Finance articles

2019 elections will gulp N242.4 billion – Buhari

Nigeria’s President Buhari, on Tuesday told the National Assembly that the 2019 elections will cost N242.4 billion. The President disclosed this in a letter to the Senate on Tuesday which was read on the floor during plenary. According to Buhari, implementing a budget of N9.12 trillion for 2018 would be extremely challenging and therefore did

CBN injects $210 million into foreign exchange market

The Central Bank of Nigeria (CBN), on Tuesday injected $210 million into the inter-bank Foreign Exchange market to meet customers’ requests in various segments of the market. The CBN acting Director, Corporate Communications, Isaac Okoroafor, said that the CBN offered $100 million to authorised dealers in the wholesale segment of the market. Mr Okoroafor said

PDP Demands Adeosun’s Immediate Sack, Arraignment

The Peoples Democratic Party (PDP) has called on President Muhammadu Buhari to immediately sack, arrest and arraign the Minister of Finance, Kemi Adeosun over the alleged use of fake NYSC certificate. The Party in a statement signed on Sunday by its National Publicity Secretary, Kola Ologbondiyan, said President Buhari should not provide a cover for

Cybercrime Act: CBN orders MMOs, others to comply with remittance of levy

The Central Bank of Nigeria (CBN) on Wednesday directed Mobile Money Operators (MMOs) and other electronic payment service providers to comply with the collection and remittance of levy for the national cybersecurity fund. Dipo Fatokun, Director, Banking and Payments System Department, CBN, issued the directive via a circular titled, “Compliance with the Cybercrime (Prohibition, Prevention,

Naira stable at N360/$ at parallel market

The Naira maintained N360 to the dollar at the parallel market on Monday in Lagos. The Nigerian currency had been trading at N360 to the dollar for four days running, while the Pound Sterling and the Euro closed at N486 and N420, respectively. Trading at the investors’ window saw the naira close at N361.40 with

N5.4trn debt: AMCON to seize assets of debtors

The Assets Management Company of Nigeria (AMCON) has said that there will be no more room for negotiation with obligors as the company is now set for a new stage which is complete assets take-over. Managing Director and Chief Executive Officer of AMCON, Mr. Ahmed Kuru, who disclosed in Abuja on Sunday, said that the