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…]
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the country now records about $2.35 billion as net inflow into the Central Bank foreign reserves. Edun made this statement while speaking at the Access Bank annual cooperate forum of 2024 in Lagos. The Minister said the increase in foreign reserves … [Read more…]
…Revenue allocation drops by N155bn The three tiers of government on Tuesday shared the sum of N1.2 trillion as revenue allocation for August. The Director (Press and Public Relations) in the Office of the Accountant General of the Federation (OAGF), Bawa Mokwa, disclosed this in a communiqué issued at the end of the monthly Federation … [Read more…]
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday, debunked reports doing the rounds that the rate for Value-Added Tax (VAT) has been upwardly adjusted to 10 per cent from 7.5 per cent. The Minister, in a statement signed by him, affirmed that the VAT rate as contained in relevant … [Read more…]
Vice President Kashim Shettima has called an urgent meeting with the Minister of State for Petroleum, Heineken Lokpobiri, and the Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to address the ongoing fuel scarcity across the country. The meeting, held on behalf of President Bola Tinubu, who is currently on … [Read more…]
The Nigerian National Petroleum Company Limited (NNPCL) has successfully repaid 60% of a $1.036 billion loan that it took in September 2021 to finance the acquisition of a 20% stake in the Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP FZE). As of December 31, 2023, NNPC has repaid $625 million of the principal … [Read more…]
Currency traders have attributed the persistent weakening of the naira and the volatility of the foreign exchange market to the lack of consistency in dollar allocation to the Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN). The BDC operators, who admitted to the positive impact of the dollar sales by the … [Read more…]