By Williams Anuku President Bola Tinubu on Monday, took a cursory assessment of his administration in the last 17 months, saying he has been able to ramp up funds to reduce the debt servicing burden of the ...

The World Bank says that Nigeria must sustain its current economic reforms over the next 10 to 15 years to position itself as a leading global economic power, not only in sub-Saharan Africa but worldwide. According to the bank, these reforms are vital for ensuring ...

By Ogaga Ariemu The Minister of Finance, Wale Edun, has announced that the Nigerian government has begun the Naira-for-crude sale deal with Dangote Refinery from October 1, 2024. The minister disclosed this in a statement released on ...

The various changes in government policies have continued to tell on Nigerians especially the recent increase in fuel pump prices across the country. This year alone, the Nigerian National Petroleum Company Limited has adjusted petrol pump prices upwards twice ...

By Francis Ugwu President Bola Tinubu has expressed confidence in the reforms introduced by his administration, stating that they will create a more robust economy and usher in a new era of prosperity for Nigerians. The president noted that the ...

By Ogaga Ariemu The Naira raced to N2,000 per dollar at the black market on Saturday despite the Central Bank of Nigeria’s sale of dollars to the Bureau De Change operators. A BDC operator, Dayyabu Ashiru ...

Following the recent increase in the pump price of petrol and the prevailing food supply challenges gripping the country, economists have warned that the number of Nigerians below the poverty line may soon exceed the 104 million projected by the World Bank in 2023. ...

By Williams Anuku Microsoft Founder and philanthropist, Bill Gates on Wednesday in Abuja revealed plans to inject at least $2.8 billion into the country’s healthcare, nutrition, and agricultural sectors to reflate it. While speaking on his ...

By Ogaga Ariemu Nigeria’s latest inflation report which recorded a decline in July 2024 is generating mixed reactions. This is as Nigerians have decried that the figure does not reflect everyday market realities. Recall that on Thursday last week, the National Bureau of Statistics ...

By Ogaga Ariemu Uncertainties hit global crude oil prices as WTI crude and Brent Crude fluctuated around $73.44 and $76.73 per barrel, respectively, on Wednesday morning amid tension in the Middle East. This is according to oilprice.com data on Wednesday as of 9:00 am Nigerian time. The ...

By Ogaga Ariemu The Chief Executive Officer of Financial Derivatives, Bismarck Rewane has said the adjustment of the Asymmetric corridor around interest rate by the Central Bank of Nigeria Monetary Policy Committee will reduce the pressure on Nigeria’s Foreign Exchange. The renowned economist ...

By Ogaga Ariemu The National Bureau of Statistics, NBS, has identified Edo, Kogi and Cross River as three states with the highest prices of food in Nigeria in June 2024. NBS disclosed this in its latest inflation report released on Monday. This comes as DAILY POST reports that Nigeria’s food ...

By Ogaga Ariemu The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has said Nigeria’s economy is currently suffering from the consequences of wasteful N27 trillion Ways and Means advance and N10 trillion intervention under the past government. He alleged that the interventions led ...

 The Central Bank of Nigeria, CBN, insisted weekend that further capitalisation of banks in the country was for the common good of the nation. CBN governor, Dr Olayemi Cardoso, stated this at the launch of the book, “Power of One Man,” written by Dr. Ray Echebiri. Cardoso, represented at the ...

As Nigeria battles an economic crisis sparked by the government’s twin policies of petrol subsidy removal and unification of FX windows, United Kingdom-based Diageo joined about 15 other multinational companies that have exited the country in the past three years. Diageo is the latest to announce ...

By Ogaga Ariemu An economist at SPM Professionals, Paul Alaje, said the best approach the government should take in tackling inflation is interventions targeted at boosting the supply of food in the country. Alaje disclosed this on Channels ...

The Central Bank of Nigeria, CBN, yesterday, said it has discontinued the Price Verification System (PVS) and Report as criteria for importers to access foreign exchange. Acting Director, Trade and Exchange Department, CBN, Dr. W.J Kanya, disclosed this in a circular to banks and the general ...

By Ogaga Ariemu PricewaterhouseCoopers, PwC, a consulting firm, has projected a marginal decline in Nigeria’s inflation to 29.5 percent by the end of this year from 33.95 in May 2024. The firm disclosed this in its latest economic outlook ...

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food ...

By Ogaga Ariemu The naira continued its depreciation against the US dollar in the foreign exchange market. Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday. At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, ...

The declining fortunes of the Naira persisted yesterday with further depreciation in the parallel and official markets due to the re-emergence of speculation and hoarding, even as some Bureaux De Change, BDCs withdrew from the Central Bank of Nigeria, CBN’s, dollar sales program. Vanguard also ...

The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to ...

The Naira yesterday depreciated to N1,340 per dollar in the parallel market, from N1,300 per dollar last week Friday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,419.11 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM ...

The Naira yesterday depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,300.15 per dollar exceeding the parallel market rate by N45.15. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, ...

There are indications that prices of goods and services may not come down soon despite the speedy appreciation of Naira against major foreign currencies in recent weeks. On Thursday, US Dollars traded for N1,060, about N840 gain against N1,900 to US Dollar peak in February this year. But Vanguard ...

By Ogaga Ariemu Nigeria’s economy has slipped to fourth place in Africa, behind South Africa, Egypt, and Algeria. This is according to a recent forecast by the International Monetary Fund. Accordingly, the Washington-based bank World Economic Outlook estimates Nigeria’s gross domestic product ...

