The Nigeria Labour Congress (NLC), has charged states to adopt Collective Bargaining Agreement (CBA) with state councils of the labour centres in the negotiation of a consequential agreement in the implementation of the minimum wage law. While commending the processes leading to the eventual sealing of agreement between the Federal Government and Joint National Public…
Inflation figures for January fell from 11.44% in December 2018 to 11.37%. In its latest CPI and Inflation Report, the National Bureau of Statistics, NBS, also said the consumer price index, (CPI) which measures inflation increased by 11.37 percent (year-on-year) in January 2019. Increases were recorded in all COICOP divisions that yielded the Headline index.…
Comptroller Bashir Abubakar, Controller, Customs Apapa Area 1 Command, says more than 1,000 containers with different challenges are being streamlined for quick clearance by stakeholders at the Apapa Port. Abubakar said this in an interview with the News Agency of Nigeria (NAN) in Lagos on Friday. He said the containers had piled up due to…
The National Pension Commission (PenCom) says total pension fund assets have grown to N8.63 trillion as at December 2018. Ms Aisha Dahir-Umar, its Acting Director-General, disclosed this at the public hearing of the House of Representatives Ad-hoc Committee in Abuja on Thursday. The committee is mandated to investigate activities of PenCom and alleged violation of…
Gerald Cotten, 30-year old CEO and co-founder of Quadriga, Canada’s biggest cryptocurrency exchange, has died of complications arising from Crohn’s Disease while traveling in India, locking away $145 million of bitcoin and other digital assets belonging to customers and users. The company has raised the alarm about its inability to gain access to his computer…
Statistics from the Nigeria Interbank Settlement System, NIBSS, showed that Nigerians abandoned 10 million bank accounts in 2018. According to NIBSS, the number of bank accounts abandoned by bank customers and hence categorised as ‘inactive bank accounts’ rose by 28 percent to 46.7 million in 2018 from 36.7 million in 2017. Financial Vanguard…
The Naira on Monday appreciated further at the parallel market in Lagos, exchanging at N358 to the dollar, stronger than N359 it traded on Friday. The Pound Sterling and the Euro traded at N472 and N411, respectively. At the Bureau De Change (BDC) segment, the naira was sold at N360 to the dollar,…
Remita, an electronic payment platform, has partnered with Verve, a Pan-African financial technology brand, to further enhance the payment experience of millions of customers by enabling them to pay thousands of merchants on the Remita platform using their Verve card. This partnership which increases the card payment options available to customers on the Remita…
The Central Bank of Nigeria (CBN) has announced plans to establish a national micro-finance bank to promote access to credit finance for small, medium enterprises (SMEs) and other unbanked groups in the country. Emefiele who was represented by the deputy governor, Financial Systems Stability of the CBN, Aishah Ahmad, at the maiden two-day National…
The National Bureau of Statistics has stated that the number of unemployed people in Nigeria increased from 17.6 million in Q4 2017 to 20.9 million in Q3 2018. In this periodic report titled ‘Labour Force Statistics – Volume 1: Summary’, NBS explained that this means they did nothing at all or worked too few hours…
One of the International Monetary Fund’s top officials warned on Tuesday that storm clouds were gathering over the global economy and that governments and central banks might not be well- equipped to cope, Reuters reports. The fund had been urging governments to “fix the roof” during a sunny last two years for the world…
The Nigeria economy recorded a GDP growth rate of 1.81% year-on-year for the third quarter of the year according to statistics released by National Bureau of Statistics on Monday. Announcing this on its website, the bureau said the 1.81% represented an increase over the growth rate of 1.5 per cent which the economy recorded…
Nigeria has dropped a spot on the latest World Bank Ease of Doing Business ranking report released on Wednesday. Titled ‘Doing Business 2019: A Year of Record Reforms, Rising’, the World Bank said a total of 107 reforms were carried out in sub-Saharan Africa, a record for the region. Nigeria had moved 24 places from…
The Federal Government on Monday announced that it had issued the first gold refining licence to a firm known as Kian Smith Limited. Revealing this at the ongoing 24th National Economic Summit in Abuja, Minister of Budget and National Planning, Senator Udo Udoma said the Federal Government will also commence the purchase of gold from…
Vice President Yemi Osinbajo has announced approval of a 90-day special window to register businesses at a reduced rate of N5,000 only from N10,000 Mr. Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President in Abuja, said that Osinbajo made the announcement in Enugu. Osinbajo, who was…