Business

Group Backs Calls For Emefiele’e Resignation

Published

5 years ago

September 17, 2021

The Nigeria Citizens Action Group (NCAG), a coalition of 35 civil society organisations, has supported the call of concerned Nigerians that Godwin Emefiele, Governor of the Central Bank of Nigeria, resigns his position with immediate effect to save the country from total collapse.

Comrade Isah Abubakar, Convener, NCAG, in a joint statement, said, “The Nigeria Citizens Action Group (NCAG), a coalition of Thirty-Five (35) Civil Society Organisations, is constraint to lend its voice with that of numerous other concerned Nigerians that have been calling on Mr Godwin Emefiele, Nigeria’s Central Bank Governor (CBN) to resign with immediate effect to save the country from total collapse, which is imminent.”

The coalition noted that the call became necessary following the extensive review of the tenure of Emefiele as the head of the nation’s apex bank.

The statement explained that it has come to the sad conclusion that Emefiele should humbly step aside and allow a more competent person to step in, to save the country from total collapse.

“We understand that it will be difficult for him and his hangers on to reason with us, but we wish to beg on them to put on their garment of patriotism and save our country,” the statement explained.

The statement noted that it was during the formative stage of the first tenure of Emefiele that monies meant for the procurement of arms to fight Boko Haram terrorists and budding bandits in other parts of the country were converted to campaign funds and some given to “prayer warriors”, adding that many prominent Nigerians are facing trials for benefitting from that bazaar and wondered why he is still enjoying total freedom till date

It said that when Adedoyin Salami, a member of the country’s monetary policy in 2017, cautioned the CBN Governor against the excessive funding of the Federal Government which was 20 fold higher than the approved threshold. It added that Emefiele refused to take correction, lamenting that many sound economists described Emefiele’s Monetary Policy as “reckless and illegal” which will set the Nigerian economy for a “Big Fall”.

It noted that the big fall is here as $1 is currently equivalent to over N545.

The group noted that the CBN acted in error and was guided by copy and paste policy when its included foodstuff import prohibition lists despite having the foreknowledge that the country largely depends on subsistence farming which was under serious threat by bandits, terrorists, and farmers/herders crisis in various part of the country.

It said that currently, Nigerians have been thrown into a state of acute hunger, which is contributing to the rising insecurity in the country.

The group further stressed that the CBN under the watch of its incumbent Governor claimed to have reeled out several interventions running into trillions of Naira whose impact could only be felt on papers not in real life, stressing that many of the failed and corruption challenged programs of the CBN is not limited to Anchor-Borrowers Programme.

The statement noted that recently, the United Arab Emirates government arrested, convicted, and blacklisted some Bureau de Change Operators of Nigerian origin who have been fingered in financing terrorism globally, adding that the monies have been passing through the ineffective eyes of the CBN unnoticed into the hands of terrorists.

It said took the intervention of foreign government to block such a channel, as the CBN under Emefiele is more concerned with frivolities rather than the general well-being of the country.

The coalition, therefore, called on the CBN governor to resign with immediate effect to allow an independent and hitch-free probe of his tenure.

It also called on the Federal Government to delist rice and some food materials from import prohibition items, saying that this would help to reduce the prices of food that is beyond the reach of common Nigerians.

The statement called on the anti-graft agencies to arrest Emefiele with immediate effect to ascertain the level of his involvement in the arms procurement scandal and other programmes that failed under his watch due to growing corruption.

(DAILY POST)

Business

Naira Depreciates At Official FX Market

Published

4 days ago

April 18, 2026

Editor

The Nigerian naira depreciated slightly against the United States (US) dollar, trading at N1,343.6398 per dollar at the Central Bank of Nigeria (CBN) official foreign exchange window on Friday, 17th April, 2026.

According to the data on the CBN’s official platform, the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,343.6398/$per dollar and closed at N1,342.5000 per dollar.

When compared with the previous trading rate, the Nigerian currency traded at N1342.3037 on 16th April, 2026. With this, the Nigerian currency depreciated slightly by a minimum of N1.3.

At the parallel market, the naira-to-dollar exchange rate for the buying rate didn’t change while the selling rate increased by N3 when compared to that of the previous trading rate.

According to Aboki FX , the Naira-to-dollar exchange rate at the black market on Friday, 17th April, 2026, was N1,395 and N1,405 per dollar for buying and selling rate respectively.

