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CBN Speaks On Devaluing Naira

(AFRICAN EXAMINER) – The Central Bank of Nigeria, CBN, has refuted claims that it devalued the Naira. It could be recalled that there are reports that the CBN devalued Naira from N631 to the dollar from N461.60 it sold at the Importers and Exporters (I&E) window the previous day.  Reacting to this development, in a […]

CBN Multiple Exchange Rates May Increase Debt Burden – W’bank

(AFRICAN EXAMINER) – The President of the World Bank Group, David Malpass, has warned that Nigeria’s parallel exchange rate is harmful as it worsens future debt service payments and increases the risk of debt distress. Malpass said this in a blog post titled ‘Parallel Exchange Rates: The World Bank’s Approach to Helping People in Developing […]

Tinubu Speaks On CBN’s Interest Rate And Naira Redesign Policy

(AFRICAN EXAMINER) – President Bola Tinubu has stated that the present 18.5 per cent interest rate of the  Central Bank of Nigeria (CBN) is “too high”. Tinubu made this known on Monday in his inaugural speech as president. Addressing Nigerians, Tinubu stated that the interest rate needs to be adjusted downwards to enable investment as […]

CBN Increases Interest Rate To 18.5%

(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) has raised the interest rate from 18 percent to 18.5 percent. The apex bank governor, Godwin Emefiele, announced the decision  on Wednesday after the policy-setting committee meeting at the CBN headquarters in Abuja. The development is the third consecutive time the apex bank will be raising […]

Ports Concession : Private Sector To Invest $3.7bn

(AFRICAN EXAMINER) – The Infrastructure Concession Regulatory Commission (ICRC), said the concessioning of three ports by the Federal Executive Council (FEC) would attract an investment 3.7 billion dollars from the private sector. The Director-General, ICRC, Micheal Ohiani said this in a statement signed by Mr Ifeanyi Nwoko, Acting Head, Media and Publicity, ICRC, in Abuja […]

AfDB Approves $15m Loan For Infrastructure Financing In Nigeria

(AFRICAN EXAMINER) – African Development Bank (AfDB) has approved a $15 million subordinated loan to Infrastructure Credit Guarantee Company Limited (InfraCredit) to strengthen its capital base and help close Nigeria’s infrastructure financing gap. InfraCredit is a specialized Nigerian credit guarantee company that mobilizes long-term capital from institutional investors, including pension fund and insurance companies, to […]

Weakened Naira Pushing Up Nigeria’s Public Debt – IMF

(AFRICAN EXAMINER) –  The International Monetary Fund has said that weaker currencies in Nigeria and other Sub-Saharan African countries are pushing up public debts. This was disclosed in a blog post published on the IMF’s website on Monday. The fund noted that with an average depreciation of nine per cent since January 2022, sub-Saharan African […]

Naira Begins New Week On Negative Note

(AFRICAN EXAMINER) – The Naira depreciated against the dollar on Monday, exchanging for N464 at the investors’ and exporters’ window. The rate represented a decrease of 0.36 per cent when compared to the N462.33 it exchanged at the close of business on May 12. The open indicative rate closed at N463 .50 to the dollar […]

Nigeria’s Revenue Too Small To Sustain Size Of Debt – Nwabueze

(AFRICAN EXAMINER) – The director-general of the budget office of the federation, Ben Akabueze, has stated that Nigeria’s borrowing space keeps reducing because of the inability to service debt. Akabueze made this known on Wednesday in the induction of newly-elected lawmakers of the 10th national assembly in Abuja. He stated that the ratio of the […]

BVN Has No Expiry Date – CBN

(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) says the Bank Verification Number (BVN) issued in Nigeria remains for life and has no expiry date, as reported by a national newspaper. Its Acting-Director, Corporate Communications, Alhaji Isa Abdulmumin, said this in a statement on Wednesday.  Abdulmumin said that the claim was completely false and […]

