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  • Business - Companies
  • Updated: May 19, 2024

Business news roundup from May 12- May 18, 2024

Business news roundup from May 12- May 18, 2024

Welcome to the AllNews roundup of the 5 Latest Business News that made the round last week.

IMF urges FG to stop electricity subsidy

The International Monetary Fund, IMF, has warned the Nigerian government to remove what it called implicit fuel and electricity subsidies.

According to a report published recently by the IMF, the organisation told Nigeria that the subsidies would guzzle three per cent of the nation’s Gross Domestic Product in 2024 as against one per cent in the year before. Read more here

NDIC reveals only 25% of bank deposits insured

Bello Hassan, the Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation, has disclosed that only 25 per cent of the value of customers’ deposits are insured by the corporation.

He this on Monday on the sidelines of the 2024 Sensitisation Seminar for justices of the court of appeal in Lagos, themed ‘Building Strong Depositors Confidence in Banks and Other Financial Institutions through Adjudication’. Read more here.

MPC working to bring down inflation- CBN Governor

Olayemi Cardoso, the governor of the Central Bank of Nigeria, CBN, has said that the members of the Monetary Policy Committee would do whatever is necessary to get a handle on the country’s persistent inflation.

Cardoso said this in an interview with the Financial Times on Monday, indicating that interest rates would stay high for as long as necessary to tame inflation. Read more here

Customs raises exchange rate for import duty charges

The latest update on the Nigerian Customs Service, NCS, exchange rate portal has revealed that the exchange rate for import duty charges has increased by N38 from N1492/$ to N1530/$.

This development is followed by the depreciation of the naira on Thursday. Read more here.

Africa’s public debt to drop in 2024 - World Bank

The World Bank Group has predicted that for African countries' public debt will drop in 2024.

Low-income African countries have been stuck in a loop of debt servicing instead of channelling funds to national development. The World Bank thinks 2024 could be a positive year for public debt in Africa. Read more here

These are the latest Business news that made trends during the week. Visit our website https://allnews.ng for more Business news around the world.

 

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