The naira recorded further gains against the United States dollar on the parallel market on Wednesday, reversing losses it made earlier in the week. Specifically, the naira rose to ₦505/dollar on February 22, up from ₦512/dollar on Tuesday, as the Central Bank of Nigeria started increasing dollar supply on the official market. The regulator had on February 20 introduced a new forex policy action aimed at boost forex supply to enable commercial lenders to meet the
There is a situation in the South-West and North-West regions of Cameroon. These, the only English-speaking regions in the country, account for about 19 percent of the population.
In November 2016, lawyers and teachers took to the streets to protest against perceived marginalisation and the use of French in courts and schools in the English-speaking regions of the country.
The government responded by sending soldiers and military police to suppress the protests. The
Acting President Yemi Osinbajo has nominated Walter Onnoghen as the substantive Chief Justice of Nigeria, in a move set to usher in the first southern head of the Supreme Court in three decades. The decision was announced in a tweet from President Buhari’s Twitter account shortly before noon on February 8. It came a day after Osinbajo’s office told online newspaper, Premium Times that Onnoghen’s name could still be forwarded before the February 10 deadline stipulated
Dan Azumi moved back home to Sanga in Kaduna in 1994 with his parents. Some of his siblings are married and reside in Fadan Karshi. His late sister, Ande, got married to a Gwandara man and they had five children.
According to Dan, his village was attacked by some Fulani who the villagers claimed had a week prior, sent a letter informing the community they would be carrying out a raid of the community. Men and young adults formed a vigilante group. At about 10pm on the
The three tiers of government received a total of ₦4.95 trillion instead of the ₦6.1 trillion projected to be distributed to them in the 2016 fiscal year from the Federation Account Allocation Committee, new data shows. This created a ₦1.1 trillion shortfall within the 12-month period. The federation account is currently being managed by a legal framework that allows funds to be shared based on three major components – statutory allocations, Value Added Tax
The African Union’s re-admittance of Morocco brings to an end a 33 year old dispute that began in 1984 when members of the then Organisation of African Unity—including Nigeria—voted to admit the Sahrawi Arab Democratic Republic (a partially recognized state that controls a thin strip of area in the Western Sahara) into its fold, despite protests from Morocco which has laid claim to the territory.
Western Sahara, a sparsely populated region in the Sahara Desert
Nigeria has endured a week of rumours surrounding the health of President Muhammadu Buhari. “News” of his purported death in London had gone viral on social media on January 20, forcing the President’s media aide, Garba Shehu, to deny the speculation on his Twitter handle. Transport minister, Rotimi Amaechi, told Arise TV on January 23 that “the president stood for one hour and if he is not fit he would have collapsed. I do not think we should discuss president’s
Economic setbacks among Nigeria’s states as a result of dwindling revenue may be far from over, as federal allocations remain low, while businesses face the challenge of recession, leading to failing tax earnings for government. A Partner, Tax and Regulatory Services at Deloitte Nigeria, Lagos, Abayomi Olugbenro, warned that the troubling operating environment would reflect in the revenue of state governments and VAT. Speaking on recessionary impact on states’
The CBN has retained the MPR at 14 percent. According to the regulator, the need to watch and re-assess the challenges that confronted the economy in 2016 and the opportunities for recovery in 2017 informed its decision against calls by some stakeholders for a cut in the rates to engender credit as a means of spurring national growth. Accordingly, it maintained all the policy rates at their subsisting levels: MPR at 14 percent; CRR at 22.5 percent; and Liquidity
In December 2016, SBM Intelligence was commissioned to do a study on the FX market. The report was delivered, and the client granted permission for an updated and redacted version to be released to the public six weeks after the presentation of the original report.
Being a largely import dependent consuming economy, Nigeria needs foreign exchange in order to function. This has been the story for half a century at least.
The Nigerian FX market has evolved over the years