in order to attract foreign exchange inflows it desires and build the external reserves to achieve an exchange rate that doesn’t fluctuate. Chief Executive of Economic Associates, Ayo Teriba said this during the 2024 Vanguard Economic Discourse themed: “Reforms In An Era Of Global Uncertainties: Whither Nigeria? held at the Civic Centre in Lagos. Teriba said that Nigeria remains the only big economy of the world that builds airports and not terminals, where about 40 percent of the revenue in aviation is made.  “We are in the midst of global economic…

Nigerian Breweries Plc has acquired an 80 per cent stake in Distell Wines and Spirits Nigeria Limited. This was reported in a statement filed with the Nigeria Exchange Limited on Saturday. At the company’s pre-AGM media briefing, the Managing Director/Chief Executive Officer of NB Plc, Hans Essaadi, said that the firm was eyeing June to close the Distell Nigeria deal to boost its Beyond-Beer agenda and strengthen its share in the wider beverages market. The transaction just got completed and it followed the approval south Africa Reserve bank. “This acquisition is part of efforts to provide access to a complementary…

The amount being owed Power generation companies in Nigeria has risen to ₦3.7tn. This, according to the companies is a threat to further electricity production. Electricity producers under the aegis of the Association of Power Generation Companies drew the attention of the Federal Government and key stakeholders to the need to urgently address the issue of inadequate payment for electricity generated by GenCos and consumed on the national grid. They said the inadequate payment is currently threatening the continued operation of their power generation plants, according to a statement issued in Abuja on Sunday by the Board Chairman, Power Generation…

The Central Bank of Nigeria (CBN) intervened five times in the FX market as a result of the foreign currency scarcity pressure. A report noted that the apex Bank injected $33 million to boost FX liquidity in the market as a response to negative exchange rate movement. The CBN decision to sell the US dollar was connected to sustained decline in the value of naira to US dollar and other currencies in the forex market. The naira, however, remained depressed as demand for foreign currency outweighed the volume of US dollars available. The apex bank reiterated its decision to stick…

The Naira continues to experience crash in value despite the central bank fifth intervention in the foreign exchange market. The underperformance in naira has affected some major investment firm including Goldman Sachs, Financial Derivate Companies, Renaissance, and others. Nigeria’s foreign exchange crisis got so bad last week that even the monetary authority’s FX injections was unable to reverse the downtrend. Despite the Central Bank of Nigeria injection of US dollar worth $338 million in the foreign exchange market, the exchange rate closed weaker. Naira’s exchange rate has been fluctuating between ₦900 and ₦1500 per US dollar. Other naira bulls’ investment…