Foreign Investors Boost Foreign Exchange Supply

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By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Ahmed Rahma The co-Chair of the World Health Organization (WHO) pandemic review panel, Ms Ellen Johnson Sirleaf, has expressed disappointment over the unequal roll-out plan of the COVID-19 vaccine. The former Liberian President expressed her dismay over the issue at the WHO Executive Board Meeting on Tuesday, lamenting that this will not make the jabs widely available in Africa until 2022 or 2023 based on current the plan. “The panel is discouraged and frankly disappointed by the unequal plans for vaccine rollout,” she said. Recall that in November 2020, all the 47 countries in the WHO African Region have

By Adeniyi Ogunfowoke ATMs have made sending and receiving cash very easy. You don’t really need to visit the bank to perform banking transactions. However, with the increased use of these machines, ATM related fraud has increased. In some cases, you will receive alerts when you have not used your card. So, don’t just insert your ATM card in any machine. We gather some signs to look out for whenever you use an ATM. Pinhole camera Almost every ATM comes with a pinhole camera. The camera captures every person who uses the machine. So, before you use the machine, you

By Modupe Gbadeyanka Director-General of the National Biotechnology Development Agency (NABDA), Prof. Lucy Ogbadu, has disclosed that the agency would soon introduce genetically modified crops into Nigeria. According Prof Ogbadu, the Federal Government has approved some GM crops and in two years’ time, they would be released in the country. She gave the names of the government’s approved GM crops as rice, beans and sorghum. Speaking at a special session of the Open Forum for Agricultural Biotechnology held at the Ministry of Communications in Abuja on Wednesday, the NABDA boss noted that at the moment, the crops were going through

By Nneka Okumazie The wisdom that a campaign against a preacher means enlightenment is ridiculous. The conclusion that an individual is smart because of their ability to just hate and criticize is even more ridiculous. The possession of the video of a service that concerns a church, their members and the preacher, for use as a public weapon to attack Christianity is advanced folly. The first test of how smart, majority of those involved in this campaign are, is just their ability to repeat stuff, or to help others feel cheated or to question what was never for them –

By Investors Hub The major U.S. index futures are currently pointing to a roughly flat opening on Monday as traders look ahead to several key events later this week. Traders may be reluctant to make any significant moves ahead of the announcement of the Federal Reserve?s latest monetary policy decision on Wednesday. The Fed is widely expected to leave interest rates unchanged, although the accompanying statement and Fed Chairman Jerome Powell?s subsequent press conference are still likely to attract attention. Traders are also likely to keep a close eye on the Labor Department?s monthly jobs report scheduled to be released

By Modupe Gbadeyanka More than 3,500 Central Bank of Nigeria (CBN)-licenced Bureaux De Change (BDC) operators under the aegis of Bureaux De Change Operators of Nigeria (AMCON) will meet in Lagos on Wednesday, January 10, 2018. The forex traders will hold the meeting at the Gloval Hall, Lagos to discuss key challenges facing the sector especially on rate convergence for banks and BDCs s well as rising bank charges on BDCs’ transactions. According to president of ABCON, Mr Aminu Gwadabe, negative margins being experienced by BDCs, review of annual license renewal in view of the number of the BDCs, and

By Modupe Gbadeyanka Market sentiments remained weak on Wednesday as pressure continued to mount on the Nigerian Stock Exchange (NSE). Stock market analysts believed news of an alleged attempt by the Senate to install the Senate President, Mr Bukola Saraki, as the Acting President yesterday sent a wrong signal to investors, who held back to observe latest political happenings in the country, especially with the absence of President Muhammadu Buhari in nearly two months now. Nigerians have continued to react to the development, with many heavily criticising the upper legislative chamber of the National Assembly for the alleged attempt, which

By Oremade Oyedeji For the purpose of understanding for non-Muslim readers, Adhan is the Islamic call to prayer (salah). One such was made by Oluseye Akanmu-Bode to mark Nigeria’s 62nd independence day celebration. In what was described as a civic engagement and enlightenment project as well as prayer for a better government in Nigeria, Oluseye organised the event on Zoom for a global audience and participants titled Atiku Oyoyo. The high point of the event was the presentation of the keynote address by American-based Bruce Delvalle, who spoke passionately and extensively about Nigeria. He noted that the failure of governance