Economy - Abia ThinkTank News

Apr

2024

Naira Best-Performing In April, To Exchange Below N1,000 Per Dollar – Goldman Sachs

CBN/Commercial Banking, Economy, News Flash

Naira Best-performing In April, To Exchange Below N1,000 Per Dollar – Goldman Sachs Goldman Sachs has described Naira as the best-performing currency this month (April), saying the currency will exchange below N1,000 per Dollar. The firm disclosed this in its latest report on Nigeria’s economic realities. According to a report by Goldman Sachs economists, with the appreciation rate of the Naira in the foreign exchange market, the currency may exchange below N1,000 per Dollar in the coming months. The report stated that the Naira rallied 12 per cent against the Dollar in April, adding to its 14 per cent surge…

Apr

2024

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By Abia ThinkTank

We Are Holding Bobrisky In Male Facility; We’ll Protect Him From Sexual Predators – NCS Officials

Crime, Economy, News Flash

We Are Holding Bobrisky In Male Facility; We’ll Protect Him From Sexual Predators – NCS Officials Idris Okuneye popular know as Bobrisky, a crossdresser who delights in adorning female outfits, will be kept in the male section of the prison facility throughout his six-month imprisonment, Peoples Gazette has reliably learnt from officials of the Nigerian Correctional Service. Justice Abimbola Awogboro of the Lagos Division of the Federal High Court on Friday sentenced Bobrisky to jail after he pleaded guilty to a four-count charge of naira abuse. Bobrisky told Ms Awogboro that he was a man when asked to clarify his…

Apr

2024

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By Abia ThinkTank

I Collected $3 Million Cash For Emefiele – CBN Employee Tells Court

CBN/Commercial Banking, Crime, Economy, News Flash

How I Collected $3 Million Cash For Emefiele – CBN Employee Tells Court A Central Bank of Nigeria (CBN) employee has disclosed how he collected $3m cash for Emefiele. The witness, Mr Monday Osazuwa, on Friday told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches. Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN), said he was a dispatch rider in Zenith Bank in 2001 before he joined the CBN in 2014.…

Apr

2024

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By Abia ThinkTank

Our Policies Geared Towards Growing Businesses, Attracting New Ones – Gov Otti

Abia State, Economy, Good Governance, News Flash

OUR POLICIES GEARED TOWARDS GROWING BUSINESSES, ATTRACTING NEW ONES - GOV OTTI Abia State Governor, Dr. Alex Otti, OFR, says his administration has in the last 10 months worked towards growing businesses and attracting new ones into the state. Governor Otti described Abia as an investment friendly state, saying that it is his desire to see businesses operating in the state grow. The Governor stated this when he met with the Managing Director and management team of the Inner Galaxy Steel Company Limited, a Chinese conglomerate operating in the Ukwa-West axis of Abia State, who visited him on Thursday. "It…

Apr

2024

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By Abia ThinkTank

7 Key Features Of The Newly Launched Citizens Delivery Tracker App

Economy, News Flash, Politics, Presidency

7 Key Features Of The Newly Launched Citizens Delivery Tracker App :: Performance Monitoring: The app provides a platform for citizens to observe and evaluate the performance of public officials, including ministers, based on their achievements and contributions towards President Bola Tinubu's 8-point agenda and other objectives. Ministerial Assessment: It allows for the assessment of ministers and their deliverables, enhancing the transparency of governmental operations and the accountability of its officials. Feedback Mechanism: Citizens are encouraged to voice their concerns and complaints about specific issues, marking a significant shift towards more inclusive governance. Access to Information: The app serves as…

Apr

2024

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By Abia ThinkTank

Oil Marketers Propose N550/Litre Price To Dangote

Business, Economy, News Flash, Oil & Gas

Oil Marketers Propose N550/litre Price To Dangote As the Nigerian National Petroleum Company, NNPC Limited, moves to end petrol scarcity in Lagos and its environs, Dangote Refinery and oil marketers have intensified efforts at taking final decisions on pricing and delivery of petrol to filling stations Nationwide Dangote Refinery, which can refine 650,000 barrels per day, bpd of crude oil, intends to commence production and distribution of the product, the bulk of which is currently imported from the global market, in May 2024. Checks by Vanguard, weekend, indicated that the parties have been meeting and exchanging notes on the pricing,…

Apr

2024

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By Abia ThinkTank

CBN Stops Use Of Foreign Currencies As Collateral For Naira Loan

CBN/Commercial Banking, Economy, News Flash

CBN Stops Use Of Foreign Currencies As Collateral For Naira Loan The Central Bank of Nigeria has written to all banks in Nigeria to stop the use of foreign currencies as collateral for naira loans. It disclosed this in a circular uploaded to its website on Monday. The CBN however exempted from the ban Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit. Announcing the ban in a circular titled, “The Use of Foreign-Currency Denominated Collaterals for Naira Loans”, Director, Banking Supervision Department, CBN, Dr. Adetona Adedeji, said: “The Central Bank…

Apr

2024

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I’m Happy With What Is Happening In ABIA Today Under Gov Otti – APC Chieftain, Prince BB Apugo Declares

Abia State, Columns/Opinions/Letters, Economy, Good Governance, News Flash

I'm Happy With What is Happening in Abia Today Under Governor Otti, APC Chieftain, Prince BB Apugo Declares. A National Board of Trustees (BOT) Member and member of the National Caucus of the All Progressives Congress (APC), from Abia state, Prince BB Apugo has poured encomium on the Governor of Abia State, His Excellency, Dr. Alex Otti over his giant strides in the governance of the state. Prince Apugo spoke during a private visit to the Governor at his home in Nvosi, Isialangwa LGA of the state. The APC chieftain who publicly declared his stand during the election and supported…

Apr

2024

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Gov Otti Assures Original Shop Owners Of The Remodeled Ariaria Market Of First Right Of Refusal

Business, Columns/Opinions/Letters, Economy, News Flash

Governor Alex Otti has directed that original shop owners of the remodeled A-line of Ariaria International Market, should be given the first right of refusal in the remodeled market. The Governor said he got complaints from some of the original shop owners that the contractor was trying to sell their shops to money bags. Gov. Otti who spoke with newsmen in Umuahia said he would not allow the original shop owners at the market to be shortchanged for any reason. He said that he was told there were about 4000 shops originally but there would be additional 1000 shops after…

Apr

2024

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By Abia ThinkTank

We Will Bring Down Inflation – Tinubu Assures Nigerians

Economy, CBN/Commercial Banking, News Flash

We Will Bring Down Inflation – Tinubu Assures Nigerians President Bola Ahmed Tinubu has assured that his administration will bring down the inflationary trend in the economy. Tinubu said this while hosting the leadership of the All Progressives Congress (APC) to an IFTAR dinner on Wednesday, April 3. He said: “…and it is the hard job that you promised the people of Nigeria when you were campaigning for me, you promised them a good result. I have to work for it, no magic wand. “I campaigned on hope, I have to rest on that hope and push for that hope…