Business - Page 114

Why Inflation Is Rising Rapidly In Nigeria

Inflation Rate: Nigeria, US Expect Inflation Report For April Amid Economic Uncertainties

Nigeria and the United States are eagerly awaiting the release of their respective report for their inflation rates for April, as both countries grapple with rising prices and economic challenges. In Nigeria,

Emmanuel Ochayi

7 months ago

IMF Sympathises With Victims Of Kenya Anti-tax Protest

Business·Latest News

IMF Urges Nigeria To Stop Electricity Subsidy Amid Economic Concerns

The International Monetary Fund (IMF) has reiterated its call for Nigeria to eliminate implicit fuel and electricity subsidies, warning of dire economic consequences if not addressed promptly. In a report, the IMF

Emmanuel Ochayi

7 months ago

Minimum Wage: Nigerian Govt Begs Labour Union To Reconsider Strike Action

Business·Latest News

Labour Unions To Begin Protest On Monday Over Electricity Tariff Hike

Labor unions across Nigeria are gearing up for nationwide protests starting today over the recent electricity tariff hike imposed by the Federal Government. The hike, which saw a 240% increase for Band

Emmanuel Ochayi

7 months ago

Nigerian Equities Surge To Global Top 3, As Returns Hit N8.7trn

Business·Latest News·Markets

Equity Market Witnesses Decline As Analysts Predict Mixed Sentiment

Last week, the Nigerian equity market experienced a downturn, with the All-Share Index dropping by 1.36 percent to 98,233.76 points. This decline was accompanied by a 1.35 percent decrease in market capitalization,

Emmanuel Ochayi

7 months ago

Business·Latest News

NCDMB Exec Sec Visits Pipe Coating Firms, Pledges Support For Local Capacities

NCDMB has reassured stakeholders in the industry that oil and gas service companies that have established capacities in the country will continue to enjoy patronage through the award of contracts from operating

Admin

7 months ago

Customs Exchange Rate For Import Duty Rises By 2.04% In 4 Days

Business·Latest News

Customs Duty: FX Rate Collection Rises To N1457/$1 In 6 weeks

The Nigerian Customs Service (NCS) has recorded a rise in the exchange rate for customs duties collection, hitting N1457/$1, marking the highest rate seen in just over six weeks, as per the

Emmanuel Ochayi

7 months ago

Cybersecurity Levy: Tinubu Suspends Implementation, Orders Review President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy, which aimed to charge 0.5% on all electronic transactions. The move follows the House of Representatives' resolution asking the CBN to withdraw its circular directing banks to commence charging the levy. The CBN had issued a circular on May 6, mandating banks, mobile money operators, and payment service providers to implement the levy, as provided for in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024. However, the policy sparked varied reactions among stakeholders, with many expressing concerns that it would increase the cost of doing business in Nigeria and potentially hinder digital transaction adoption. Tinubu's decision to suspend the implementation and order a review is seen as a welcome development by many, including the Peoples Democratic Party (PDP), which described the policy as "anti-people" and "insensitive." The Centre for Promotion of Private Enterprises (CPPE) commended the President for listening to the voices of the people, while the Director of Centre for Anti-corruption and Open Leadership (CACOL) urged the Federal Government to consider a total cancellation of the policy instead of a temporary suspension. The Socio-Economic Rights and Accountability Project (SERAP) had threatened to file a lawsuit if the Federal Government did not withdraw the levy within 48 hours, stating that it violates the Nigerian constitution and international human rights obligations. The Nigeria Labour Congress (NLC) also rejected the levy, demanding its reversal and prioritizing policies that alleviate the financial burdens of Nigerians. The development highlights the need for inclusive and consultative policy-making, ensuring that the voices of all stakeholders are heard and considered. As the review process commences, it is essential to prioritize the interests of Nigerians and promote policies that foster economic growth and development.

Business·Latest News

Tinubu Orders CBN To Suspend Cybersecurity Levy Policy

President Bola Tinubu has intervened in the implementation of the controversial cybersecurity levy, ordering a suspension and review. The move comes after the House of Representatives called for a withdrawal of the

Emmanuel Ochayi

7 months ago

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 24th October 2024

Business·Currency·Latest News

Naira Continues Depreciation, Nears ₦1,500/$1 At Black Market

Nigerian currency the naira continued depreciation in the foreign exchange market last week, closing trading at almost ₦1,500 at the parallel market.

Victor Ezeja

7 months ago

Business·Latest News

Charge In Naira: EFCC Stops Embassies From Dollar Transactions

The Economic and Financial Crimes Commission (EFCC) has taken a firm stand against the use of foreign currencies, particularly the US dollar, by foreign missions operating in Nigeria. In an advisory to

Emmanuel Ochayi

7 months ago

CBN’s FX Market Intervention Falls Short As Naira Struggles To Gain Ground

Business·Latest News·Markets

How Naira Drops From Best Performing Currency To worst In The World

In April, the naira took a steep dive, ranking as the worst-performing currency globally, according to a Bloomberg report. This unexpected shift has sparked concerns, particularly in Nigeria’s financial circles, as the

Emmanuel Ochayi

7 months ago

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Business - Page 114

Inflation Rate: Nigeria, US Expect Inflation Report For April Amid Economic Uncertainties

IMF Urges Nigeria To Stop Electricity Subsidy Amid Economic Concerns

Labour Unions To Begin Protest On Monday Over Electricity Tariff Hike

Equity Market Witnesses Decline As Analysts Predict Mixed Sentiment

NCDMB Exec Sec Visits Pipe Coating Firms, Pledges Support For Local Capacities

Customs Duty: FX Rate Collection Rises To N1457/$1 In 6 weeks

Tinubu Orders CBN To Suspend Cybersecurity Levy Policy

Naira Continues Depreciation, Nears ₦1,500/$1 At Black Market

Charge In Naira: EFCC Stops Embassies From Dollar Transactions

How Naira Drops From Best Performing Currency To worst In The World

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