The Central Bank of Nigeria (CBN) has announced far-reaching measures to shore up the value of the Naira, with more liquidity in the Foreign Exchange (FX) market as it directed International Oil Companies to henceforth repatriate 50 percent of their revenue to Nigeria. The bank also announced an end to cash Personal Travel […]
Nigeria’s annual inflation rate rose to 29.90 per cent in January from 28.92 per cent in December 2023, the National Bureau of Statistics (NBS) said Thursday. The statistics office said the January 2024 headline inflation rate showed an increase of 0.98 per cent points when compared to the December 2023 headline inflation rate. The […]
The Debt Management Office (DMO) has said that the Federal Government is seeking to raise N2.5 trillion in its second bond auction of the year. In a circular issued on Wednesday, DMO stated that the offerings consisted of N1.25 trillion with a maturity date of February 2031 and another N1.25 trillion with a maturity […]
The sum of $4.5 billion cannot be accounted for in Nigeria’s Foreign Reserves between 2018 and 2019, an audit report of the Office of the Auditor-General of the Federation (OAuGF) has revealed. The annual audit report details the expenditures and finances of the government’s ministries, departments, and agencies within a financial year. According to […]
The Federal Competition and Consumer Protection Commission (FCCPC) has warned businesses against aiding hikes in the prices of food items. Adamu Abdullahi, acting chief executive officer (CEO) of FCCPC, disclosed this in a statement on Friday while reacting to reports on February 7, 2024, that the federal high court has ordered the federal government […]
The Christian Association of Nigerians in the 19 Northern States and Abuja, on Friday, expressed concern over the prevailing harsh economy, declaring that the suffering in the country is becoming unbearable to ordinary Nigerians. Besides, the organisation noted that of grave concern was the increasing security challenges as well. This is coming on the […]
President Bola Tinubu has directed the immediate release of over 100 metric tons of assorted food items from the strategic reserve and the Rice Millers Association of Nigeria as a short-term response to the rising food shortage in the country. Minister of Information and National Orientation, Alhaji Mohammed Idris, disclosed this to journalists […]
The naira yesterday depreciated to N1,465 per dollar in the parallel market from N1,445 per dollar on Tuesday. However, the naira appreciated to N1,418.78 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,418.78 per dollar from N1,433.89 per dollar on […]
The Federal Government has again defended its removal of subsidy on petroleum despite the cost of living and inflation soaring in the aftermath of the move. Nigeria had for years swapped crude for gasoline that it then subsidises for its domestic market, causing a huge drain on revenue, and foreign exchange and contributing to […]
The naira fell to an all-time low of N1348.63/$ on the Nigerian Autonomous Foreign Exchange Market on Monday. This signifies a 51.21 per cent fall from the N891.90/$ the national currency closed last Friday at the official market, according to data from the FMDQ Securities Exchange. Monday’s official rate is the worst official exchange […]