Paradigm Initiative Faults Composition Of Council For Data Protection Commission

(AFRICAN EXAMINER) – Paradigm Initiative (PIN) has expressed concerns over the exclusion of civil society in Nigeria from the proposed Data Protection Commission’s Governing Council. This is coming at a time when the legislature is discussing the country’s Data Protection Bill, which seeks to establish an independent and effective regulatory commission to oversee data protection […]

EIB Records €4.3bn Investments For Africa In 2022

(AFRICAN EXAMINER) – European Investment Bank (EIB) Group has said that its investments for Africa in the 2022 fiscal year amounted to €4.3 billion. The EIB is a long-term financing institution owned by Member States of the European Union (EU). It finances sound investments contributing to EU policy goals. The EIB Group supports projects in […]

NEPC Advises Farmers On Production Of Cash Crop For Export

(AFRICAN EXAMINER) – The Nigerian Export Promotion Council (NEPC) on Friday advised farmers to prioritize the production of economic crops and trees to tap from the huge potential of export to the international market. The Executive Director and Chief Executive Officer of the council, Dr Ezra Yakusak, gave the advice while interacting with Southern Kaduna […]

Workers’ Strike, Cause Of Current Loss Of Electricity Supply In Imo — EEDC

(AFRICAN EXAMINER) – The Enugu Electricity Distribution Company (EEDC) says the current loss of electricity supply in Imo is as a result of an ongoing industrial action by organised labour. The company said that workers, under the organised labour, comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) were on strike over […]

Nigeria To Become Top Middle Income Economy By 2050-Buhari

(AFRICAN EXAMINER) – President Muhammadu Buhari on Wednesday in Abuja launched a new long-term national development plan, the Nigeria Agenda 2050 (NA 2050), which aims to ensure that the country attains a Per Capita GDP of $33,328 per annum, placing her among the top middle-income economies in the world by 2050. The President inaugurated NA […]

AfDB Unveils New Whistleblowing Policy

(AFRICAN EXAMINER) – The African Development Bank (AfDB) Group has flagged off a six-month campaign to sensitize its internal and external stakeholders on its new Whistleblowing Policy. The new Whistleblowing Policy, which was approved by the AfDB’s Boards of Directors in January this year, brings retaliation by contractors, consultants and suppliers under the bank’s sanctions […]

No Plan To Phase Out Redesigned Naira Notes — CBN

(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) has dismissed reports that it is considering the withdrawal of the redesigned N200, N500 and N1,000 notes from circulation.  In a statement on Sunday, the apex bank’s Acting Director of Corporate Communications, Isa AbduMumimas described the reports as “unfounded speculation”, noting that there is no plan […]

Zenith Bank Delivers Remarkable Q1 Results With 41% Growth In Gross Earnings

(AFRICAN EXAMINER) – Zenith Bank Plc has announced its unaudited results for the first quarter ending 31st March 2023, with an exceptional double-digit growth of 41% in Gross Earnings, increasing from ₦191.5 billion in Q1 2022 to ₦270 billion in Q1 2023. The unaudited statement of account submitted to the Nigerian Exchange (NGX) on Friday, […]

African Countries Need More Climate Investments – AfDB

(AFRICAN EXAMINER) – African Development Bank (AfDB) has said that to combat climate change and support green growth, African countries need more climate investments to achieve their national targets for emissions reductions and adaptation to the impacts of climate change. Africa, the continent that pollutes the planet the least, is today one of the world’s […]

NNPC Missing 149m Crude: CNPP Says Buhari Can’t Probe Self, Calls For Independent Investigative Panel

(AFRICAN EXAMINER) – Amid probe of the alleged loss of over $2.4 billion in revenue from illegal sale of 48 million barrels of crude oil export in 2015 and the call by the Socio-economic Rights and Accountability Project (SERAP) for President Muhammadu Buhari to set up a presidential panel of enquiry to probe allegations that […]



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