CBN directs banks to start deducting cybersecurity levies from customers
Business
BREAKING: Petrol prices to fall over refineries’ take off, says Cardoso
BREAKING: Petrol prices to fall over refineries’ take off, says Cardoso
The pump prices of Premium Motor Spirit (PMS) petrol will moderate this year as government and private-owned refineries begin operation, Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso has said.
He spoke on Wednesday, January 24, at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos.
Cardoso said the expected stabilisation or reduction in fuel costs is poised to have far-reaching implications across various sectors, contributing significantly to overall economic efficiency and resilience.
While Dangote Refinery has already commenced production, the Port Harcourt Refinery is expected to begin production anytime from now.
READ ALSO:
Cardoso said the apex bank, the Ministry of Finance and the NNPCL have collaborated to ensure that all FX inflows are returned to the Central Bank to boost reserves accretion.
He described the naira, which exchanges around N1,370 to the dollar at the parallel market as undervalued.
“We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term,” he said.
In summary of the NESG 2024 Macroeconomic Outlook Report in Lagos, the Chief Economist at NESG, Dr. Olusegun Omisakin, listed some economic outcomes of achieving a stable and appropriate pricing of the exchange rate in Nigeria.
The NESG report advised that stabilising the exchange rate through a functional and transparent foreign exchange market entails enhancing market liquidity through regular auctions, reducing administrative restrictions, and ensuring efficient allocation of FX reserves.
BREAKING: Petrol prices to fall over refineries’ take off, says Cardoso
Business
CBN directs banks to start deducting cybersecurity levies from customers
The apex bank announced this on Monday, May 6, 2024, in a circular signed by Chibuzor Efobi, Director of Payments System Management, and Haruna Mustafa, Director of Financial Policy and Regulation.
Business
Forex: FG to delist naira from P2P platforms
Forex: FG to delist naira from P2P platforms
The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.
Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.
The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.
In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.
This is part of a number of regulations to be rolled out in the coming days.
He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.
“I want your cooperation in dealing with this as we roll out regulations in the coming days.”
The SEC DG decried how some market players were manipulating the value of the naira.
This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.
Business
Ikeja Electric cuts tariff for Band A customers
Ikeja Electric cuts tariff for Band A customers
The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h
This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.
The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.
Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.
Entertainment2 hours ago
‘It’s real’, daughter of New Masquerade actress Ovularia confirms mum’s death
News3 hours ago
Tinubu’s whereabouts: Expect President in Nigeria Wednesday, says Presidency
News3 hours ago
Cement price: Dangote, BUA get Reps 14-day ultimatum
-
metro2 days agoDSS seals Plateau clinic over patient’s death
-
Entertainment3 days agoNollywood veteran Shan George weeps as fraudster clears ₦3.6m from her account (VIDEO)
-
International3 days agoGaza: Thousands rally for hostage deal as ceasefire talks continue
-
Sports3 days agoRonaldo’s hat-trick leads Al Nassr to 6-0 victory over Al Wehda
-
metro2 days agoWe’ve arrested seven suspected cultists, armed robbers in Anambra – Police
-
Politics2 days agoPDP: Sule Lamido blames court for mass resignation from party
-
Opinion3 days agoWho has bewitched our beloved America? – Femi Fani-Kayode
-
International15 hours agoNetanyahu rubbishes Hamas ceasefire proposal