TheSprintWorld - NG

 Nigerians in Diaspora sent an estimated $25 billion in remittance to the country in 2018, representing 6.1% of the nation’s Gross Domestic Product, a PricewaterhouseCoopers Economic Outlook Report disclosed. Nigeria’s migrant remittance inflow was also 7 times larger than the net official development assistance (foreign aid) received in 2017 of $3.359 billion, while the figure translates to 83% of the Federal Government budget in 2018 and 11 times the Foreign Direct Investment flows in the same period. PwC Economy analysis The economic growth trajectory of Nigeria will be impacted by depressed oil demand coupled with production supply cuts and price fluctuations. Pre and post-election period will also play a part in dampening the investment climate. The report, however, stated that the real GDP growth expected to grow slightly to 2.5% y/y on moderate improvements in net exports and domestic demand. ‘’We expect revenues to underperform budget by 0.27% as a shortfall in oil supply o...

 The Central Bank of Nigeria (CBN) has stated that the eNaira would ultimately boost remittance inflow to the country. The apex bank stated this in a document seen by Nairametrics titled, “Design paper for the eNaira”  According to the CBN, the eNaira is meant to create a secure and cost-effective process for remittances, amongst other benefits. What the CBN is saying Remittances are an important source of foreign cash for countries in Sub-Saharan Africa, as well as a source of funds for financially excluded communities and a potential driver of economic progress. The apex bank said, “In Nigeria, it is a key source of foreign exchange as US$23.8 billion flew into the country in 2019. The flow of remittance into Nigeria highlights its strategic position in sub–Saharan Africa as it is the top destination for remittance flows. Also, the country accounted for a 12.5% drop in overall flow to sub-Saharan in 2020 due to its 28% decline in 2020 which can be attributed to the COVID-19 ...

 The Central Bank of Nigeria (CBN) has stated that the eNaira can serve as a medium for the government to send direct payments to citizens eligible for specific welfare programs. The Central Bank revealed this in a document seen by Nairametrics titled, “Design Paper for the eNaira.” According to the apex bank, the eNaira will make it possible for government to make targeted welfare payments to citizens directly, without the need for any intermediary. Home Markets Currencies CBN says governments will be able to send direct payments to citizens using the eNaira Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi October 20, 2021 Covid:19: CBN disburses N400 billion TCF to Nigerians, receives 8 million applications, CBN has developed guidelines for Basel III and set November to commence implementation., CBN FX policy has increased  the operational responsibilities of bank-MAN  The Central Bank of Nigeria (CBN) has stated that the eNaira can serve as a medium for the government to send d...

 The Nigerian Government and the United States Government signed a Cultural Property Implementation Act (CPIA) Agreement with the aim of reducing the flow of stolen ancient Nigerian art to the west. This agreement was signed on Thursday after the Minister of Information and Culture, Lai Mohammed signed a Memorandum of Understanding on the CPIA with the US Ambassador to Nigeria, Mary Beth Leonard, in the presence of the Minister of Foreign Affairs, Mr Geoffrey Onyeama, in Abuja. The Minister added that the agreement will last for an initial period of five years and if it works well, it shall be renewed for a longer term. What the Minister said: He stated that this legislation was enacted by the United States to restrict the importation into the US of archaeological materials ranging in date from 1500 B.C. to A.D. 1770 as well as ethnological materials including those associated with royal activity, religious activity, etc. from nations that have entered into the kind of bilateral in...