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Inflation Surge Global Recession Imminent, IMF Warns

Inflation Surge: Global Recession Imminent, IMF Warns

July 27, 2022 3:21 am

Surging inflation and severe meltdowns in the United States and China on Tuesday pushed the International Monetary Fund, IMF to downgrade its outlook for the global economy this year and next, while giving an even grimmer assessment of what may lie ahead.

‘The outlook has darkened significantly since April,” said IMF chief economist Pierre-Olivier Gourinchas. ‘The world may soon be teetering on the edge of a global recession, only two years after the last one.’

‘The world’s three largest economies, the United States, China, and the euro area are stalling with important consequences for the global outlook,’ he said …

Illegal Conversion Of Currency: CBN Makes More Clarifications

Illegal Conversion Of Currency: CBN Makes More Clarifications

July 21, 2022 11:39 am

The Central Bank of Nigeria (CBN) finally come out to give better clarifications on the recent warning against converting the naira to foreign exchange, for political purposes.

The CBN Governor, Godwin Emefiele, had, at a post-Monetary Policy Committee (MPC) meeting briefing made an open warning to Nigerians against converting the Nigerian Naira to foreign exchange, for electioneering purposes.

Read Also: MPC: CBN Shoots Up Benchmark Interest Rate To 14%

Following the directive by the Governor, there had been speculations in the social space that the CBN may clamp down on genuine businesses in its bid to stop politicians.

But the …

NNPC 'Great Example For Africa': Equatorial Guinea Lauds NNPC Ltd

‘Great Example For Africa’: Equatorial Guinea Lauds NNPC Ltd

July 20, 2022 4:11 pm

The Equatorial Guinea Minister of Mines and Hydrocarbons, Mr Gabriel Lima, has openly lauded the Nigerian government over the idea of the establishment of the new Nigeria National Petroleum Company Limited (NNPC), while getting to describe Nigeria as a great example for Africa.

Lima had made this assertion known in an interview with newsmen on Wednesday in Abuja, which came following the unveiling of the new NNPC Ltd on Tuesday.

Read Also: Oilserv To Takeover Maintenance Of NNPC Pipelines

He had also revealed that Nigeria was a great example in the oil and gas sector with so many expertise which …

Good News For Investors As Naira Rises Again - Report

Good News For Investors As Naira Rises Again – Report

July 19, 2022 8:44 pm

Good tidings are in order for the Nigerian Naira on Tuesday as it gained against the greenback at the Investors and Exporters window while coming to exchanging at a reduced rate of ₦424.17 to the dollar.

The current figure had also represented an appreciation of 1.16 percent compared with the ₦429.12 it exchanged for the dollar on Monday. The open indicative rate closed at ₦426.20 to the dollar on Tuesday.

Read Also: Naira Crashlands As It Hits ₦430 From ₦422.71 Per Dollar

An exchange rate of ₦444 to the dollar was the highest rate to have …

Illegal Conversion Of Currency: CBN Makes More Clarifications

MPC: CBN Shoots Up Benchmark Interest Rate To 14%

July 19, 2022 5:26 pm

In a bid to further rejig their rate of financial restriction, the Monetary Policy Committee (MPC) sector of the Central Bank of Nigeria (CBN) has on Tuesday maximised the Monetary Policy Rate (MPR) up to 14 per cent from its initial 13 per cent rate.

The CBN Governor, Godwin Emefiele had also announced that the MPC had also unanimously agreed to hold all other monetary policy parameters in a constant rate while the Asymmetric Corridor had been retained at +100 and -700 basis points around the MPR, the Cash Reserved Ratio (CRR) at 27.5 per cent and the Liquidity Ratio …

MultiChoice Announces Launche Of New Channel On DStv

Multichoice Ordered By Court To Sublicense Its Channels

July 14, 2022 2:02 pm

The Court of Appeal in Port Harcourt has finally given a verdict which ordered the South African company, MultiChoice to sublicense some of its channels to Metro Digital.

Metro Digital had sued the operators of DStv and Gotv in Nigeria, while relying on the code of the Nigerian Broadcasting Commission (NBC). The NBC and the Federal Ministry of Information and Culture were co-defendants.

