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To most oil-producing countries like Nigeria, the report that oil prices have crossed $70 per barrel for the first time in over a year would be great news. However, the reason for the increase is not a very palatable one. This Monday, Houthi rebels attacked a major oil facility in the world’s largest oil exporter,…
Recently, a bill seeking an amendment to the 1999 Constitution by removing matters relating to wages from the Exclusive Legislative List to the Concurrent Legislative List, narrowly passed its second reading. The legislation is titled ‘A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 (as amended) to, Among…
Ngozi Okonjo-Iweala, Nigeria’s two-time minister of finance would finally be resuming in Geneva this March as the Director-General of the World Trade Organisation. In the course of her campaign for the coveted position, a lot of calculations were made and diverse steps taken. Some were aimed at boosting her chances for the position, while others…
The Federal Government launched the National Cybersecurity Policy and Strategy (NCPS) 2021 on 23, February 2021. The National Cybersecurity Policy and Strategy 2021 is a follow-up on the National Cybersecurity Policy and Strategy 2014. According to President Muhammadu Buhari, having achieved numerous cybersecurity milestones over the past six years, it became necessary to review the…
The Nigerian Insurers Association (NIA) has revealed recently that there are over 12 million registered vehicles in the country. Lagos State alone is said to have 5 million vehicles. Despite this large number of vehicles, the industry says that it loses millions in unpaid premium. About 9.64m vehicles have been revealed to hold fake motor…
Nigeria’s banking sector is the second-largest in sub-Saharan Afrifter South Africa. Total assets in August 2019 amounted to N39.6 trillion although some small and mid-sized Nigerian banks are still struggling to rebuild capital levels. This is following a decline in oil prices which led to a foreign-currency shortage. The 2016 recession also affected banks as…
The Central Bank of Nigeria (CBN) has revoked the licenses of seven Payment Service Providers (PSPs) and one switch service provider, following their inability to meet up with key statutory obligations. According to an official gazette obtained from CBN’s official website, the affected PSPs include: Transaction Processing System (TPS), Easifuel Limited, Paymaster Limited, Grand Towers…
The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) to close all ‘Naira General Ledgers’ used by the lenders to remit naira to Diaspora remittances beneficiaries. Godwin Emefiele, CBN Governor made this known in a statement titled ‘Improving Remittance Inflows into Nigeria’. He stated that the Naira General Ledgers are channels whereby…
At the parallel market this week, the naira gained N30 from the previous peak of ₦500/$1. The exchange rate between the naira and the US dollar closed at ₦470/US$1 in the parallel market on Monday. The rate also closed at ₦470/US$1 on Wednesday and Tuesday. Read Also: Naira Declines in Parallel Market For the British…
There are worries for Okonjo Iweala as the US wants the race for the World Trade Organisation ( WTO ), Director General, reopened. The US once again talked down the Nigerian candidacy following Trade Representative, Robert Lighthizer’s commentary that an experienced handler is needed for the high profile job. Lighthizer, who was speaking to BBC…