Business

Crude Oil Prices Jump As Fear Mounts On Fresh Domestic Petrol Hike In Nigeria

Published

1 week ago

April 13, 2026

Editor

Crude oil prices surged by 7 percent on Monday amid United States President Donald Trump’s planned blockade of the Strait of Hormuz.

Checks by DAILY POST on Monday showed that West Texas Intermediate and Brent rose to $103 per barrel and $101 per barrel, respectively.

The latest crude price rally comes as US-Iran peace talks, reportedly orchestrated by Pakistan, collapsed.

Recall that President Trump, at the weekend, said via his Truth Social account that the US Navy will begin “BLOCKADING any and all ships trying to enter or leave the Strait of Hormuz.”

In response, Iran warned the US of the dangers of a Strait of Hormuz blockade.

The tension in the Strait of Hormuz has pushed crude oil prices higher.

The development has reignited concerns over a fresh domestic fuel price hike in Nigeria.

Petrol is currently being dispensed in Nigeria between N1,290 and N1,350 per litre across filling stations

Business

Nigerian Govt Announces New Tariffs, Cuts Duty On Rice, Cars, Drugs, Sugar

Published

1 week ago

April 12, 2026

Editor

The Federal Government has approved the implementation of the 2026 Fiscal Policy Measures, FPM, introducing sweeping changes to import tariffs aimed at stimulating growth across key sectors of the economy.

The approval was conveyed in a document dated April 1, 2026, and signed by the Minister of Finance, Wale Edun. The new policy replaces the 2023 FPM.

A major highlight of the policy is the review of import duties across 127 tariff lines, covering items such as rice, sugar, vehicles, and industrial inputs. The government said the reductions are designed to “promote and stimulate growth in critical sectors of the economy”.

Under the revised regime, the Import Adjustment Tax, IAT, on products like crude palm oil has been set at a total effective rate of 28.75 percent, down from higher rates under previous tariff structures.

In the automotive sector, tariffs on fully built passenger vehicles, including four-wheel drives and station wagons, have been reduced to 40 percent from 70 percent as stipulated in the 2015 FPM.

To ease the transition, the government granted a 90-day grace period for importers who opened Form ‘M’ before April 1, allowing them to clear goods at the old rates.

However, the policy also introduces a new excise duty regime alongside a green tax surcharge, both scheduled to take effect from July 1, 2026.

Key Tariff Adjustments:

Here is a summary of details of the gazetted list outlining revised duties on several goods:

Antimalarial medicaments: 20%

Rice (bulk or >5kg): 47.5% (from 70%)

Broken rice: 30% (from 70%)

Wheat or meslin flour: 70%

Crude palm oil: 28.75% (from 35%)

Raw cane sugar: 55% (from 70%)

Cane/beet sugar (powder/granule): 57.5% (from 70%)

Margarine (excluding liquid): 40%

Refined salt: 55% (from 70%)

Envelopes: 40% (from 50%)

Diaries/notebooks: 30% (from 40%)

Unglazed ceramic tiles: 35% (from 40%)

Glazed ceramic tiles: 46.25% (from 55%)

Ceramic cubes (<7 cm): 35% (from 40%)

Steel and Industrial Inputs

Zinc-coated steel sheets: 35% (from 45%)

Aluminum-coated steel coils: 35% (from 45%)

Electroplated steel: 35% (from 45%)

Cold-rolled steel (<0.25% carbon): 15% Hot-rolled deformed steel bars: 35% (from 45%) Steel rods (5.5mm–14mm): 35% (from 45%) Other Key Adjustments: Electrical apparatus (e.g., fuses): 10% (from 20%) Railway/tramway locomotives (SKD/CKD): 0% (from 5%) Cargo ships (>500 tonnes): 0% (from 5%)

Breathing appliances and gas masks: 0% (from 5%)

Agricultural and manufacturing machinery: 0% (from 5%)

Modular surgical operating theaters: 5% (from 20%)

Air/vacuum pumps and compressors: 5% (from 10%)

Automatic circuit breakers: 10% (from 20%)

Lamp holders: 10% (from 20%)

Green Tax Exemptions:

The policy also outlines categories exempted from the planned green tax surcharge. These include –

Vehicles below 2000cc

Mass transit buses (heading 87.02)

Electric vehicles

Locally manufactured vehicles under specified headings (87.06–87.13)

The government said the overall reforms are part of efforts to balance revenue generation with economic stimulation, while supporting local industries and easing the cost of critical imports.