American multinational financial services firm, JP Morgan has said that Nigeria will soon benefits its decision to float the naira despite initial inconvenience. The reputable financial institution applauded the decision of the federal government to erase the multiple exchange rate which many analysts say was hampering the economy. According to the analysis of JP Morgan, the decision means that the naira will stabilise and gain against the dollar in months to come. It said, “While it will take a few days for USD/NGN spot to settle, we fully expect an initial overshoot towards the parallel market rate of -750 or…
Author: Victor Fola
President Bola Tinubu has unveiled eight of his special advisers. Acccording to a statement State House Director Information, Abiodun Oladunjoye, the President appointed Dele Alake as his Special Adviser of Special Duties, Communications and Strategy and Yau Darazo as Special Adviser on Political and Intergovernmental Affairs. Tinubu also Nuhu Ribadu as his Special Adviser on Security and Wale Edun as Special Adviser on Monetary Policies. The President appointed Olu Verheijen as Special Adviser on Energy and Zachaeus Adedeji as Special Adviser on Revenue. Others are John Uwajumogu (Special Adviser, Industry, Trade and Investment), and Salma Anas (Special Adviser, Health).
Suspended Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, is currently in custody of the Department of State Services (DSS). It was learnt that Bawa arrived the headquarters of DSS at about 9:02pm. More details to follow
The Nigerian stock market reacted positively following the unification of forex by the Central Bank of Nigeria. The market on Wednesday extended its gains as it continues its upward trajectory since the assumption of office of President Bola Ahmed Tinubu. Investors continue to remain optimistic while taking favourably to the latest development that the central bank will now buy and sell forex at market-determined prices. This development has sparked renewed enthusiasm and confidence among market participants extending the stock market rally to two days after a slew of positive announcements by the Tinubu administration. The benchmark All Share Index (ASI)…
The Central Bank of Nigeria (CBN) has announced the unification of all segments of the forex exchange (FX) market. This was revealed in a circular on Wednesday. According to the apex bank, all FX windows are now collapsed into the investors & exporters (I&E) window. The CBN stated the move is part of a series of immediate changes to operations in the Nigerian FX market. The statement reads, “Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters (I&E) window Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks,”…
The All Progressives Congress (APC) in Osun State has claimed that it does not know to which party the former governor and ex-interior Minister, Rauf Aregbesola, belongs. Speaking with journalists at an event organised to welcome him, the immediate past senate spokesperson, Dr Ajibola Basiru said the former Minister failed to work for the party nor the President, Bola Tinubu during his electioneering campaign or election. According to the former senator, Bisi Akande, Gboyega Oyetola stood by the party and its candidates through thick and thin. They are our leaders and we will continue to accord them appropriate respect and…
Counsel to the Independent National Electoral Commission (INEC), Kemi Pinero has accused the Labour Party (LP) of unnecessarily stalling the presidential election petition tribunal. Recall LP alongside the PDP are in court challenging the pronouncement of Bola Tinubu of the All Progressives Congress (APC) as winner of the presidential election on March 1 by the Independent National Electoral Commission, INEC. But it seemed the LP as against its claims of having witnesses and evidences to invalidate the outcome of the 2023 presidential election are merely frittering away the time of the tribunal. Speaking during proceedings on Wednesday, Livy Uzoukwu, lead…
The Central Bank has given ‘free reins’ to the commercial banks and dealers in the forex market to sell forex at a market-determined rate. This is in line with the promise of President Bola Tinubu to unify the multiple exchange rate in the market. More details to come…
The new President of the Senate, Godswill Akpabio, says the 10th Senate will work to renew the hope of Nigerians via people-oriented legislation, given the nation’s current state. He said the Senate would also ensure an improved revenue stream and proper oversight of MDAs to reduce the waste of resources. Mr Akpabio said this shortly after his election as president of the 10th Senate. According to him, the country is at a crossroads, grappling with many challenges. ” We have just Inherited an economy that requires renewal and revitalisation, I want to thank our President, Bola Tinubu and Vice President,…
Newly elected speaker of the house of representatives, Tajudeen Abass has assured that under his watch, the parliament will work in harmony with the executive and judiciary arms of government. Abbas said this on Tuesday while delivering his inaugural speech after he was elected as speaker. The legislator said he would work “tirelessly” to deliver good governance and effective representation to the people. He stressed that he would not take for granted the mandate bestowed on him, adding that he would be just and fair to every member irrespective of “our perceived differences”. “I shall operate a house that you…