Olayemi Cardoso, the new CBN Governor said there is need to restore the independence and credibility of the Nigeria’s apex bank. He said this Tuesday during his screening by Senate in Abuja. “In refocusing CBN to its core mandate, there is need to pull the CBN back from direct development finance interventions into more limited … Read more
What is Crypto Lending? Crypto lending refers to the practice of lending cryptocurrency assets to earn interest. It operates within centralized finance (CeFi) or decentralized finance (DeFi) platforms. Takeaways: Types of Crypto Lending Centralized Platforms: Platforms like BlockFi, Celsius Network, and Nexo are centralized entities that offer crypto loans, usually with a more user-friendly experience and customer … Read more
The main purpose of crypto loans and traditional loans is to provide borrowers with access to funds, but they differ in terms of collateral, interest rates, credit checks, loan terms, access, and approval. This article explores crypto lending vs traditional banking lending, looking at what sets them apart such as: What Are Crypto Loans? Crypto … Read more
If you’ve been following how some countries such as Qatar, Egypt, China, and Nigeria clamped down on cryptocurrency, you might be forced to ask: Does digital assets really hurt their economy? Here is the summary of what this article will cover: And of course, the goal of this article isn’t to demonize cryptocurrencies, but to … Read more
Has Tinubu returned fuel subsidy? In the month of August 2023, President Bola Tinubu-led government paid $220 million or N169,556,200,000 (at N770.71/$ rate) as subsidy payment to fix petrol price at N617 per litre, a document by Federal Account Allocation Committee (FAAC), has revealed. What does this mean? Technically, it means that fuel subsidy is back through … Read more
For the first time in the history of Nigeria, the Naira may cross over N1,000 to the US dollar by the end of September, if the pressure on the Nigerian currency continues the way it has been for the past four days. On September 18, $/N closed at N965 while € and £ closed at … Read more
From dollar-denominated debt obligations, reckless minting of Naira to limited reserves to defend the naira, and persistent depreciation of the Nigerian currency are some of the economic issues ahead of Olayemi Cardoso, the new governor of the Central Bank of Nigeria. He needs to speedily address these issues to gain the confidence of local and … Read more
The Central Bank of Nigeria (CBN) has launched an online platform for the submission of applications for Microfinance Bank (MFB) operations. Called the CBN Licencing, Approval and Other Requests Portal (CBN LARP), the apex bank said on Wednesday that individuals or companies will no longer have to manually submit applications to establish microfinance banks (MFB) … Read more
How much did Nigeria spend on subsidy payments under Buhari? Nigeria spent about N16.9 trillion or $36.6 billion as a subsidy on the importation of 132.24 billion litres of Petrol into Nigeria under the Muhammadu Buhari-led government between June 2015 to June 2023. The exchange rate is based on May 16, 2023, at $/461. The exchange … Read more
The pressure on the Naira remains unsolved as it crashed yet again to $/N970 against the US dollar at the unofficial market on Tuesday, September 19, 2023. It is the latest record low for the Nigerian currency after it exchanged for $/N965 at the parallel market a day earlier. Some of the operators of the … Read more
The benefits of cryptocurrency on an economy include enhancing financial inclusion, being more cost-efficient for transactions and driving economic growth among others. This post explores the positive side of Bitcoin and other Crypto assets in our lives and how it can boost economic growth. The debate around Cryptocurrency Some analysts who criticized the popularity of … Read more
National Youth Service Corps (NYSC) and the Citizenship and Leadership Training Centre are the two agencies of the Federal Ministry of Youth in Nigeria. InfomediaNG in this article explores the name change, organizational structure, and functions of the Ministry of Youth in Nigeria. Who is the Minister of Youth? Dr. Jamila Bio Ibrahim is the new Minister of Youth, … Read more
Again, Naira has fallen to N965 to a US dollar at the close of trading on Monday, September 18, 2023, showing a difference of N34 loss within a week. Last week Monday (September 11, 2023), $/N closed at N931. It opened at N951/N962 – buy and sell – but went down to $/N965 at the close … Read more
Out of 23 Educationally Less Developed States (ELDS) in Nigeria, 19 states from the Northern region fall under the list while only four states are found in the Southern part of the country. What is Educationally Less Developed States Policy About? The policy was formulated with the aim of granting special preference to candidates from some parts of Nigeria who … Read more
Ayodele Olawande aka “Ayo Wisdom” was confirmed as Federal Minister of State for Youth on Wednesday, October 4, 2023. He will be working with Jamila Ibrahim to manage the Federal Ministry of Youth. He was nominated by President Bola Tinubu in September. InfomediaNG learnt that the 34-year-old Ondo indigene Ayo Wisdom is the youngest minister in … Read more