• Reps to probe MMM monetary scheme, caution citizens

    Reps to probe MMM monetary scheme, caution citizens

    According to reports, the House of Representatives yesterday resolved to probe the internet-based wonder bank known as Mavrodi Mondial Moneybox (MMM) so as to save innocent Nigerians from falling prey to fraudsters and further experiencing financial ruin during recession.

    Consequently, the lower legislative chamber has mandated its committees on banking and currency as well as that of financial crimes to look into the matter and submit its report in four weeks.

    The resolution was sequel to the adoption of a motion of […]

  • Recession: Senate seeks harmonization of financial, monetary policies

    Recession: Senate seeks harmonization of financial, monetary policies

    According to reports, The Senate has urged the Ministry of Finance and the Central Bank of Nigeria (CBN) to harmonize the Federal Government’s financial and monetary policies as one of the ways to end the current economic recession.

    The Upper Chamber also enjoined the Executive to urgently negotiate external concessionary borrowing to finance aspects of deficit in the 2016 Appropriation Act.

    These were part of the recommendations adopted by the Red Chamber after its two-day exhaustive debate to proffer solutions to the […]

  • CBN supremo vows to deploy monetary tools to restore growth

    CBN supremo vows to deploy monetary tools to restore growth

    The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, Friday expressed the desire of the bank to “employ every indispensable means, conventional or otherwise”, to help restore economic growth in the country.

    It also emerged yesterday that the CBN has amended its foreign exchange manual; resident Nigerian nationals and companies that bring in foreign currency through the banks and other authorised dealers can now invest such funds in money market instruments, bonds and equities.

    Emefiele spoke while delivering a […]

  • Monetary policy alone not enough to expand economy, says Buhari

    Monetary policy alone not enough to expand economy, says Buhari

    Nigeria will need to combine monetary policies with fiscal and structural policies in order overcome its worst economic crisis in decades and return to growth, President Muhammadu Buhari said on Thursday.

    Nigeria is in the middle of its worst crisis in decades as a slump in oil revenues hammers public finances and the naira. Gross domestic product shrank in the first quarter and the Central Bank governor has said a recession is likely.

    “We fully understand that monetary policy alone is not […]