The  Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso,  said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves. He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation ...

By Abdul Seye Across major markets, prices of goods are moving away from the lower denomination of the Naira currencies as inflation bites harder. Not too long ago, a sachet of pure water cost N5, while N20 gained popularity as the denomination used to “settle” police officers at checkpoints. ...

By Ogaga Ariemu Ahead of the release of Nigeria’s inflation rate for March, CAPE Economic Research and Consulting says the country’s consumer price index would increase to 32.65 per cent from 31.70 in February 2024. CAPE Economic Research disclosed this in its recent report analysing inflation ...

Singapore – One of the world’s most open economies is attempting a delicate balancing act. On the one hand, the Southeast Asian city-state wants to lure the world’s best and brightest to bolster its workforce, one of Asia’s most diverse. On the other hand, it has to assure locals ...

The Naira, yesterday, appreciated to N1,260 per dollar in the parallel market, from N1,270 per dollar on Monday. Similarly, the Naira appreciated in the NAFEM to N1,262.85 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,262.85 per dollar from N1,278.58 ...

By Ogaga Ariemu The Central Bank of Nigeria has raised the monetary policy rate, known as the interest rate, by 200 basis points per cent to 24.75 per cent from 22.75 per cent in efforts to tackle rising inflation. The CBN Governor, Olayemi Cardoso, disclosed this on Tuesday at the 294th Meeting ...

By Seun Opejobi The naira on Wednesday exchanged for N1400 against the United States, US, dollars in the parallel market. Parallel market operators sold at N1400/$1 for holders of dollars looking to sell, marking a significant strengthening of the naira. Nairametrics indicated that the exchange ...

By Ogaga Ariemu The Naira continued its depreciation against the US dollar at the close of the official foreign exchange market on Friday, days after Binance’s discontinued Naira-denominated transactions. FMDQ data showed that it dropped to N1627.40 per USD on Friday from N1,602.17 on ...

By John Owen Nwachukwu Presidential spokesman, Bayo Onanuga, has said that if not stopped, cryptocurrency trading website, Binance will destroy the Nigerian economy. He said the website would do this by arbitrarily fixing foreign exchange rate. Onanuga said this when he appeared on Channels ...

Food and Food Products Are Now Unaffordable for the Ordinary Man - Shehn Sani #breakingnews #tinubu #bolaahmedtinubu ... source

Chinese customers accounted for over 25% of ASML's revenue in 2023 and China represents a major market for the world's top maker of lithography tools. Export rules imposed by the governments of the Netherlands and the U.S. already restrict sales of advanced deep ultraviolet ...

By Ogaga Ariemu After three days of respite, the Naira depreciated on Tuesday against the US dollar at the foreign exchange market despite the Central Bank of Nigeria’s recent interventions. Data from FMDQ showed that the Naira depreciated to N1,433.89 per US dollar on Tuesday from N1,419.86 on ...

By Matthew Atungwu The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso has attributed the recent increase in the dollar exchange rate to the rise in Nigerian students who study abroad, as well foreign medical trips embarked on by Nigerians. Cardoso spoke at the sectoral debate put ...

•Banks may sell over $5bn, says official, Cardoso faces Senate Tuesday over naira fall Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February ...

The naira yesterday depreciated to N1,490 per dollar in the parallel market from N1,470 per dollar on Tuesday, approaching the N1,500 threshold. However, the naira appreciated to N1,455.59 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative ...

By Ogaga Ariemu Amid the free fall of the Naira in the foreign exchange market, the Central Bank of Nigeria has issued fresh guidelines to commercial banks against currency speculation and hoarding. CBN disclosed this on Wednesday in the circular titled, ‘Harmonisation of Reporting Requirements ...

In apparent reflection of the dollar scarcity plaguing the economy, the Naira yesterday recorded its biggest fall in the official Nigerian Foreign Exchange Market (NAFEM) where it depreciated by 24 per cent to 20 N1,348 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM ...

The Central Bank of Nigeria says the stage in Nigeria's economic transformation roadmap shows the country is currently in the ... source

Amidst lingering controversies over the securitization of outstanding Ways & Ways, economists and financial analysts have indicated that the measure poses huge threat to price stability with sustained inflationary pressures. They also hinted that the situation has now burdened the Central Bank ...

The naira yesterday depreciated to N1,370 per dollar in the parallel market from N1,300 per dollar on Thursday. Similarly, the naira depreciated to N902.45 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to ...

Expectations are high as the $20 billion Dangote Refinery commenced operations after President Bola Tinubu removed fuel subsidy in May. As Nigeria battles economic hardship resulting from the removal of fuel subsidy, experts revealed some benefits expected from the refinery. Foreign reserves ...

The naira fell to N1089.51/$ on the official Investor and Exporter window on Tuesday. The currency fell by 27.19 per cent from the N856.57/$ it closed on Monday, according to data from the FMDQ Securities Exchange. On Tuesday, the naira opened trading at N922.22/$, rose to a high of N1251/$ ...

The naira exchanged to the dollar at 1,233/$ on Monday at the parallel market, according to Bureau de Change operators. Some BDC operators who spoke to The PUNCH said, the local currency which was bought and sold at 1,228/$ and 1,233/$ had traded at the same rate on Friday. Figures obtained ...

The House of Representatives is seeking the adoption of the Chinese Yuan (CNY) as an official foreign exchange reserve currency alongside other major international currencies to mitigate the impact of Naira’s depreciation. This followed the adoption of a motion moved by Hon. Jafaru Gambo Leko ...