Economy

NCC expects proliferation of devices

Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has said emerging technologies and advancements in the sector demand that the Commission is prepared to match these developments with appropriate regulations and guidelines. With the technological advancements anticipated in the coming years, it is expected that there will be a proliferation of devices in the…
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Banking

FG plan to generate N484bn from e-payment channels

The Federal Government is set to make a total of N483.73bn in three years from electronic payment boom by way of the Electronic Money Transfer Levy. This projection was made by the Budget Office of the Federation and revealed in its 2023 – 2025 Medium Term Expenditure…
Banking

Naira falls to N680/$ at parallel market despite EFCC’s clampdown

The naira yesterday weakened against the dollar at the parallel section of the foreign exchange (forex) market. Bureaux De Change operators (BDCs), popularly known as ‘abokis’, said the local currency depreciated by N15 or 2.3 per cent to trade at N680 per dollar at the street market. Last week, the naira closed at N665 to a dollar at the street market. The street traders put the buying price…
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Economy

FG borrows N2.45tn from CBN amid fiscal risks

The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn in December 2021 to N19.91tn in June 2022. According to data from the CBN, this shows that the Federal Government borrowed N2.45tn from the apex…