Despite recent efforts by the Central Bank of Nigeria (CBN) to bolster the foreign exchange market through interventions, the currency’s downward trend persists, prompting concerns about its potential impact on the broader economy. The depreciation of Nigeria’s currency is despite the federal government receiving a $2.25bn foreign exchange sup...
•CBN Governor, Yemi Cardoso A few hours after dissolving the board of directors governing Polaris, Union, and Keystone banks, the Central Bank of Nigeria has appointed new executive directors to oversee the affairs of the deposit money banks. The apex bank, in a statement signed by the acting Director of Corporate Communications, Sidi Hakama, ...
•CBN Governor Olayemi Cardoso The Central Bank of Nigeria (CBN) has dissolved the boards and managements of Titan Trust Bank, Union Bank, Keystone Bank and Polaris Bank. The decision to dissolve the boards was taken after a meeting between Yemi Cardoso, Jim Obazee, the special investigator on the activities of former CBN Governor, Godwin Emefi...
•Tinunu presents budget proposal to NASS Chief Economist, Senior partner at SPM Professionals, Paul Alaje said Nigeria may have to borrow to service debt in 2025 if the federal government does not take serious precautionary measures. Alaje stated this during an interview with Arise Television yesterday. He said, “You look at the debt profile t...
•Dangote Refinery The Dangote Petroleum Refinery, yesterday, announced its readiness to commence production of refined petroleum products as it received the 6th batch of one million barrels of crude oil required by the plant for its initial operations. “Dangote refinery appears set to commence production of refined petroleum products with the ...
•Peter Obi and Tinubu Labour Party, LP, presidential candidate during the February 25, 2023 General Elections, Peter Obi, has kicked against what he described as federal government’s disturbing pattern of huge borrowing and profligate spending on non-essential procurements, warning that such pattern would soon wreck the economy. The former Ana...
The United Nations has said that Nigeria’s rising debt, increasing inflation rate and its impact on the welfare of the citizens, puts the nation at risk of declining economic growth in 2024. The UN made this known in its World Economic Situation and Prospects report for 2024 projects made available to our correspondent, reports The […]...
Fresh developments in the financial sector have shown that despite the Central Bank of Nigeria, CBN’s move to ameliorate the cash crunch situation by suspending charges for cash withdrawals above regulatory limits, scarcity of currency notes in the banks nationwide has continued to hit harder, even after the Yuletide season. Findings revealed ...
Nigerian economy may have been, excruciatingly, ensnared in a doom loop with entrenched runaway inflation, troubled currency market, upsetting deficit funding crisis, persistent pressure on local businesses and similar warning indicators halting a few but haphazard moves to create flywheel and break the circle. Indeed, the sort of difficult ti...
States and local governments are on a collision course with the federal government over the shareholding structure of the newly created public oil companies. Findings show that states and councils are not accommodated in the share structures of the oil firms formed to replace the Nigerian National Petroleum Company Limited (NNPCL), reports The...
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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