Author: Aishat Olalere

Central Bank of Nigeria meets this week for its 293rd Monetary Policy Committee (MPC), meeting Nigeria’s foreign exchange crisis, interest rate volatility, inflation rate spikes and many other pressing issues will take centre stage. This will be the CBN’s first Monetary Policy Committee (MPC) meeting under Governor Yemi Cardoso and his recently appointed committee members. It would be recalled that the MPC last met in July 2023 and was presided over by the then-acting CBN governor, Folashodun Shonubi. The meeting will be for two days. In January 2024, the CBN disclosed the scheduling of the MPC meeting, to be presided…

The Central Bank of Nigeria has introduced strict measures for annual school and medical fee payments for BDCs. The bank places an annual $10,000 limit for school fees and $5,000 for medical bill payments with comprehensive documentation. The apex bank said the measures are part of plans to streamline the activities of the BDCs in Nigeria and strengthen the naira. The Central Bank of Nigeria (CBN) is reportedly planning to introduce strict measures on purchasing foreign currencies via Bureau de Change (BDC) operators in Nigeria regarding transactions on overseas medical and educational expenses. The apex bank said this is part…

Nigeria has 25 licensed modular refineries. The refineries are facing problem of in ability to access foreign exchange for the purchase of crude oil, a commodity prices in United State dollars which is leading to threat of shut down operations. They explained that the scarcity of dollars had made it almost impossible for operators to purchase crude oil, as the modular refinery players and oil marketers demanded for the sale of crude oil in naira from the Federal Government. The modular refinery operators, who spoke under the aegis of Crude Oil Refinery Owners Association of Nigeria, also lamented that the…

The Morgan Heritage band has a special relationship with Kenya and former president Uhuru Kenyatta. Peetah Morgan, during a past concert in Kenya, said they respected Uhuru because he was a game-changer in global politics. The late Peetah also explained that Uhuru was held in high regard in Jamaica because he was a scion of Kenya’s founding president, Mzee Jomo Kenyatta. The reggae fraternity worldwide is mourning Morgan Heritage lead singer Peter “Peetah” Morgan, who passed away on Sunday, February 25. The Morgan family confirmed the sad news and did not close the cause of death, urging the public to…

Kileleshwa MCA Robert Alai has condemned the attack on Nairobi county enforcement officers in South C .On Saturday, February 24, the enforcement officers were attacked while inspecting a property under construction. Alai called for the suspension of the licence, saying those behind the attack should be arrested and prosecuted. Several Nairobi county enforcement officers are nursing serious injuries after they were attacked by goons in South C. The officers had gone to inspect a property allegedly being constructed on a public plan when they were attacked by construction workers. The attacker attracted outrage as a section of Kenyans called for…

The Nigerian Institute of Town Planners (NITP) President, Nathaniel Atebije, lamented at the institute’s quarterly press conference held in Abuja recently with the theme “Wake up, Nigeria, and put on strength” that the total lack of physical planning on new sites being developed by the Federal Government. Atebije queries the government’s adherence to fundamental technical processed before the commencement of the 3112 housing unit under the Renewed Hope cities. He also added that the essence of the conference was to undertake serious diagnosis of issues related to the growth and development of the country, particularly as it relates to the…

Osun Central, Senator Ajagunnla Olubiyi Fadeyi, has advised President Bola Tinubu to urgently convene a national stakeholders engagement forum that will create lasting solutions to the hardship in the economy as the cost of living worsens and rising insecurity. Fadeyi said that as a lawmaker who is close to the people, the situation in the country has reached a level where leaders must come together and fix the problem. He commended the president for providing palliatives to Nigerians. however wondered why the reliefs were not getting to the targeted beneficiaries. Fadeyi Responded to questions on his assessment of the state…

The Manufacturers Association of Nigeria , MAN indicated that the level of unsold inventory goods is escalating which is affecting the existence of companies operating in the production sector of the economy and leads to attendant losing their jobs. It was stated that this is caused as a result of pressure in the foreign exchange market and high cost of production. The naira traded for N471 per dollar in the official I&E market on June 13, 2023 before the floatation of the currency, but exchanged for N1,665.50 to a dollar as at February 23, 2024 on the Nigerian Foreign Exchange…

The Chief Executive Officer of National institute of Credit Administration (NICA), Prof, Chris Onalo said in a statement that the economy would develop faster as productivity increase in the country. He said that individuals and businesses should brace up for a new dimension in the country. Onalo encouraged a new economic dimension that would promote credit availability to individuals and businesses, to increase capacity for productivity in the economy. However, he added that individual and businesses have access to credit. He said, “In the new economic dimension, businesses should be driven strictly on credit. The new dispensation should promote buying…

The Central Bank of Nigeria went ballistic against foreign exchange whales, influencing the direction of local currency exchange rate. The Nigerian Naira suffered a big blow in the foreign exchange market as a result. During the intraday trading session on Friday, the forward rate peaked at N1805, at the low band, the forward rate was quoted at N1301 while the volume of US dollars transacted at the autonomous FX window printed at $151.93, according to data obtained from FMDQ platform. Data from the FMDQ platform which displays daily exchange revealed that the naira depreciated to N1,665.50 per US dollar on…