In a major economic comeback, Nigeria recorded a Balance of Payments (BOP) surplus of $6.83 billion in 2024. This marked a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. The Central Bank of Nigeria (CBN) announced the recovery in a statement issued on Wednesday by the apex bank’s acting … [Read more…]
The federal government has ruled out scrapping the naira-for-crude deal after the first phase ended on March 31. In a statement released on Wednesday, the ministry of finance announced that the decision to sustain the initiative was taken after a meeting of the technical sub-committee on the crude and refined product sales in naira initiative … [Read more…]
Governor of Enugu State, Dr. Peter Mbah, has pledged continuous improvement of Ease of Doing Business in the state. Mbah also pledged continuous support to Small and Medium Scale Enterprises, SMEs, which he described as the lifeblood of any economy. The governor gave the assurances at the weekend while declaring open the 36th edition of … [Read more…]
In a sweeping move that could redefine global commerce, U.S. President Donald Trump has announced a baseline 10% tariff on all U.S. imports, alongside sharper, country-specific reciprocal tariffs aimed at nations that impose steeper duties on American goods. Exports from Nigeria to the US will attract a 14% tariff compared to the 27% that the US government … [Read more…]
The Central Bank of Nigeria (CBN) has disclosed that Nigerians took personal loans worth N470 billion from banks in the last quarter of 2024. According to the Fourth Quarter 2024 Economic Report released by the apex bank, consumer credit outstanding increased by 11.06%, rising from N4.25 trillion at the end of September 2024 to N4.72 … [Read more…]
The Central Bank of Nigeria (CBN) sold N678 billion worth of Treasury bills (T-bills) in its latest auction, despite total investor subscriptions reaching N1.27 trillion, highlighting strong demand amid tight market liquidity. At the NTB PMA auction conducted by the Debt Management Office (DMO) recently, the yield spiked to 22.52 percent from 21.68 percent due to … [Read more…]
The Central Bank of Nigeria (CBN) has reviewed upwards the fees charged on Automated Teller Machine (ATM) withdrawals effective March 1. In a circular, CBN Acting Director, Financial Policy & Regulation Department, John Onojah, explained that the revised charges will address increasing operational costs and enhance the efficiency of banking services. Under the new rules, customers … [Read more…]
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 percent for faster economic growth. According to the News Agency of Nigeria (NAN), Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th … [Read more…]
The headline inflation rate in Nigeria experienced a slight increase, reaching 34.80% in December 2024, as reported by the National Bureau of Statistics. This marks a marginal rise of 0.20% from November 2024’s rate of 34.60%, primarily driven by the increased demand for goods and services during the festive season. In December 2024, the headline … [Read more…]
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…]