Experts x-ray Tinubu’s plan on exchange rates, subsidy

Unified rate will support growth, says Rewane • Local refineries must work’ Multiple exchange rates and the retention of petrol subsidy payment are unhelpful to the economy, finance and economic experts said yesterday. They called for urgent policy reforms and redirection of key monetary and fiscal policies to halt economic decline and boost productivity. The […]

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Three banks drive sector’s 81.5% contribution to market turnover

Nigerian Exchange Limited (NGX). Photo/Facebook/ ngxgroup Three bank stocks – Sterling Bank Plc, Access Holdings Plc and Guaranty Trust Holding Company Plc (GTCO) – drove activities in the financial services sector of the Nigerian Exchange Limited (NGX) last week. The financial sector maintained its dominance in volume terms with 663.8 million shares valued at N5.5 […]

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Concerns as government shrugs off key inflation drivers

‘Interest hike targets only 10 per cent of inflation cause’ Analysts worry about energy crisis in January as EU sanctions commence World Bank: Inflation stems from lack of commitment to reforms Food shortage continues to ring alarm bells Rigidity undermines effort to rev economies Economists are worried that key drivers of inflation are being sacrificed […]

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Emefiele says no going back on cashless, withdrawal limits

Says Buhari supports policy Policy will affect SMEs, Abuja Chamber says We won’t be rigid on cash withdrawal limit — Emefiele Despite criticisms trailing the Central Bank of Nigeria’s (CBN) newly introduced policy on cash withdrawal limits, CBN Governor, Godwin Emefiele, has said the policy is not meant to hurt anybody but to strengthen the […]

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‘Trust deficit, confidence issues aggravating Nigeria’s economic woes’

A woman takes Nigerian Naira from a bank’s automated teller machine (ATM). Credit: Reuters/Akintunde Akinleye Cases of fiscal mismanagement leading to high levels of trust deficit and lack of confidence in public institutions have been identified as factors limiting Nigeria’s potential and aggravating its economic woes. Economists believe that the inability of most Nigerians to […]

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Further taxes on consumer goods will hurt economy, stakeholders caution

Manufacturers insist policy may lead to business collapse, job loss World Bank backs move The purpose of the proposed finance bill 2023 fiscal year should not be about mobilising more resources for the government but promoting the health of Nigerians and boosting the manufacturing sector. This was the view of Industry stakeholders, as they increasingly […]

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Food, energy prices worsen inflation for households

More pressure on households as food inflation spikes; Photo: Sunday Akinlolu • As inflation climbs to 21.09% • Economists seek end to CBN budget deficit financing • Urge FG to increase support for agric, tackle flooding challenge • ‘Monetary, fiscal authorities helpless in dealing with rising inflation’ As expected, Nigeria’s inflation rate accelerated to a […]

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‘Import pass-through costs may worsen Nigeria’s inflation outlook’

FBNQuest has expressed concerns about Nigeria’s inflationary trend, noting that the present currency depreciation may further aggravate the country’s inflation outlook, especially as local prices begin to reflect import pass-through costs. Indeed, local producers have continued to complain about poor access to foreign exchange for the purchase of critical raw materials for production. With the […]

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