The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso said interest rates would remain high until inflation rate comes down. Cardoso stated this in a Financial Times report on Monday. The CBN boss also said orthodox policies would be implemented to tame inflation. He said there is “every indication” that MPC would […]
The Federal Government is poised to receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25bn on June 13, 2024. The funding will be received via two major development projects. The first project is the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing, which is set […]
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that the huge purchase of foodstuffs by the government as palliatives is contributing to the galloping food inflation in the country. He stated this in his contributions during the March Monetary Policy Committee, which was published on the website of the CBN. […]
The Central Bank of Nigeria has approved the sale of an additional 10,000 dollars to 1,583 eligible Bureaux De Change (BDCs) in the country to meet market demands. The Director, Trade and Exchange Department of the CBN, Dr Hassan Mahmud, made this known in a letter addressed to the President, Association of Bureau De […]
The International Monetary Fund (IMF) is insisting that the federal government of Nigeria must put an end to fuel subsidy. The reason for the insistence is because the subsidy as it were only favours the rich and impoverishes the poor. The IMF Director of the African Department, Abebe Selassie, made this known at the […]
President Bola Tinubu has inaugurated the National Single Window initiative, marking a significant step towards enhancing revenue generation and streamlining the import/export trade process for ease of doing business. This transformative project reflects the President’s dedication to overcoming longstanding developmental barriers and fostering progress, prosperity, and well-being for all Nigerians. At the launch event […]
Nigeria’s foreign reserves fell to $32.29 billion on April 15 — the lowest level in over six years. According to the latest data from the Central Bank of Nigeria (CBN), TheCable Index observed that on March 18, the reserves moved from $34.44 billion — the highest level in 2024 — to $32.2 billion on […]
President Bola Tinubu on Tuesday said Nigeria stands to benefit about $2.7bn annually by implementing the Single Window Project. He also noted that the project will save the country at least $4bn lost annually to complex bureaucracies and corruption hindering its trade efficiency. Tinubu revealed this when he inaugurated a new digital trade compliance […]
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Nigerian economy is moving in the right direction as policies of the new administration has started slowing down food inflation. The minister spoke virtually on Channels Television’s Business Incorporated programme on Tuesday from Washington DC where he is attending the […]
The World Bank, yesterday, said that Nigeria’s inflation rate will remain high at 24.8 percent year-on-year, YoY, in 2024. The World Bank’s projection, however, is lower than February 2024 inflation, which stood at 31.7 percent. The World Bank also reaffirmed its projection of 3.3 percent economic growth for the country in 2024 and […]
