Economy

Coronavirus recession could be worse than 2009 – IMF

The world economy is facing “severe” economic damage from the coronavirus pandemic that could be even more costly than in 2009 and will require an unprecedented response, IMF chief Kristalina Georgieva said Monday. Georgieva called on advanced economies to provide more support to low income countries, which face a massive[Read More…]

Corona Virus: LCC Ends Cash Payments Across All Locations

As part of measures to curtail the spread of the deadly Coronavirus, the Lekki Concession Company (LCC) has said there will no longer be cash payments across all its locations beginning from today, March 23, 2020 “We have therefore taken the difficult decision to temporarily reduce physical contacts and interaction[Read More…]

Breaking: CBN orders bureaux de change operators not to sell dollars higher than N380

The Central Bank of Nigeria (CBN) has directed that bureaux de change operators in the country must not sell dollars higher than N380 to end users. This is compared to the previous N360/$ exchange rate. This is contained in a memo signed by O.S. Nnaji, director of the apex bank’s[Read More…]

Coronavirus: CBN announce 100 billion naira loan support for health laboratories

The Central Bank of Nigeria has announced 100 billion naira loan support for health laboratories in the country. This according to Mr Godwin Emiefele is part of the CBN’s intervention in the economy following the impact of COVID 19. Mr Emiefele, the Central Bank Governor further stated that that the[Read More…]

How deadly Corona Virus Is Crippling Nigeria’s Travel Industry

At the end of December 2019, the existence of a new virus was reported to the World Health Organization. This virus, now known as the Corona Virus or COVID-19; spread quickly in the city of Wuhan and throughout China and by March 13, 2020, there were nearly 148,000 cases globally;[Read More…]

Naira crashes in value, dollar sells for N420 at Bureau De Change

On Thursday, the naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market. The President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said the crude oil price which fell drastically in the international market to as low as $35[Read More…]

NNPC GMD warns as crude oil price drops to $22, urge Nigerians to be ready for tougher days

Mele Kyari, the group managing director of the Nigerian National Petroleum Corporation (NNPC), says Nigeria would be out of business if the price of crude oil drops as low as $22. NAN reports that Kyari was speaking on Wednesday at a consultative roundtable meeting organised by the Central Bank of Nigeria[Read More…]

Aliko Dangote has said Nigeria needs to take more seriously the issue of diversification of the economy

Popular business mogul and the Chairman of Dangote Group, Aliko Dangote has called for more seriousness in handling diversification of Nigeria’s economy. The tycoon disclosed this on Wednesday while addressing participants at a consultative round table organised by the Central Bank of Nigeria (CBN), in Abuja. Channels Television report that Dangote lamented[Read More…]

Nigeria has overtaken South Africa as the biggest economy in Africa

Nigeria has overtaken South Africa as the biggest economy in Africa as the latter enters its second recession in two years. South Africa’s Gross Domestic Product shrank by 1.4 per cent in the fourth quarter of 2019, following a revised 0.8 per cent contraction in the third quarter, data from[Read More…]

Presidential Committee led by Buba Marwa (rtd) wants Govt to Scrap alcohol adverts to discourage use

The Presidential Advisory Committee for the Elimination of Drug Abuse has recommended cutting out adverts for recreational drugs like alcohol to discourage its use. The Committee’s Chairman, Brig. Gen. Buba Marwa, revealed this on Monday while being interviewed on Sunrise Daily  on Channels Television, over the country’s drug abuse problem. “You[Read More…]