The Nigerian Senate has taken significant steps towards reinstating the country’s monetary sovereignty by introducing legislation aimed at banning foreign currencies for transactions and payments within its borders. The proposed bill seeks to ensure that all financial dealings, including salaries and general transactions, are carried out exclusively in Naira. This initiative aims to eliminate discriminatory…
The U.S. government says it has supported more than 5 million Nigerian farmers in its multifaceted agricultural partnership programmes with Nigeria since 2019 through its agency for international development (USAID). The U.S. Embassy in Nigeria disclosed this in a statement on Tuesday, adding that the partnership has helped strengthen Nigeria’s food security by increasing food…
The African Development Bank Group (AfDB) says it will construct a new state-of-the-art headquarters building in Abidjan, Côte d’Ivoire. AfDB said this in a statement on Tuesday that the decision was approved by the bank’s Boards of Directors. The bank emphasised the importance of maintaining a strong presence in the country and providing a modern…
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened nine pips to 7.1891 against the dollar on Tuesday. This is according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the Yuan can rise or fall by two per cent from the central parity rate each trading…
Vice-President of ECOWAS Commission, Damtien Tchintchibidja, says about two million West/Central African women and girls have benefited from Sub-Saharan Africa Women’s Empowerment Demographic Dividend plus (SWEDD) project in 10 years. Tchintchibidja made this known while officially inaugurating a new phase of the project tagged: SWEDD+, on Monday, in Abuja. The News Agency of Nigeria (NAN)…
Prof Kevin Urama, Chief Economist and Vice President, Economic Governance and Knowledge Management, African Development Bank (AfDB), says the continent needs 74 billion dollars in 2024 for debt service. Urama disclosed this at the launch of the Debt Management Forum for Africa (DeMFA) and its innaugural policy dialogue on Monday in Abuja. The theme of…
Vice-President Kashim Shettima is scheduled to hold a bilateral meeting with the Chairman, Islamic Development Bank (IsDB) Group, Dr Muhammad-Sulaiman Al-Jasser, in Jeddah, Saudi Arabia, on Dec. 20. This is contained in a statement on Monday by Mr Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications, Office of the Vice President….
Ghana’s president-elect, John Dramani Mahama, has pledged to revamp the cocoa sector and reorganise the state-run regulator, aiming to stimulate growth and improve efficiency in the world’s second-largest cocoa producer. In an interview with Reuters on Friday, he criticised the cocoa industry structure where the cocoa marketing board (COCOBOD) competes with farmers for profits. “Can…
World Trade Organisation (WTO) members agreed on Monday to hold the next ministerial conference in Cameroon in early 2026, it said in a statement. The WTO holds such conferences every two years where trade ministers from around the globe gather to try to reach deals to set or update new trade rules. The statement indicated…
The Federal Government has paid its ECOWAS community levy of N85 billion and 54 million dollars representing 2023 and up to July 2024. Dr Omar Touray, President of the ECOWAS Commission, said this on Sunday, during the opening of the 66th Ordinary Session of the Authority of Heads of State and Government, at the Banquet…
