PM News Nigeria

Naira devaluation not good for our economy, says APC

Alhaji Lai Mohammed

All Progressives Congress (APC) has critised devaluation of the naira and has described the development as not healthy for Nigeria‚Äôs economy. The National Publicity Secretary of APC, Alhaji Lai Mohammed, on Wednesday in Abuja told journalists that the devaluation of currency had its implications on the people and the economy. “When the currency is devalued, […]

Nigerian naira devaluation leads to fears about the economy

Godwin Emefiele, CBN Governor

Nigerians on Wednesday voiced fears about the central bank’s devaluation of the naira, warning that a country largely dependent on imports will be hit hard by the measure. The Central Bank of Nigeria (CBN) knocked eight percent off the value of the local currency to the US dollar as part of moves to limit the […]

Central Bank devalues naira, seeks to stabilize currency

Central Bank of Nigeria Governor, Godwin Emefiele

Nigeria devalued its currency on Tuesday, seeking to stabilise the naira after it hit historic lows against the US dollar, as falling world oil prices hurt the country’s foreign reserves. The naira’s street value had already fallen before the surprise moves announced by Central Bank of Nigeria (CBN) Governor Godwin Emefiele. It had been trading […]

Naira value dips further against dollar

Central Bank of Nigeria Governor, Godwin Emefiele

The Naira on Friday depreciated further against some major international currencies at the official, parallel and black markets. NAN reports that the Naira, at the official market, traded for N158.41 to a dollar from N156.09 traded on Monday, Nov.17. At the Bureau De Change (BDCs), otherwise known as the parallel market, the Naira depreciated by […]

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 […]

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