The chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has revealed that Nigerian businesses are shouldering an estimated $3.5 billion annual tax burden in foreign currency, exacerbating the naira’s depreciation. Speaking at the Nigerian Financial Intelligence Unit’s (NFIU) first revenue assurance summit on Tuesday, Oyedele emphasized the need for a coherent The post Nigeria’s businesses strained by $3.5bn annual tax pushing naira devaluation appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

The governor of Nigeria’s Central Bank, Olayemi Cardoso, has disclosed that the country’s foreign reserves rose by 12.74 per cent to $39.12 billion as of October 11, 2024, from the $34.70 billion at the end of June. This is even as he lamented that inflation remains a pressing concern but said there are reasons for The post Foreign reserves rose to $39bn in October, but inflation remains a huge concern, says Cardoso appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

Following the latest hike in Nigeria’s inflation rate on Tuesday October 15, 2024, economic think-tank, the Centre for the Promotion of Private Enterprise (CPPE) has cautioned the Nigerian government that inflation cannot be tamed without addressing insecurity, power and foreign exchange (FX) volatility issues. Ripples Nigeria had earlier reported that Nigeria’s inflation increased to 32.70 The post Inflation can’t be tamed without resolving security, power, Fx issues —CPPE appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

The Transmission Company of Nigeria (TCN) said on Tuesday efforts to fully repair the national grid are almost complete following a partial disturbance on Monday. The power grid collapsed at 7:00 p.m., on Monday, prompting immediate recovery efforts. The national grid collapsed again on Tuesday to throw the country into a complete blackout. The system The post TCN says power restored to 90 substations after grid collapse appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

The Nigerian equities market gained a massive N3.4 trillion at the close of trading on Tuesday. This followed a surge in the share prices of stocks like CHAMPION, TANTALIZER, and OANDO amongst others on the trading floor. After five hours of trading at the capital market, the equity capitalization rose to N59.7 trillion from N59.5 The post NGX: Equities market sustains bullish run as investors make N197bn appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

The World Bank has approved a $500-million grant to support Nigeria’s recovery efforts from the impacts of the COVID-19 pandemic. The funds will be utilised through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme. The programme was launched in 2021 to vulnerable households and micro-small enterprises affected by the pandemic. The World The post World Bank approves $500m COVID-19 grant for Nigeria appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

After two consecutive declines, the consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 32.7 percent in September. This development was announced by the National Bureau of Statistics (NBS) in its CPI report for September, released on Tuesday. This is the first increase in three months The post Nigeria’s inflation rate rises to 32.7% —NBS appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

The Central Bank of Nigeria (CBN) has sounded the alarm on cybersecurity, urging banks to invest heavily in safeguarding depositors’ savings from hackers. Speaking at the Nigeria Economic Summit in Abuja on Monday, CBN Governor Olayemi Cardoso emphasized the need for robust risk management systems to stay ahead of cybercriminals. According to Cardoso, who was The post Cybersecurity in focus as CBN warns banks to stay ahead of hackers appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

The World Bank has disclosed that the current economic reforms like the floating of naira, subsidy removal among others being enacted by the Nigerian government must be maintained for the next 10 to 15 years to transform its economy. This is even as the Bretton Wood institution admitted it is very difficult to implement such The post Current economic reforms difficult, but rewards massive, World Bank on hardship in Nigeria appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

The Nigerian equities market began the week on a positive note on Monday, October 14, 2024 as investors gained a massive N3.4 trillion at the end of trading on the floor of the Nigerian Exchange Group (NGX). This followed a surge in the share prices of stocks like Wapic, ConhallPlc, Nascon amongst others on the The post NGX: Equities market begins week with massive N3.4tr profit for investors appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.