PM News Nigeria

DMO advises Nigerians to leverage on growing foreign reserve

Dr Abraham Nwankwo

Dr Abraham Nwankwo, Director-General, Debt Management Office (DMO), has urged Nigerian producers to use the leverage provided by the Federal Government to produce goods that could be exported to help to grow the national reserve. Nwankwo made the call in an interview with NAN on Sunday in Abuja. “If Nigerian individuals and companies produce and […]

Firms, individuals owe Lagos N18bn in taxes

Tunde Fowler

The Lagos State Internal Revenue Service (LIRS) said on Friday that firms and individuals owed the state government N18 billion in unremitted taxes in 2013. Executive Chairman of the service, Tunde Fowler, made this known at the launch of a KPMG Chief Financial Officer (CFO) Survey on “Next Frontiers in Tax Administration” in Lagos. Fowler […]

US Treasury: China does not manipulate yuan

The US Treasury said Tuesday that China cannot be ruled a manipulator of its currency despite the yuan’s sharp slide since January. But the Treasury said the recent fall could “raise particularly serious concerns” if it represents a reversal in Beijing’s commitment to a more free-floating yuan. In a twice-yearly report to Congress, which would […]

Latvia joins Eurozone

Estonian Prime Minister Andrus Ansip (L) and Latvian Prime Minister Valdis Dombrovskis withdraw euros from a bank machine during a ceremony in Riga, Latvia, on January 1, 2014.  AFP

Latvia officially adopted the euro at the stroke of midnight local time, making the former Soviet state of two million people the 18th member of the crisis-hit eurozone. As a huge firework display roared in Riga, the people of this Baltic state bade a reluctant farewell to their cherished lat — seen as a symbol […]

Nigeria to ditch polymer Naira notes for paper

twenty naira polymer note to be scrapped

Nigeria is to revert to paper banknotes, the country’s central bank has announced, in a policy switch bucking a growing trend around the world for tougher polymer-based currency. The Central Bank of Nigeria (CBN) signed a deal in 2006 with Australia’s Securency International to print lower more-circulated units of the naira in polymer, while higher […]

Nigeria bans import of foreign currencies

Bales of dollars recovered from 2 Nigerians in South Africa

The Central Bank of Nigeria (CBN) has banned the importation of all foreign currencies except with approval. According to a statement signed by CBN Director of Corporate Communications, Mr Ugo Okoroafor, on Tuesday in Abuja, the move was sequel to the Bank’s withdrawal of the operating licence of 20 Bureaux de Change (BDCs). The CBN […]

EFCC Arrests Serial Fraudster over $92,000 Scam

Dr. Princewell Arinze Chukwueze

Nigeria’s Economic and Financial Crimes Commission, EFCC, has arrested Dr. Princewell Arinze Chukwueze, an alleged serial fraudster, over a $92,000(Ninety-Two Thousand United States Dollars) scam. Chukwueze was arrested in Abuja by operatives of the EFCC after more than two months’ of frantic manhunt for him. His arrest followed an allegation of fraudulent transactions involving him […]

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