Business
2023 presidency: Court restrains CBN, INEC from stopping Emefiele
A high court sitting in the Kwale division of Delta State has granted an order restraining the Board of Central Bank of Nigeria and Independent National Electoral Commission from stopping the CBN governor, Godwin Emiefele, from seeking an elective post.
Emefiele had gone to the court to obtain a Court order to enable him to stay in office while contesting for the Presidency.
The application was filed on May 5, 2022, and the judgement was granted on Thursday, May 12.
Justice DC Maidoh in a judgement secretly delivered on May 5 granted the order and adjourned the case to May 25.
“In the circumstances, in line with order 39 rule 3 of our rules, this motion is hereby granted. The motion on notice is accordingly adjourned to 25/5/2022 for hearing,” the judge said.
The Punch reported from court documents as stating, “The court upon reading through the motion papers and hearing C.N. Ofiah Esq. for the claimants/applicants ordered as follows: I have read the processes in this suit, the applicant has complied with order 39 of our rules.
Olawepo-Hashim withdraws from presidential race
“Applicants also deposed to an affidavit of urgency. From the processes before this court, I find that the said application at this stage has merit pending the hearing and determination of the motion on notice.
“In the circumstances, in line with order 39 rule 3 of our rules, this motion is hereby granted. The motion on notice is accordingly adjourned to 25/5/2022 for hearing.
The applicant is to enter undertaking if the order sought ought not to have been made.”
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
Business
CBN jacks up interest rate amid soaring inflation
CBN jacks up interest rate amid soaring inflation
The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.
Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.
The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.
Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.
He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.
The committee also voted to retain the liquidity at 30 per cent.
He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.
“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”
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