Category Archives: AbokiMallamFx News

AbokiMallamFx News

Apapa-Tin Can road shut by FG

The Director, Federal Highways, Southwest. Federal Ministry of Works, Mr Funsho Adebiyi has disclosed during a tour of the Apapa/Oshodi road project that the Federal Government will on Saturday December 7 from 12am, shut sections of the Apapa-Tin Can road for maintenance. He said sections from Mile 2 to Tin Can would be closed to… Read More »

Nigeria, Ghana and South Africa top bitcoin users

In its December 2019 edition of her monthly press release, The Chartered Institute of Bankers of Nigeria (CIBN) disclosed that the use of bitcoin by Nigerians has continued to be on the rise. The report stated that in 2018, 41 per cent of new bitcoin users, came from Nigeria, Ghana and South Africa. This upward… Read More »

New electricity policy, Nigerians may pay more

During a phone-in radio program in Kano,, the Minister of Power, Mr Sale Mamman hinted that with the anticipated improvement in power supply to the country, increase in electricity tariffs was inevitable, considering the cost of energy generation in the country. The Federal Ministry of Power in a statement announced the introduction of a new… Read More »

Senate passes 2020 budget

The 2020 budget of Nigeria was on Thursday, December 2019 passed by the Senate. The budget which was presented by President Muhammadu Buhari is N264 billion lower than the N10.594 trillion passed by the Senate. The approval of the budget by the Senate followed the adoption of the report of Senate Committee on Appropriation at… Read More »

Tax Law: Sectorial implications of Nigeria’s Proposed Tax Law on the economy

The coming into effect of Nigeria’s proposed new tax law is intended to reduce its budget deficit and consolidate the economy making it more stable. The new tax law will get rid of double taxation which over time has impacted negatively on businesses in the country. This move according to financial analysts, will increase investors’… Read More »

How To Attract Foreign Investment In Nigeria 

Stakeholders have called on the Federal Government to fix infrastructure in the country, to enable Nigeria attract and maintain foreign investment. According to them, the government needs to improve on road construction and rehabilitation, while also improving electricity to ensure businesses optimised their potential while getting a return on investments. Speaking at the Economic Summit… Read More »

Currency-In-Circulation Hits N2trn

Currency-in-circulation on month-on-month basis fell by 0.7 per cent to N2.00 trillion at the end of September 2019, in contrast to the growth of 0.8 per cent at the end of the preceding month. The Central Bank of Nigeria (CBN) revealed this in its economic report for October 2019. The development, relative to the preceding… Read More »

European Economy To Grow At Its Lowest Rate Since 2013, IMF Says

In its latest Regional Economic Outlook report, the IMF suggests that real GDP across the continent will moderate to 1.4%, down from 2.3% in 2018, before rebounding to 1.8% in 2020. The same forces driving weakness in manufacturing and trade for advanced Europe are likely to continue, the Washington-based organization predicted. Advanced European projections have… Read More »

Naira Gains 24 Kobo At I&E As Demand For Dollar Eases

The demand for Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market moderated on Wednesday, November 6, 2019, causing the Naira to appreciate at the close of transactions. The local currency had come under a heavy pressure on Tuesday as a result of the astronomical rise in demand for the… Read More »

$83 A Month For Government Workers May Be Too Much For Nigeria

Government’s personnel-related costs exceed annual revenue, Nigeria’s outstanding debt has doubled in the past four years Tope Ajao earns 18,000 naira ($50) a month cleaning floors at Nigeria’s Ministry of Agriculture. She’ll soon start benefiting from a government decision to almost double the minimum wage — even though it’s not clear her country can afford… Read More »

Bitcoin Enters Selling Trend As $10,000 Level Serves As Barrier

Technical indicators show currency’s price likely to decline “Price movements resemble August trading highs, then huge drop The crypto currency’s Global Strength Indicator, a measure of upward and downward movements of successive closing prices, is nearing the 70 level, meaning its price is likely to soon decline after becoming overheated. Bitcoin enters overbought levels The… Read More »

Access Bank Offers Free One-Week Instant Transfers

Access Bank says it is offering its customers free instant transfers for a week. A statement from the bank said this was its way of thanking its customers for their patience and understanding throughout the period of its technology and infrastructure upgrade. “The upgrade involved the integration of all Access Bank’s platforms into a new,… Read More »

Nigeria Enrich With Cocoa to Earns $338.17m

“Speaking on Monday in Lagos at a capacity building program on cocoa grading and regulations, the Chief Executive, NEPC, Mr Segun Awolowo, said Nigerian cocoa beans have commanded consistently high demand for several decades. NIGERIA earned $338.17 million from cocoa and cocoa products last year, the Nigerian Export Promotion Council (NEPC) has said. Also, cocoa… Read More »

Economy Naira Falls As I&E Records $21.9m Transactions Monday

At the close of business yesterday 15th day of Oct, 2019, the local currency went down by 40 Kobo or 0.11 percent to exchange at N362.53/$1 at the market window despite low demand for the greenback by investors and exporters. The closing price of the domestic currency yesterday was higher than previous session’s N362.13/$1. “As… Read More »