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 […]
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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 […]
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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 […]
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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 […]
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President, LCCI, Mrs. Toki Mabogunje The Lagos Chamber of Commerce and Industry (LCCI) has expressed worries about the negative impacts of insecurity on Foreign Direct Investments (FDIs) inflow into the country and the business community at large. Indeed, the Chamber bemoaned Nigeria’s inability to attract FDIs as a result of the high level of insecurity, […]
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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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