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Economy

It’s always about the economy, stupid…

Economy

Nigeria’s Central Bank Directs Banks to Lift $10,000 Restrictions on Domiciliary Accounts

Doyin Ajayi | Sub-Editor -
ABUJA, Nigeria - The Central Bank of Nigeria, CBN, has directed all banks to allow customers unrestricted access to their domiciliary account funds. As per...
Economy

Nigerians Brace for More Hardship as Tinubu Government Set to End Electricity Subsidies

Inah Emmanuel | News Reporter -
LAGOS, Nigeria - Nigerians are bracing for a significant increase in electricity tariffs, potentially over 40%, in the coming days. The hike is seen as...
Economy

Nigeria’s Daily Petrol Consumption Drops to 40 Million Litres Following Subsidy Removal

Inah Emmanuel | News Reporter -
ABUJA, Nigeria - The removal of fuel subsidies in Nigeria, as announced by President Bola Tinubu on May 29, 2023, has led to a...
Economy

Nigerian Government Grants Petroleum Import Licences to 6 Firms

Hope Sampson | Sub Editor -
ABUJA, Nigeria - The Federal Government of Nigeria announced on Monday, June 19, 2023, that it has granted approval to six new companies to...
Economy

Decentralising Currency Control: CBN Mandates Banks to Determine Forex Rates

Inah Emmanuel | News Reporter -
ABUJA, NIGERIA - The Central Bank of Nigeria, CBN, has announced on Wednesday, June 14, 2023, that it will now allow commercial banks to...
Economy

Nigerian Government to Make N124.26 Billion Annually from New 0.5% Import Tax

Inah Emmanuel | News Reporter -
ABUJA, Nigeria - The Federal Government of Nigeria is expected to generate an estimated N124.26 billion annually following the introduction of a 0.5% import...
Business

SEC Bans Binance Amidst Crypto Exchange’s Worldwide Legal Trouble

Manny Akpan | Business & Economy Editor -
ABUJA, Nigeria - Nigeria’s Securities and Exchange Commission, SEC, has outlawed the operations of Binance, the world's largest crypto exchange, in the country, declaring...
Economy

Fuel Subsidy: NLC Warns Petrol Price May Hit N1,000 per Litre by December 2023

Inah Emmanuel | News Reporter -
ABUJA, Nigeria - The Nigeria Labour Congress, NLC, has cautioned that the pump price of Premium Motor Spirit, PMS, also known as petrol, could...
Economy

Medical and Dental Practitioners Association Rejects Fuel Subsidy Removal, Endorses NLC Protest Action

Pius Godsday | Politics Reporter -
ABUJA, Nigeria - The National Association of Government General Medical and Dental Practitioners, NNPCL, has strongly criticised the President Bola Tinubu's decision to remove...
Economy

OPEC Takes Action: Nigeria’s Oil Output Cut by 20.7% to Balance Global Market

Manny Akpan | Business & Economy Editor -
VIENNA, Austria - The Organisation of Petroleum Exporting Countries and its allies, OPEC, has decided to cut Nigeria’s oil output, excluding condensate, by 20.7%...
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