The Nigerian naira is on the verge of breaking the 1,000 naira per dollar barrier, approaching an official record low of 999 naira last week, as reported by Refinitiv data. The naira’s recent depreciation is primarily attributed to its performance in the unofficial market, where it is allowed to trade freely. Reuters has extensively covered Read More…
Business
Maritime stakeholders discuss challenges and prospects for Nigeria’s adoption of the maritime single window system
Maritime stakeholders convened during the Nigerian Chamber of Shipping (NCS) virtual breakfast meeting in October 2023, discussing the pivotal factors required for Nigeria to embrace the Maritime Single Window (MSW) system, with an emphasis on political will, legal frameworks, and essential technological skills. This system is expected to enhance the efficiency and competitiveness of the Read More…
[Corrected] Financial guru expresses concern over secret approval of securitisation of Ways and Means advances by the National Assembly
Financial consultant, Mr. Tilewa Adebajo, has criticised the Senate for secretly approving former President Muhammadu Buhari’s request to securitise Nigeria’s Ways and Means advances. Adebajo pointed out that this action essentially transforms Nigeria’s substantial Ways and Means indebtedness into further loans in the form of bonds and other securities. He explained, “Securitisation means the government Read More…
Ex-ICAN boss calls for constitutional amendment to mandate President to present annual audited accounts to NASS
Former president of the Institute of Chartered Accountants of Nigeria (ICAN), Ismaila Muhammadu Zakari, has urged the National Assembly to consider a constitutional amendment that would require the president to present the annual audited accounts before the National Assembly. Zakari’s proposal mirrors the process of seeking legislative approval for the budget, aiming to enhance transparency Read More…
Naira hits record low of 1,300 per dollar on black market
Nigeria’s national currency, the naira, plunged to an unprecedented low of 1,300 against the US dollar on the black market, according to data from online platform abokiFX. This decline can be attributed to reduced trading activity on the parallel market and a scarcity of dollars on the official market. The naira’s value has been in Read More…
[Corrigendum] Transparency concerns in Lagos State as audit reports remain unpublished and Auditor-General confirmation lags
In a recent development, we published a story concerning the absence of audit reports from the Lagos State Government since 2019 and the delay in the appointment of an Auditor-General. However, we have since discovered that our initial report contained inaccuracies. The Lagos State Government did, in fact, publish audit reports for the years 2020, Read More…
VP Kashim Shettima urges West African capital markets to combat Ponzi schemes with digital products
The Vice President, Sen. Kashim Shettima, has issued a call to action for West African capital markets to embrace digital products as a means to deter the youth from falling victim to Ponzi schemes. He made this appeal during the opening ceremony of the third West Africa Capital Market Conference (WACMaC) held under the theme Read More…
Minister assures foreign investors of a secure and prosperous haven in Nigeria
During a press briefing after the 2023 Nigerian Economic Summit in Abuja on Wednesday, the Minister of Budget and Economic Planning, Sen. Atiku Bagudu, expressed his conviction that Nigeria provides a secure and promising environment for foreign investors. He emphasised the nation’s investment potential despite ongoing challenges and highlighted the proactive efforts of President Bola Read More…
Sanwo-Olu assures manufacturers of continued support for business growth
Lagos State Governor, Babajide Sanwo-Olu, reiterated the state government’s unwavering commitment to supporting manufacturers and fostering the growth of their businesses within the state. He made this assurance during the completion ceremony of the first 2,000 vehicles assembled by GAC Motors in Ikeja, Lagos, marking a significant milestone for the indigenous automotive industry. The event, Read More…
U.S. Dollar gains as economic data highlights its strength
The U.S. dollar exhibited strength against a basket of currencies on Tuesday, buoyed by a flurry of fresh economic data underscoring the robustness of the U.S. economy compared to the United Kingdom and the European Union. S&P Global reported an uptick in U.S. business output for October, with the manufacturing sector pulling itself out of Read More…