The naira has recorded significant appreciation in the past five days, buoyed by Nigeria’s successful $2.2 billion Eurobond issuance and the launch of the Central Bank of Nigeria’s (CBN) Electronic Foreign Exchange Matching System (EFEMS). This emerged as the National Bureau of Statistics (NBS) on Friday, revealed that the country’s total merchandise trade increased to … [Read more…]
Port Harcourt Refinery, one of the oil refineries owned by the Nigerian state, has commenced processing crude oil production. The Chief Corporate Communications Officer of the Nigerian National Petroleum Company Limited (NNPCL) Femi Soneye, disclosed this on Tuesday. Soneye revealed that the refinery has kicked off with 60 percent capacity. “Today marks a monumental achievement … [Read more…]
The Federal Inland Revenue Service (FIRS) has disclosed that Value Added Tax (VAT) revenue generated in Lagos State alone in August 2024 was more than the combined total of 35 other states and the Federal Capital Territory (FCT). According to recent data released by the FIRS, the nationwide VAT revenue for August amounted to N444.19 … [Read more…]
Nigeria’s headline inflation rate rose to 33.88% in October 2024, up from 32.7% in September 2024 as Nigerians continue to grapple with the high cost of goods and services. This is according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report, which attributed the rise in inflation to increased transportation costs and … [Read more…]
The federal government has approved a $2.2billion external borrowing plan to strengthen the country’s finances and support economic reforms. Minister of Finance, Wale Edun, disclosed this to State House correspondents on Thursday after the federal executive council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa. According to him, the financing package … [Read more…]
Africa has the potential for tremendous economic growth in the coming years spurred by a bourgeoning youth population, and huge reserves of natural resources, especially renewable energy transition materials. However, a costly interplay of political instability, environmental disasters exacerbated by climate change and structural problems, especially across major economies on the continent have clipped … [Read more…]
The naira started November 2024 positively, appreciating against the dollar in the official and parallel foreign exchange markets. According to FMDQ data, the Nigerian currency strengthened to N1666.72 per dollar on Friday, up from N1675.49 on Thursday. This signifies that the naira appreciated by N8.77 against the dollar. In the black market, the naira also increased by N15, finishing … [Read more…]
The Central Bank of Nigeria has debunked reports claiming that the old series of N200, N500, and N1,000 banknotes will cease to exist as legal tender by December 31, 2024. In a statement released on Thursday by the acting Director of Corporate Communications, Sidi Hakama, the CBN noted that the order of the Supreme Court … [Read more…]
The World Bank has suggested four policies that President Bola Tinubu’s administration should adopt to reduce the cost of governance while providing relief to Nigerians. These policy recommendations are contained in the World Bank’s Nigeria Development Update report for October 2024, obtained by Nairametrics. Tagged “Staying the Course: Progress Amid Pressing Challenges,” the report assesses … [Read more…]
A total sum of N 1.298 trillion September 2024 Federation Accounts Revenue has been shared to the Federal Government, States and the Local Government Councils. The revenue distribution was announced at the October 2024 meeting of the Federation Accounts Allocation Committee (FAAC), in Abuja. According to a statement by the of Press and Public Affairs … [Read more…]
The Africa Pulse Report for October 2024 from the World Bank has shown that the cedi and three other currencies are the poorest performing in Sub-Saharan Africa (SSA) this year. According to the report, the cedi’s value has dropped by approximately 24% against the US dollar, making it the fourth weakest currency in SSA. The other three currencies … [Read more…]
In a move that stunned the financial markets, the Central Bank of Nigeria (CBN) Monetary Policy Committee voted to further raise interest rate by 50 basis points to 27.25%. The Governor of the CBN, Mr. Yemi Cardoso who doubles as the Chairman of the MPC disclosed this at the end of the MPC meeting held … [Read more…]