Onyinye Nwachukwu

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How banks can accelerate Nigeria's $1trn GDP target

1 week ago | businessday.ng | Iheanyi Nwachukwu |Hope Moses-Ashike |Onyinye Nwachukwu

…As CBN says investors responding to FX stabilityAs the race for bank recapitalisation intensifies, the Central Bank of Nigeria (CBN) says that the sector is essential to actualising Nigeria’s $1 trillion gross domestic product (GDP) target. Olubukola Akinniyi Akinwunmi, director, Banking Supervision Department, CBN, said this on Monday at the ongoing seminar for finance correspondents and business editors, in Abuja.
$1trn economy: CBN insists banking sector essential to power Nigeria's growth

1 week ago | businessday.ng | Iheanyi Nwachukwu |Onyinye Nwachukwu

…says investors responding to FX stabilityAbuja|| As the race for bank recapitalisation intensifies, the Central Bank of Nigeria (CBN) insists that the sector is essential to power Nigeria’s growth to a $1 trillion economy. Olubukola Akinniyi Akinwunmi, director, Banking Supervision Department, CBN said this on Monday at the ongoing seminar for finance correspondents and business editors, in Abuja.
Group spots 254 ‘frivolous’ items in 2025 budget

2 months ago | businessday.ng | Onyinye Nwachukwu |Cynthia Egboboh

The Centre for Social Justice (CSJ) has spotted 254 frivolous, inappropriate and wasteful items in the Federal Government’s 2025 budget, currently undergoing scrutiny at the National Assembly. Critics highlight that these items, which include expenditure on vehicles, utensils, unnecessary office supplies, and recurring allocations detract from essential services and infrastructure investments needed to address the country’s pressing economic challenges.
Nigeria's high interest rate spread seen dragging GDP by 30%

2 months ago | businessday.ng | Onyinye Nwachukwu |Wasiu Alli

…As Cardoso says CBN’s policies prevented inflation from reaching 42.8%High interest rate spread in Nigerian banks could potentially drag the country’s economy by 20 to 30 percent, adding more pains to businesses and households whose spending power has been hammered, according to experts.
How CBN’s new FX Code will enhance market liquidity

2 months ago | businessday.ng | Hope Moses-Ashike |Onyinye Nwachukwu

The Central Bank of Nigeria (CBN) has released a new Foreign Exchange (FX) code aimed at enhancing liquidity, transparency and guiding market participants. The code represents a set of principles widely recognised as good practices in the global foreign exchange market. The CBN, in its regulatory and supervisory role, crafted the FX Code to address risks in Nigeria’s evolving financial landscape while strengthening the integrity and functionality of the foreign exchange market.
No longer business as usual in public procurement - Adedokun, DG, BPP

2 months ago | businessday.ng | Onyinye Nwachukwu |Anthony Ailemen |Ladi Patrick-Okwoli

Adebowale Adedokun, newly appointed Director-General of the Bureau of Public Procurement (BPP), has over 20 years of experience in public service. He has served as a national consultant to the United Nations Development Programme (UNDP) on procurement reforms, Nigeria’s representative in the International Research Study on Public Procurement (IRSPP), and a World Bank resource person on sustainable procurement.
CBN launches DocFlow, MDA Naira Payment Solutions to improve turnaround time, cut costs

Jan 16, 2025 | businessday.ng | Onyinye Nwachukwu

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), has launched two transformative initiatives – the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution aimed to improve turnaround time and cut costs.
Nigeria trade volume hits N196trn

Jan 14, 2025 | businessday.ng | Onyinye Nwachukwu

…As Customs rakes in N6.105trn, overshoots target by 20%Nigeria’s trade volume surged 179.3 percent to a record N196 trillion in 2024, buoyed by global best practices in trade facilitation, improved operational excellence, and enhanced security. This is compared to N70.50 trillion reported in 2023. The update was provided by Adewale Adeniyi, the comptroller-general of Nigeria Customs Service (NSC) who spoke on the activities of the service at a press briefing Tuesday in Abuja.
Police bust child trafficking syndicate, rescue 59 children

Jan 9, 2025 | businessday.ng | Onyinye Nwachukwu

The Federal Capital Territory (FCT) Police Command on Wednesday busted a child trafficking syndicate and rescued 59 children who were being taken to the other parts of the country. The children, aged between four and 12 years, were rescued by the police Patrol and Guard unit along the Abuja-Kano highway.
Reserves grow, naira flutters as CBN tweaks policies

Dec 30, 2024 | businessday.ng | Onyinye Nwachukwu

Nigeria’s foreign reserves hit a three-year high of $40.2 billion in 2024, but the naira saw instability for much of the year, with the Central Bank of Nigeria (CBN) tweaking policies to stabilise the foreign exchange (FX) market. These were some of the highlights of 2024, which challenged Governor Yemi Cardoso to introduce policies, including the Electronic Foreign Exchange Matching System (EFEMS), to stabilise the FX market.