President Muhammadu Buhari has replaced the Department of Petroleum Resources (DPR) with the Nigerian Upstream Regulatory Commission (NURC). This was disclosed on Wednesday by the Senate President, Ahmed Lawan during the confirmation of board members of NURC.
The Northern Governors Forum have today set for an emergency meeting in Kaduna state to discuss issues bordering on the value Added Tax (VAT) that have stirred a controversy in the Nigerian political space recently. The Coordinator of the Forum Secretariat who also doubled as the secretary to the plateau state government, Professor Danladi Atu, confirmed the meeting yesterday saying it will be hosted by Governor Nasiru El-Rufa’i of Kaduna state. This is coming as some senior lawyers have berated the Attorney General of the Federation, Abubakar Malami, who declared that no state has the power to collect the VAT.
Nigeria’s inflation rate dropped for a fifth straight month in August 2021 to 17.01% from 17.38%. The continuous decline was blamed on rising food prices. This is according to the National Bureau of Statistics (NBS) in its monthly report. The announcement comes ahead of Friday’s meeting of the Central Bank of Nigeria’s monetary policy committee which will decide on the benchmark lending rate. The latest figure is 0.37% points lower than what was recorded in the previous month. Meanwhile, on a month-on-month basis, the headline index increased by 1.02% in August 2021, this is 0.09% higher than the rate recorded in July 2021 (0.93%). The urban inflation rate increased by 17.59% (year-on-year) in August 2021 from 18.01% recorded in July 2021, while the rural inflation rate increased by 16.43% in August 2021 from 16.75 in July 2021. Nigeria’s inflation has been in double digits since 2016 but became worse with border closure, COVID-19 crisis, insecurity, and repeated devaluation of the naira. It reached its highest in years in March. “The rise in the food index was caused by an increase in prices of bread and cereals, milk, cheese and egg, oil and fats.” The report stated, “The consumer price index, which measures inflation increased by 17.01 percent (year-on-year) in August 2021.
Following the unabated oil theft in the Niger-Delta region, the Federal Government has said it will deploy Army, Navy and civil defence to fight against the economic saboteurs. Consequently, the FG has set up an Inter-Ministerial Committee on the recovery of all illegally refined products being produced in the creek of the Niger-Delta region. Accordingly, those who were drafted to constitute the committee include members from the Nigerian Army, Navy, Civil Defence Corps and the Federal Ministry of Defence. Representatives from the Federal Ministry of Justice were not left behind, Environment, Nigerian National petroleum Corporation (NNPC), the Department of petroleum Resources (DPR) and the National Oil Spill Detection and Response Agency were also co-opted into the team.
The Central Bank of Nigeria (CBN) has outrightly denied claims that it directed banks to convert all customers’ domiciliary accounts meant for dollar and other hard currency transactions into naira accounts. The CBN Director, Corporate Communications, Osita Nwanisobi, in a statement on Saturday, noted that a fake circular with a fake CBN logo curiously dated “13 September 2021” (next Monday), and purportedly issued by its Trade and Exchange Department directed that all Deposit Money Banks, International Money Transfer Operators (IMTOs) and members of the public are to convert domiciliary account holdings into naira.
President Muhammadu Buhari has directed that Nigerian National Petroleum Company (NNPC) Limited be incorporated. President Buhari has also approved the appointment of the board and management of the NNPC. This was made known in a statement by the President’s Special Adviser on Media and Publicity, Mr. Femi Adesina, who stated that the President made the appointments in accordance with the Petroleum Industry Act (PIA) 2021.
Naira has been reported to have gained against the US dollar to close at N411.6/$1, although, it depreciated significantly by 3.9% at the parallel market to close at N525/$1 and this was due to the ban on the sale of dollars to BDC operators in Nigeria by the Central Bank. N413/$1 was the all-time high recorded during intra-day trading, and N352.07/$1 was the all-time low during intra-day trading before finally settling at N411.6/$1.
The director-general of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has been listed in Time Magazine’s 100 Most Influential People for 2021. Others listed include Naomi Osaka, Britney Spears, Angelique Kidjo, Joe Biden, Donald Trump, Elon Musk, Kamala Harris among others. Time Magazine’s annual list of 100 most influential people in the world accords recognition to “people whose ideas, example, talent, or discoveries transform the world we live in”. The list places individuals in five categories: titans, pioneers, artists, leaders and icons.
The Central Bank of Nigeria (CBN) has on Tuesday announced the ban on the sales of forex to bureau de change operators in the country. Godwin Emefiele, CBN Governor made the disclosure during the two-day Monetary Policy Committee (MPC) meeting in Abuja, saying the aim of selling forex to BDC operators for retail purposes has been defeated as the operators have become wholesale and illegal dealers.
The Assistant Commander of the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission (EFCC), Aliyu Naibi, has called on the Central Bank of Nigeria (CBN) to offer the anti-graft agency more information and other forms of support in tackling fraudulent investment managers operating in the Niger Delta area of Nigeria. Naibi, who made this call on Wednesday, when the Rivers State Branch Controller of CBN, O. B Oruwari paid him a courtesy visit in Port Harcourt decried the alarming rate of fraudulent investment managers in Rivers State and the attendant loss of funds by various investors.
The Central Bank of Nigeria (CBN) has revealed it will launch the pilot scheme of its digital currency on October 1st, 2021. The resolution was made during a private webinar on Thursday in which CBN and its stakeholders outlined a digital currency initiative. Central Bank Governor, Godwin Emefiele had earlier announced that the bank will be working on a central digital currency during the 306th Banker’s Committee meeting. At the end of the meeting CBN Director, IT Department, Mrs. Rakiya Mohammed, revealed that the bank had been conducting research in regards to central bank digital currencies since 2017 and may conduct a proof of concept before the end of this year. According to Mrs. Mohammed the project is named ‘GIANT’ and will use the Hyperledger Fabric blockchain. The Hyperledger Fabric is an open-source project that acts as a foundation for developing blockchain-based products, solutions, and applications using plug-and-play components that are aimed for use within private enterprises.