FG To Unveil eNaira On Monday – CBN

President Muhammadu Buhari is set to unveil Nigeria's digital currency, e-Naira on Monday, the Central Bank of Nigeria disclosed. The digital currency had earlier been scheduled for unveiling on October 1, 2021, but was postponed by the CBN citing activities line up to the independence day celebration. The Director, Corporate Communications, CBN, Osita Nwanisobi made the disclosure in a statement title "President Buhari to unveil eNaira on Monday, 25 October 2021."

Okonjo-Iweala Listed Among Time’s 100 Most Influential People

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.

PIA: DPR Scrapped As Senate Confirms Appointment Of NURC Board Members

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.

EFCC Solicits Support From CBN To Curb Fraudulent Investment Schemes in Niger-Delta

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.

VAT Controversy: Northern Governors Meet Today To Suggest Way Forward

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.

JUST IN: Nigeria’s Inflation Drops For 5th Consecutive Month

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.

Crude Oil Theft: FG To Deploy Army, Navy And Civil Defence Against Illegal Refiners

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.

CBN Dispels Rumors Directing Banks To Convert Domiciliary Accounts Into Naira

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 Buhari Approves Incorporation Of NNPC, Appoints Board Members

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 Closes At N411.6/$1 As USD Supply Surges

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.