On the 3rd of May, 2018, the Central bank of Nigeria (CBN) and the People’s Bank of China (PBOC) finalized a bilateral currency swap agreement between both banks. The agreement is valid for three years and can be extended upon mutual consent. The deal will allow an amount of Fifteen Billion Renminbi/Chinese Yuan (CNY 15 ...

SHOULD NIGERIA ADOPT THE ECO CURRENCY? Written by Oladele Abigail  On the 28th of May, 1975, Head of states and presidents of fifteen different states in West Africa converged in Lagos, Nigeria to sign a treaty that established the Economic Community of West Africa States (ECOWAS). The fifteen nations include Benin Republic, Burkina Faso, Cape Verde, Cote d’ Ivoire, The Gambia, Ghana, ...

FINANCIAL TIPS FOR 2020 WRITTEN BY OLADELE ABIGAIL It’s that part of the year when we start sending season greetings, we say ‘Merry Christmas and a Happy new year. This period is always associated with individuals making resolutions for the next year.   Here is a piece of advice; your resolutions shouldn’t be limited to changing your character, setting ...

BORDER CLOSURE; CAUSES AND IMPLICATIONS TO THE ECONOMY OLADELE ABIGAIL It is no longer a news that the Federal Government of Nigeria has directed that its border should be closed from other countries. We can bear witness that this has caused the citizens some distress, it has reduced the purchasing power of individuals as goods ...

CBN's CASHLESS POLICY. The Central Bank of Nigeria isn’t here to play this year We can say for sure, that it is functioning in terms of policy making.We are however, still concerned if the Government’s bank is actually for the people or against the people with its recent policies. The social media was buzzing last week, everyone was seen talking about the CBN’s new policy on ‘Cashless policy’. Many expressed their views, opinion and pains about the new policy. Although the policy was misinterpreted by most people.  The policy is aimed at creating a cashless society. In a simple term, a cash less society is a society where financial transactions are conducted without ...

P&ID vs NIGERIA; How did we get here?  The Federal government of Nigeria, through the Ministry of Petroleum signed an agreement with eight companies on an Accelerated Development Policy. One of the companies it signed this agreement with is the Process and Industrial Development company (P&ID), a limited liability company. According to the agreement, Nigeria was meant to supply natural (wet) gas ...

NIGERIA SIGNS AFCTCA: IS FREE TRADE REALLY THE ANSWER? WRITTEN BY OLADELE ABIGAIL The Nigerian government recently signed the Africa’s free trade agreement (AFCTCA). The main aim of the trade agreement is to reformulate and redefine trade relations among African countries. That is, buying and selling among African countries will take place without the imposition ...

Following the re-appointment of the Central bank of Nigeria (CBN) Governor by Muhammadu Buhari (GCFR) which was subjected to confirmation by the senate, the CBN for his 2019-2024 new term in office. He explicitly stated that his vision for the apex bank. President governor in person of Gov. Godwin Emefiele, CON presented his Monetary Policy ...

Credit crunch, often regarded to as credit crises, is an economic situation where there is a reduction in the general availability of loans or credit. During this period, investment capital is hard to obtain as banks and investors become strict in lending out funds to individuals and business bodies. It’s an extension of the recession ...

COMMODITY MARKET UPDATE! FEDERAL GOVERNMENT SET TO INCREASE PUMP PRICE. Early last week, the information about the Federal government approving an increase in the pump price of Premium Petrol Spirit (PMS) popularly known as petrol was all round social media platforms. Individuals, firms are concerned if this is true or not. In the last quarter ...