New Naira: Gradual Phasing Out Of Old Notes Continues, Says CBN   The Central Bank of Nigeria (CBN) has reaffirmed its commitment to gradually phase out the old N200, N500, and N1,000 naira notes while issuing new currencies. This announcement was made...

IMF Says Insecurity Will Slow Nigeria’s Economic Growth   The International Monetary Fund (IMF) has projected that Nigeria’s economic growth will decline in 2023 and 2024 due to security issues in the oil sector. It stated that the country’s economy would grow...

Discos To Refund $1.2bn For 374 Projects - NDPHC   The Niger Delta Power Holding Company Limited (NDPHC)on Tuesday, said it had executed over 374 projects in the distribution subsector of the Nigerian electricity supply industry to boost power supply nationwide. It...

No Plan to Unify Exchange Rate - CBN   The Central Bank of Nigeria (CBN) has denied that its recent forex liberalisation policy was aimed at unifying the exchange rate. Fielding questions from journalists after the two-day Monetary Policy Committee (MPC) meeting...

EXCLUSIVE: How 36 Governors Borrowed N2.2trn From Nigerian Banks   Amid worsening revenue challenges, state governments’ indebtedness to commercial banks has risen to N2.2trn. The latest data from the quarterly statistical bulletin of the Central Bank of Nigeria, obtained by our correspondents,...

Fed Govt To Stop Multiple Revenue Agencies   Following persistent outcry of the Nigerian Organised Private Sector against multiple taxation from the three tiers of government, has hinted of an impending plan to shrink the number of revenue collection agencies in...