The Central Bank of Nigeria (CBN), has started clearing over $10 billion foreign exchange backlogs of commercial banks and foreign airline operators. This is as the apex bank also assured the public that it has enough volume of banknotes to go around even in the approaching festive period, calling off allegations of cash in the … [Read more…]
The federal government has approved a supplementary budget totaling N2.1 trillion. The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House correspondents on Monday after the Federal Executive Council meeting presided over by President Bola Tinubu at the Presidential Villa. Bagudu explained, “We submitted a supplementary budget, and the council considered … [Read more…]
Inflation rate is projected to increase by 83 basis points (bps) year-on-year (y/y) to 27.54 in October. The figure would represent a 1.9 per cent rise when compared to 26.72 per cent recorded in September. According to Cordros Capital Research, there are indications that food prices will temper in October due to the impact of … [Read more…]
Naira closed at N848.12 to the dollar on Tuesday, October 17, at the official window days after the Central Bank of Nigeria (CBN) reversed its policy on 43 items to save the country’s currency from further decline. The CBN had, on Thursday, October 12, announced, among other policy issues, the lifting of foreign exchange (FX) restrictions hitherto … [Read more…]
The Nigerian Bureau of Statistics on Monday, announced the rise of the nation’s annual inflation to 26.72% in September from 25.8% in August. Inflation in Africa’s biggest economy has risen to double-digits since 2016, eroding incomes and savings, and prompting the central bank to hike interest rates to their highest level in nearly two decades. … [Read more…]
London-based Financial Times publication says there are signs of President Bola Tinubu’s economic reforms not going as planned. In an editorial, the publication noted that although Tinubu started well by removing fuel subsidy and moving towards a market-driven exchange, events in the past four months show that more work has to be done. “In removing a … [Read more…]
By Ikenna Igwe Nigeria is Africa’s biggest economy and its largest population with over 200 million people. One of the world’s largest youth population is at risk of running out of food and facing a possible economic collapse. Recent reports from the Food and Agriculture Organization (FAO), a UN specialized organization on food, estimates that … [Read more…]
A report by BudgIT, a civic non-governmental organisation, has shown that Sokoto, Benue, Ogun, and Enugu states were the lowest-performing states on fiscal transparency in the second quarter of 2023. Fiscal transparency refers to the publication of information on how governments raise, spend, and manage public resources. The organisation ranked the 36 states on nine parameters expected … [Read more…]
The presidential candidate of the Labour Party, LP, in the 2023 general elections, Peter Obi, has lamented the ‘dollarisation’ of the Nigerian economy. Speaking during an interview with Arise TV on Monday on the state of the country, Peter Obi stated that the Naira should have been devalued. He added that the use of the … [Read more…]
Nigeria’s leading cement manufacturer, BUA Cement Plc, has announced price reduction of cement to N3,500 per bag effective Monday, October 2, 2023. The company made the announcement in a post on its Facebook page on Sunday evening. The statement read: “We refer to our previous pronouncements regarding our intent to reduce cement prices upon the … [Read more…]
Nigeria’s Senate has given its approval to Dr. Olayemi Cardoso’s nomination to serve as Governor of the Central Bank of Nigeria (CBN). The Senate has also given its approval for the appointment of the four Deputy Governors of the CBN, namely Emem Usoro, Muhammad Dattijo, Philip Ikeazor, and Bala Bello. This comes after the Upper … [Read more…]
The naira came under intense pressure on Wednesday, leading to a significant depreciation as it fell to N990 to a dollar at the parallel market segment of the foreign exchange market, compared to the N950 to a dollar it traded the previous day. On the other hand, on the official Investors and Exporters’ (I&E) FX … [Read more…]