Buhari and APC have no economic programme for Nigerians – PDP chieftain

​ Chairman of the Ekiti State Chapter of the Peoples Democratic Party, PDP, Mr Gboyega Oguntuase, has blamed Nigeria’s current challenges on alleged bad policies and non-listening nature of President Muhammadu Buhari and his party, the All Progressives Congress, APC. Speaking in Ado-Ekiti, the state capital, Oguntuase said the Buhari-led Federal Government has failed Nigerians by not living up to its campaign promises. Oguntuase stated that it is clear that Buhari and APC have no economic programme for Nigerians . He said, “With what we are witnessing today, it is…

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Forex policy: CBN Governor, Emefiele reacts to Sanusi’s criticism

 Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, has reacted to commens on foreign exchange policies by the Emir of Kano, Sanusi Lamido Sanusi. Sanusi, a former CBN Governor, had at the 15th Joint National Council on Development Planing meeting in Kano, criticized President Muhammadu Buhari’s endorsement of CBN’s foreign exchange policies, adding that it encourage corruption. Speaking at the National Institute for Policy and Strategy Studies (NIPSS), shortly after he delivered a lecture titled “Managing Monetary Policy in Turbulent Time,” the CBN governor said it was better to…

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What is President Buhari doing with the economy? Garba Shehu writes

In the face of the recent report by the National Bureau of Statistics that the economy is in recession, Senior Special Assistant to the President on Media and Publicity, Garba Shehu, wrote this article explaining what President Buhari is doing with the economy. Read below: LET me start by asking an important question: who wants to kill racy introspection?xxx There is a cacophony of voices telling the Muhammadu Buhari administration to close its eyes to the past; that given the enormous tasks that lie ahead, history and its consequences for…

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Indonesia, Nigeria trade volume falls to $1.75bn from $4bn

The Indonesian Ambassador to Nigeria, Amb. Harry Purwanto, said the volume of trade between Nigeria and his country reduced to 1.75 billion dollars in 2015 from four billion dollars in 2014.Purwanto made this known in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday. He said that the signing of economic and technical agreement in 2001 had been of benefit to both countries, but added that interactions between the countries were slowing down.From 2001 till now is some period of time and I think up till…

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Nigeria Lost $ 30bn Oil Revenue In One Year – NEPC Boss

A whopping amount of $ 30 billion in oil revenue was lost by Nigeria between 2014 and 2015 , the Executive Director , Nigerian Export Promotion Council ( NEPC ) , Olusegun Awolowo , has disclosed . Mr . Awolowo stated this in Abuja at the batch 3 graduation ceremony of 38 Zero to Export Capacity Building Programme beneficiaries . He said : “ There is no doubt that the essence of our gathering today underscores the crucial role that non -oil export sector is expected to play in the…

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Central Bank Of Nigeria Bars Nine Banks From Forex Transactions

The Central Bank of Nigeria CBN yesterday barred 9 commercial banks from participating in Foreign Exchange transactions. The banks were suspended for failing to remit funds from NNPC into the Treasury Single Account TSA. See the list of the nine suspended banks and how much they failed to remit below: – United Bank for Africa (UBA) -$530m – First Bank of Nigeria (FBN)- $469m – Diamond Bank Plc-$287m – Sterling Bank Plc-$269m – Skye Bank Plc -$221m -Fidelity Bank -$209m – Keystone Bank- $139 – First City Monument Bank (FCMB)…

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FirstBank names Patrick Iyamabo as new Chief Financial Officer

First Bank of Nigeria Limited, Nigeria’s most valuable banking brand and foremost financial institution, Tuesday announced the appointment of Mr. Patrick Iyamabo as its new Chief Financial Officer (CFO). The appointment follows the elevation of the former CFO, Dr. Adesola Adeduntan to Managing Director/CEO of the Bank. Mr. Iyamabo’ s appointment, which is still subject to approval by the Central Bank of Nigeria (CBN), is consistent with FirstBank’s focus on corporate governance and best practice, and ensuring a balance of knowledge, judgment and experience at the highest decision making level…

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Naira continues fall against dollar

he Naira on Wednesday depreciated further against the dollar, amid last minute perfection of documentation by Bureau De Change (BDC) operators, the News Agency of Nigeria (NAN) reports. The Nigerian currency lost one point to exchange at N394 to the dollar at the parallel market; while it traded at N505 and N440 against the Pound Sterling and the Euro, respectively. At the BDC segment of the market, the naira exchanged at N393, N504 and N437 to the dollar, Pound Sterling and the Euro respectively. However, the naira appreciated at the…

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CBN Governor, Emefiele emerges President of African Central Banks

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has been elected as the President of the Association of African Central Banks (AACB). Emefiele, who was elected at the 39th Ordinary meeting of the Assembly of Governors of the AACB, will be president of the association for the year 2016 to 2017. This is contained in a communiqué issued in Abuja on Friday., adding that he would succeed Lucas Nchama, Governor of the Banque des �tats de l’Afrique Centrale (BEAC). Also elected were the governor of Banque…

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Federal government deducts N32bn from States’ allocation over debts incurred

Federal Government has deducted a total sum of N32bn from the allocations of states from the Federation Account in the month of April 2016 for different loans they incurred. In a report by the Economic Confidential, the economic intelligence magazine, Osun state appears to be the worse hit by the development and ranks number one, as its allocation for the month of April 2016 totalling N2.030 billion was wiped away by a deduction of N2.391 billion leaving a deficit of N361 million to be paid in the subsequent month by…

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