CBN orders banks to sell excess dollars in 24 hours

CBN Governor, Yemi Cardoso •Banks may sell over $5bn, says official, Cardoso faces Senate Tuesday over naira fall Amid its fresh moves to stabilize the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024. The CBN, which disclosed in a […]

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Weak naira threatens Tinubu’s $1 trillion economy ambition as devaluation lessens GDP value in dollar terms

The instability in the forex exchange market and the weakness of the naira pose a significant threat to Nigeria’s ambition of becoming a $1 trillion economy. Analysis by Nairametrics shows that naira devaluation has triggered a loss of about $193 billion in the country’s gross domestic product (GDP) when converted from naira to dollar. Our […]

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Inflation targeting and CBN’s self-imposed accountability test

With the adoption of inflation targeting, the new leadership of the Central Bank of Nigeria (CBN) has not only raised the bar of accountability and demystified monetary policy conduct but has also handed the public the hangman’s noose should it fail in its most important mandate, achieving price stability, Geoff Iyatse writes. The first time […]

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Getting economy out of woods: The tasks before Wale Edun

With Nigeria’s fiscal stability at a breaking point and the 2023 budget dismissed as unimplementable, Collins Olayinka and Joseph Chibueze write that the new Minister of Finance, Wale Edun, has his job in the next one year clearly cut out. For Nigerians and stakeholders in the financial space, the main task before Wale Edun as […]

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Getting economy out of woods: Tasks before Wale Edun

With Nigeria’s fiscal stability at a breaking point and the 2023 budget dismissed as unimplementable, Collins Olayinka and Joseph Chibueze write that the new Minister of Finance, Wale Edun, has his job in the next one year clearly cut out. For Nigerians and stakeholders in the financial space, the main task before Wale Edun as […]

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Fear of sovereign debt defaults takes toll on banks, economic outlook

• Five banks hold N11.8 trillion govt securities• Economic distress real concern, say experts • As Nigeria, Kenya show signs of replicating Ghana’s path • Lenders urged to restrict NPL to less than 10% • ‘Concerns about default are tenable, debt-to-revenue ratio is rising’ As African governments fight to stave off debt distress, experts have […]

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How delisting compounds confidence crisis in stock market

NSE trading floor Photo: Femi Adebesin-Kuti Lingering foreign exchange crisis, inflation, insecurity, high cost of operations coupled with uncertainty, and fuel subsidy crisis have continued to take a toll on the operations of firms listed on the Nigerian Exchange Limited (NGX), triggering a gale of delisting. Indeed, since the 2007-2008 financial crisis, the Nigerian economy […]

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CPPE seeks end to highly volatile FX market as dollar trades between N461.5, N841 at I&E

The Chief Executive Officer of the Centre for Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf, has charged the Central Bank of Nigeria (CBN) to put measures in place to check high market volatility that has trailed official foreign exchange (FX) trading since June 14, when the current model was adopted. The caution comes as […]

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MPC shuns bleeding economy, raises interest rate to 18.5%

• GDP growth slows to 2.3 percent in first quarter • Growth claim not real, economists push back • Manufacturing not affected by interest rate hike, Ife claims • Global shocks weigh heavily on African economies, report insists Yesterday was a tough day for the economy with the National Bureau of Statistics (NBS) confirming slower […]

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