Read Also: Lawyer, Group Disagree With MultiChoice On Tribunal

The applicant took MultiChoice to court in 2021 after the latter rejected a sub-license.

Metro Digital initially lost the suit at the High Court, but filed an appeal …

Twitter Hits Multiples Bugs As Users Experience Outage

Twitter Hits Multiples Bugs As Users Experience Outage

July 14, 2022 1:09 pm

Millions of users across the globe have laid complaints that their Twitter microblogging platform was down for a couple of hours on Thursday.

The microblogging platform suffered downtime, according to outage tracking website Downdetector.com.

Read Also: Twitter Drags Musk To Court, Accuses Him Of Contract Breach

As of the time of filing this report, over 2,900,000 had reported a major outage on their ends.

Some users in Nigeria, between 11 am and1:20 pm, also complained that they could not access the feed, message, search, and trending on the App, mobile site, and even the company’s TweetDeck app.

While the main …

US Dollar Finally Equals Euro For The First Time In 20 Years 

US Dollar Finally Equals Euro For The First Time In 20 Years 

July 12, 2022 2:07 pm

The financial exchange market is in a bit of a quagmire as the exchange rate between the Euro and the United States dollar peaked at the same spot on Tuesday for the first time in 20 years.

As of Tuesday morning Greek time, one euro was measuring equal to exactly one dollar, which meant that the value of the euro has been dropped down by over 12 percent compared to its value at the beginning of the year. This means that the euro is at its weakest against the dollar since winter of 2002, twenty years ago.

Read Also: Naira

…
Remove VAT On Diesel To Halt Price Hike, MAN Appeals To FG

Remove VAT On Diesel To Halt Price Hike, MAN Appeals To FG

July 11, 2022 3:05 am

As the cost of production in the country continues to skyrocket, the Manufacturers Association of Nigeria (MAN) has called on the federal government to remove the value-added tax (VAT) on diesel as an instant stimulus for an immediate price reduction. 

This appeal was made by Segun Ajayi-Kadir who is the director-general of MAN, in a statement yesterday.

The association also urged the federal government to avert the total shutdown of production operations, adding that industries were being converted to warehouses of imported goods and event centres. 

‘MAN is greatly concerned about the implications of the over 200 per cent …

Fuel Scarcity Situation May Worsen As Marketers Threaten Strike

Fuel Scarcity Situation May Worsen As Marketers Threaten Strike

July 10, 2022 9:09 am

Nigerian Oil marketers have vented to the public that they are being pushed to the wall as they are yet to receive a response from the Federal Government of Nigeria as regards the outstanding payment of bridging claims which have been incurred by dealers for the transportation of petroleum products across the country. They have also threatened to go ahead with their proposed strike after the Sallah break.

The members and stakeholders of the Independent Petroleum Marketers Association of Nigeria (IPMAN) stated on Saturday that they had prepared a communiqué to be issued, detailing their demands again, adding that failure …

Money Laundering: Flutterwave Clarifies Incident In Kenya

Money Laundering: Flutterwave Clarifies Incident In Kenya

July 8, 2022 5:55 pm

A leading Nigerian fintech company, Flutterwave Payment Technology Limited has finally reacted to some of the media reports that it was involved in an alleged money laundering scheme in Kenya which resulted to a ban on their operations.

A statement which had been released by the company on Friday had revealed that the claims are entirely false, stressing that it maintains the highest regulatory standards in its operations. It further explained that as a payment platform, it earns fees through transaction charges and this could be verified.

Read Also: More Nigerians Set Fall Into Extreme Poverty – World Bank

“We …

Nigerian Bread Bakers Mull Nation-Wide Withdrawal Of Service

Nigerian Bread Bakers Mull Nation-Wide Withdrawal Of Service

July 7, 2022 4:15 am

The Edo State Chapter of the Association of Master Bakers and Caterers in Nigeria has announced that it will participate in the proposed nation-wide withdrawal of service as directed by its national body in the coming days.

Mr. Benjamin Agbonze, Chairman of the association in Edo, made this disclosure during an interview with reporters in Benin on Wednesday, shortly after the monthly meeting of the association.

Agbonze asserted the withdrawal of service was necessitated by the incessant increment in the prices of baking materials in the country.

‘Our national body has directed that on July 13 to 27, we should …

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