Monday, February 10, 2020

Tag "Economy"

Petrol marketers support dual pricing

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has thrown its support for the adoption of dual price regime for marketers. Alhaji Debo Ahmed, the Chairman of IPMAN Western Zone, said the regime required that NNPC retail outlets sell at N145, while other marketers sell at their own price. “During a recent Senate committee meeting held with stakeholders in the oil industry, [...]

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    Nigeria: A nation where the economy grows stronger while the citizens groan

Nigeria: A nation where the economy grows stronger while the citizens groan

President Buhari has made history as the first C-in-C in power when the precious citizens of Nigeria suffered for months to access PMS. The ongoing fuel scarcity started in the Month of November 2017 and till this moment; our people are still suffering to buy FUEL for 200naira per litre in both Lagos and Ogun States. I am told it is [...]

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    Nigeria’s economic growth plan and the naira

Nigeria’s economic growth plan and the naira

BY GODWIN EWULU The year 2017 started on a very stormy note for the Nigerian economy; Inflation was at record high, unemployment was above a 10-year-high, food prices were spiraling, and of course, the country was in its worst recession in 29 years. In the midst of all these President Muhammadu Buhari promised Nigerians that 2017 was going to be a time [...]

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    Ezekwesili: We must discuss our failure as a country, even if painful

Ezekwesili: We must discuss our failure as a country, even if painful

Oby Ezekwesili, former minister of education, says the “diplomacy” with which Nigeria's failure is being treated must stop. She said the nation must discuss its failure with a “fair sense of urgency". Speaking at a plenary session at the Nigeria Economic Summit (NES), which ended in Abuja on Thursday, the former World Bank vice president for Africa said Nigeria's failure is too [...]

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    Interest reduction, subsidy… Tinubu lists 7-point agenda for the economy

Interest reduction, subsidy… Tinubu lists 7-point agenda for the economy

Bola Tinubu, national leader of the All Progressives Congress (APC), has proposed a seven-point agenda for the revival of the country’s troubled economy. Tinubu, who made the proposal while delivering a lecture in Lagos, said the decline in oil prices had revealed the sham of the country’s extant economic model. He listed a national industrial policy, infrastructure plan, tax credits and subsidies, [...]

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    Buhari meets Adeosun, Emefiele, says he’s happy with state of the economy

Buhari meets Adeosun, Emefiele, says he’s happy with state of the economy

President Muhammadu Buhari is delighted over the improving state of the economy, Femi Adesina, his spokesman, has said. In a statement on Monday, Adesina said Buhari spent about two hours receiving briefing from Udoma Udo Udoma, minister of national budget and planning; Kemi Adeosun, minister of finance, and Godwin Emefiele, governor of Central Bank of Nigeria (CBN). He said Buhari reminded the [...]

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    We must punish offenders, says Osinbajo

We must punish offenders, says Osinbajo

Vice-President Yemi Osinbajo says those who violated the laws of the land must be brought to book. In an interview with Zain Asher, CNN international correspondent, Osinbajo said the current administration has laid "a very solid foundation" in the rebuilding of the economy. Asher anchored a session at the annual general conference of the Nigerian Bar Association (NBA) in Lagos. The vice-president said [...]

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    A robust economy under Jonathan

A robust economy under Jonathan

BY OLA SUNDAY The socio-political situation in Nigeria has called for an overview to offer an insight into the true state of the nation. Regardless of what politicians and public office holders are peddling in the media about the economy, the fact remains that it is the citizenry who are better positioned to evaluate governance based on their own economic realities. [...]

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    Lai: We have succeeded in nursing this very sick economy

Lai: We have succeeded in nursing this very sick economy

Lai Mohammed, minister of information, says the Buhari administration has succeeded in nursing Nigeria’s “very sick economy”. In a statement issued by Segun Adeyemi, media aide of the minister, on Friday, Mohammed said this at the signing of a memorandum of understanding on media and cultural relations with China represented by Guo Weimin, visiting Chinese vice-minister of the state council information [...]

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    Trump: I prefer having rich people in charge of the economy

Trump: I prefer having rich people in charge of the economy

President Donald Trump says he prefers to put rich people in charge of the economy because they would not be after the nation's wealth. Addressing supporters at a rally in Iowa, Trump defended his cabinet, which is thought to be the wealthiest in the country’s history. While stating that he likes the rich and poor alike, Trump noted that there were certain [...]

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    Omokri: Buhari’s absence is good for the economy

Omokri: Buhari’s absence is good for the economy

Reno Omokri, an aide of former President Goodluck Jonathan, says the economy has fared better in the absence of President Muhammadu Buhari. Speaking at the conservative international summit in Miami, Florida, on saturday, Omokri said the value of the naira picked up during the period that Buhari left the country. "The Nigerian Stock Exchange contracts when President Buhari surfaces and expands when [...]

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    Osinbajo: Fasting and prayer won’t grow our economy

Osinbajo: Fasting and prayer won’t grow our economy

Acting President Yemi Osinbajo says Nigeria’s economy will not grow by fasting and prayer but by the collective effort of all citizens. Speaking with heads of ministries, departments and agencies at the state house on Wednesday, Osinbajo, who is a pastor, urged government officials to be the drivers of transparency and efficiency in doing business in the country. He spoke on the [...]

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    Okonjo-Iweala: You can’t achieve growth if you have forex distortions

Okonjo-Iweala: You can’t achieve growth if you have forex distortions

Ngozi Okonjo-Iweala, former minister of finance, says growth and development cannot be achieved when a country has distortions in its foreign exchange rates. Speaking at the launch of 'Beating the Odds: Jumpstarting Developing Countries', a book written by Justin Yifu Lin and Celestin Monga in Ahmedabad, India, Okonjo-Iweala said there is no one way to growth and development, but some basic [...]

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    Emefiele: I’m confident Nigeria will be out of recession by Sept

Emefiele: I’m confident Nigeria will be out of recession by Sept

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says he remains confident that the economy will be out of recession by the end of the third quarter of 2017. Emefiele said in Abuja on Tuesday, the CBN will not dictate where the much-needed foreign exchange convergence will be, but hopes the rate will head southwards rather than on the [...]

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    Soludo: Nigeria must get out of multiple exchange rates

Soludo: Nigeria must get out of multiple exchange rates

Chukwuma Soludo, former governor of the Central Bank of Nigeria (CBN), says Nigeria must take steps to eliminate the current regime of multiple exchange rates. Soludo said the difference between the official and parallel market exchange rates of the naira must be reduced to three to five per cent. Speaking with journalists on Monday after the 'Economic Discourse', an event organised by the [...]

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    IMF: Oil, agriculture, big govt spending will drive Nigeria’s growth to 0.8% in 2017

IMF: Oil, agriculture, big govt spending will drive Nigeria’s growth to 0.8% in 2017

The International  Monetary Fund (IMF) says rise in oil prices, continued growth in agriculture, and big government spending will drive Nigeria's economic growth to 0.8 percent in 2017. Maurice Obstfeld, IMF chief economist, who unveiled the fund's World  Economic Outlook in Washington on Wednesday, said global growth will continue with the help of advanced economies and  emerging, low income countries. "We project [...]

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Exchange Rates

February 04, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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