Category: Money
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Naira Appreciates Against USD amid interest rate hike
By Miracle Ogunde Amid the latest increase in interest rate by the Central Bank of Nigeria, (CBN) the country’s currency, naira continues to record gains against the US dollar. Starnews NG gathered that the naira continues to appreciate the US dollar on Monday exchanging N1,290 and N1,382.95 per USD at both parallel and official foreign…
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BREAKING: CBN Hikes Interest Rate
By Miracle Ogunde In an effort to tackle rising inflation in the country, the Central Bank of Nigeria has raised the monetary policy rate, known as the interest rate, by 200 basis points per cent to 24.75 per cent from 22.75 per cent. The new develop was disclosed on Tuesday by the apex bank…
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CBN lifts FX restrictions on importation of milk, dairy products
By Miracle Ogunde In a move to reduce prices of milk and other dairy products, the Nigeria’s apex bank, CBN, has lifted forex restrictions on the importation of milk and dairy products in the country. This was contained in a CBN circular with the reference number TED/FEM/PUB/FPC/001/010 dated March 12 to…
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$6 billion fraud: We’ve power to prosecute you- EFCC tells Olu Agunloye
The Economic and Financial Crimes Commission (EFCC) has stated that it possesses the authority, supported by judicial precedents, to prosecute former Minister of Power and Steel, Olu Agunloye, regarding an alleged $6 billion Mambilla hydroelectric power plant. According to News Agency of Nigeria (NAN), EFCC is pursuing legal action against Mr. Agunloye,…
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Dollar stumble to N1,600 At Parallel Market
The foreign exchange crisis worsened on Thursday as the local currency further depreciated, exchanging at N1,600 to a dollar at the parallel market. This was coming a few days after the local currency hit an all-time low at the official market, crossing N1,500 to one dollar. The naira has come under…
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Federal Govt set to borrow N2.5tn through bond – DMO
The Nigerian Federal Government plans to raise N2.5 trillion in its second FGN bonds auction. In a circular issued on Wednesday, the Debt Management Office stated that the offerings consisted of N1.25 trillion with a maturity date of February 2031 and N1.25tn with a 10-year tenor. FGN savings bonds are part…
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FRN Vs. Ali Bello & Anor: Drama as EFCC’s witness counters agency’s allegations of threats
. Court adjourns to Feb 22, 23 for continuation of trial Drama erupted on Tuesday at the Federal High Court in Abuja when the Economic and Financial Crimes Commission (EFCC) alleged that its main witness, Rabiu Musa, in the suit marked FHC/ABJ/CR/550/2022: FRN v. Ali Bello & Anor, had been scared away from…
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JUST IN: Abuja Nurses Storm Council Office, Protest New Verification Rule
By Doris Israel Ijeoma Hundreds of nurses under the National Association of Nigeria Nurses and Midwives (NANNM) have taken to the streets of Abuja, decrying the newly implemented verification guidelines by the Nursing and Midwifery Council of Nigeria (NMCN). The aggrieved nurses, who stormed the NMCN headquarters on Monday, accused the council of stifling…
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Probe Nigeria indebtedness Afe Babalola urges Tinubu
Legal luminary and founder of Afe Babalola University, Ado Ekiti, Aare Afe Babalola (SAN), has called for an investigation into how Nigeria found itself in the present situation of huge indebtedness. Babalola cautioned that something must be done urgently about the state of indebtedness to prevent the country from being crippled by socio-economic…
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Pastors aiding insecurity in Nigeria —Clergyman
A clergyman, Oscar Amaechina, says the prosperity gospel encourages love of money rather than building morality, contributing to the country’s insecurity. Mr Amaechina, the president of Afri-Mission and Evangelism Network (AMEN), said this in Abuja on Saturday at a book launch. “The danger of the prosperity gospel is that it does…