Category: Economy

Amid a projection by the Federal Government to spend a whopping sum of N6.7tn on fuel subsidy next year and a major shortfall in government oil revenue this year, economic and energy experts have predicted tougher days ahead for the economy, states and Nigerians. The Minister of Finance, Zainab Ahmed, had on Thursday released the […]

MPC contemplates lesser evil, appraises intervention framework amid downturn Monetary committee has no relevance to ordinary Nigerians, says Olusoga NBS inflation report contradicts Buhari’s claim on economy In the face of economic and financial challenges, members of the rate-fixing arm of the Central Bank of Nigeria (CBN), the Monetary Policy Committee (MPC), will face tough […]

The Manufacturers Association of Nigeria, MAN, Lagos Chamber of Commerce and Industry, LCCI,  and economists on Wednesday countered the claim by President Muhammadu Buhari that the economy under him is better than it was in 2015. Chairman of the Gas Group, MAN, Mr Ola Adebayo, said Buhari’s administration’s policies have not translated into positive economy […]

CBN Governor, Godwin Emefiele Foreign exchange inflows into the country fell by 36.7 per cent in one month to $4.36bn in January, figures obtained from the Central Bank of Nigeria have shown. The CBN revealed in its report on ‘Foreign exchange flows through the economy’ that the economy recorded lower net foreign exchange inflow in […]

Less than two weeks to the presidential primaries of the political parties ahead of the 2023 elections, the US dollar has broken the N600/$ mark at the parallel market and set the tone for a possible uptick in the coming days. The black market rate had traded between N570/$ and N590/$ since the beginning of […]

The Central Bank of Nigeria (CBN) has foreclosed the possibility of adopting a clean float foreign exchange management approach as long as the supply shock remains. It, however, promised to continue to engage relevant stakeholders, including the International Monetary Fund (IMF) and the World Bank on best approaches to stabilising the market. The assurance comes […]

The naira was trading at N545 to the dollar on the parallel market at the weekend, maintaining its strongest level since early September 2021. The local currency exchanges at N411.59 to the dollar at the official market. The naira stability was triggered by drop in dollar demand by importers and other forex users who are […]

Inflation Photo: triloks / Getty Images Nigeria’s headline inflation declined for the seventh consecutive month to 15.99 per cent in October, Mr Simon Harry, the Statistician-General of the Federation has said. He said this on Monday in Abuja at a media conference while presenting the October Consumer Price Index (CPI). According to Harry, the headline […]

The Federal Government on Friday declared that it will shut down the operations of Aboki FX, a website providing currency exchange information, which it described as an illegal and criminal platform. The Governor of the Central Bank of Nigeria, Godwin Emefiele, who disclosed this while fielding questions after the Monetary policy committee’s two-day meeting in […]