Category: Economy
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CBN Introduces Daily N100,000 Cash-Out Limit for POS Agents
The Central Bank of Nigeria (CBN) has announced new stringent regulations for Point-of-Sale (POS) agents, introducing a daily cash-out transaction limit of N100,000 per individual customer as part of its ongoing cashless policy initiative. The circular, dated December 17, 2024, and signed by Oladimeji Taiwo, applies to Deposit Money Banks, Microfinance Banks, Mobile Money Operators,…
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Nigeria’s Inflation Rate Hits 34.60%
Nigeria’s inflation rate increased to 34.60% in November 2024, up from 33.88% in the previous month, according to the National Bureau of Statistics (NBS). The Statistician-General, Prince Adeyemi Adeniran, noted that the current rate is 6.40 percentage points higher than the 28.20% recorded in November 2023. Food and Non-Alcoholic Beverages emerged as the primary driver…
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Nigeria Slashes IMF Debt by 64% with $1.22 Billion Repayments
Nigeria has made some progress in reducing its International Monetary Fund (IMF) debt, paying off $1.22 billion over just nine months and decreasing its outstanding obligations by 64.42 percent. The Debt Management Office’s external debt service reports reveal a repayment plan, with quarterly payments breaking down as follows: $401.73 million in Q4 2023, $409.35 million…
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Foreign Investment Drought: 32 Nigerian States Struggle to Attract Capital in 2024
In a troubling economic revelation, the latest National Bureau of Statistics (NBS) data shows that 32 out of 36 Nigerian states have failed to attract any foreign investment in the first nine months of 2024, a deterioration from 2023, when 27 states were in a similar position. The numbers tell a story of concentrated economic…
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Oil Prices Drop as Syria Regime Change Concerns Ease
Oil prices experienced a slight decline on Tuesday as market concerns about the Syrian regime change began to settle. Brent crude, the global oil benchmark, fell 0.11 percent to $72.06 per barrel, while US West Texas Intermediate crude dropped 0.20 percent to $68.23. Despite the current dip, both benchmarks had climbed over 1 percent on…
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Tax Reforms Promise Benefits for All Nigerians, Says Oyedele
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has detailed how the proposed tax reforms will deliver benifits across multiple sectors of Nigerian society. In a statement on X (formerly Twitter) on Monday, Oyedele emphasized that the tax bills contain considerable gains for households, individuals, youth, small businesses, investors, high-income…
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Tax Reform: Minimum Wage Earners and Low-Income Nigerians to Pay Less Under Proposed Bills
In a move to make the tax system more equitable, the Nigerian government’s Tax Reform Committee has proposed several changes that will benefit low-income individuals and minimum wage earners. According to Taiwo Oyedele, the chairman of the Presidential Fiscal Policy and Tax Reform Committee, once the new tax laws are enacted, Nigerians earning the minimum…
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CBN Raises Interest Rate to 27.5% to Combat Surging Inflation
In a move to tackle the surging inflation in the country, the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 27.50 per cent from 27.25 per cent. The decision was announced by the CBN governor, Yemi Cardoso, following a meeting of the Monetary Policy Committee (MPC) at the apex bank’s…
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Port Harcourt Refinery Commences Crude Oil Processing
After several failed commencement deadlines in the past, the Port Harcourt Refining Company (PHRC) Ltd in Rivers State has officially commenced crude oil processing, marking a monumental achievement for Nigeria’s energy sector. Olufemi Soneye, the spokesperson of the Nigerian National Petroleum Company Limited (NNPCL), disclosed this in a statement on Tuesday, November 26, 2024. According…
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Tinubu Celebrates as Nigeria’s GDP Growth Hits 3.46% in Q3 2024
Nigeria’s economy showed significant improvement in the third quarter of 2024, growing by 3.46% year-on-year according to the latest data from the National Bureau of Statistics (NBS). The growth rate surpassed both the previous quarter’s 3.19% and the 2.54% recorded in the same period last year. Services Sector Emerges as Key Growth Driver The services…