Nigeria’s foreign reserves have hit a two-month high, data released by the Central Bank of Nigeria (CBN) have shown. Sadly, the naira yesterday plunged to a new low at the parallel market, selling for between N525/$ and 530/$. According to the data, the gross component of the reserves climbed to $34.1 billion at the start […]
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Nigeria’s GDP now $432bn, South Africa’s $370bn, Nigeria has maintained her position as Africa’s biggest economy, according to a report recently released by South Africa. An analysis of the new report by Statistics South Africa, SSA, of that country’s rebased Gross Domestic Product, GDP, pushed South Africa’s economy up by 11 per cent. After a […]
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Buhari lauds GDP’s 5.01% growth in Q2,2021 Economists dismiss figures as reflection of last year’s deep dive Growth needs to be sustained before 2023 election slows economy down, says Rewane Impact on citizens’ welfare matters most, Yusuf insists Transport growth is first sign of recovering economy’ Expert see more potential in telecom, calls for better […]
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Nigeria’s inflation rate has dropped to 17.38 percent in July from 17.75 in June 2021, according to the National Bureau of Statistics (NBS). The latest inflation rate was contained in the ‘Consumer Price Index (CPI) Report for July’ released by the NBS on Tuesday. CPI measures the rate of change in the prices of goods […]
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Nigeria’s foreign exchange reserves have started declining again after rising to $33.59bn, the highest level in more than a month. The forex reserves, which fell to a record low of $33.09bn on July 12, had gained $500m in almost a month to close at $33.59bn on August 10, according to the latest data from the […]
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Heavy reliance on importation and weak Naira-to-Dollar exchange rate have been blamed for the spike in aviation fuel, currently pegged at N315/litre. Fuel marketers, yesterday, said besides the local charges and fees that are fixed, fluctuations in the global price of crude oil and the exchange rate would continue to affect the price of fuel, […]
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Nigeria’s economy could grow by $229 billion by 2025 if it reduced gender inequality in the labour market, in economic participation, and in political representation, according to a report. The report was by Nigeria2Equal is an International Finance Corporation(IFC)-led, multi-stakeholder programme in partnership with the Nigerian Exchange (NGX), formerly The Nigerian Stock Exchange (NSE). The […]
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The naira yesterday lost N5 to close at N510 to one dollar at the parallel market over rising volatility in the foreign exchange market. The currency, which exchanges at N505/$1 at the weekend, failed to sustain last week’s rally. The pressure against the naira at the parallel market followed Central Bank of Nigeria’s decision to […]
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Stock market Experts worry over persistent migration of fund from stock market The continuous exit of funds from the equities market to another investment instrument, especially the fixed income segment has become a source of worry to capital market stakeholders, as they urged the Federal Government to tackle growing security challenges in Nigeria. The stakeholders […]
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Reserves fall behind South Africa, Egypt, Morocco, Libya ‘Contract-crude swap robbing economy of rising crude gains’ Low confidence worsening investment outlook Nigeria’s economy could be leaning against the wind as the country’s external reserves fell to a 13-month low last week, tumbling quickly to $30 billion, the level it was between 2015 and 2017. Last […]
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