Chairman of Stanbic IBTC Bank Plc, Mr. Atedo Peterside, yesterday, has hit hard at the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, accusing the CBN of operating multiple forex rates which he said is hurting the nation’s economy.
Nigerians fear that the queues at the petrol stations are likely to return again as marketers have stopped importation of Premium Motor Spirit, PMS.
In a bid to improve the dwindling economy, the Federal Government on Wednesday through the Bank of Industry, BOI has concluded plans to disburse N140 billion to petty traders and artisans nationwide.
The Federal Government says the economic recovery plan of the President Muhammadu Buhari led administration will be unveiled next month.
The Senate has pegged the exchange rate at N305/US Dollar as proposed by the executive for the 2017 budget, just as it okayed $44.5 per barrel as oil benchmark price for 2017 budget as against the $42.50 per barrel as requested by the executive.
Former Minister of State for Education, Olorogun Kenneth Gbagi, has said that crude oil located in the Niger Delta will last for another one hundred years.
Nigeria’s power situation seems to have taken a hit as the country’s electricity grid has dropped to 3, 000mw from 4,062 megawatts (mw) due to constraints of gas supply shortage and turbine faults.
The International Monetary Fund has disagreed with the World Bank’s projection of Nigeria’s economic growth by one percent in 2017, rather it said the outlook was below one percent.
“Concerned Nigerians” on Friday, stormed the Central Bank of Nigeria (CBN) headquarters, Abuja to protest the high prices of essential commodities in Nigeria.