The Naira depreciated massively against the dollar in the foreign exchange market. FMDQ data showed that the Naira weakened significantly to N1561.98 against the dollar on Wednesday from N1532.58 traded on Tuesday. This represents an N29.4 against the dollar compared to the N1532.58 traded on Tuesday. Similarly, at the parallel foreign exchange market, the Naira…
The Minister of Agriculture and Food Security, Abubakar Kyari, has assured that food prices would crash in 180 days. This is coming after several Nigerians had hit the streets to protest hunger in the nation. Kyari made this known in a post on his official X handle on Wednesday, unveiling measures that will be implemented…
The Federal Government on Monday announced plans to suspend duties, tariffs and taxes for the importation of some food items through land and sea borders. The foods include maize, husked brown rice, wheat and cowpeas. Abubakar Kyari, the Minister of Agriculture and Food Security, disclosed this while announcing a proposed 150-day Duty-Free Import Window for…
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri has said that Nigeria has been selected to host the Headquarters of the African Energy Bank. The minister made this known in a statement on Thursday through his official X handle. According to him, the choice of Nigeria is a testament to the country’s leadership and…
At the backdrop of exchange rate instability and Naira depreciation, Closed Pension Fund Administrators, CPFAs, affiliated to international oil companies are investing more of their pension fund assets on foreign money market instruments, apparently for safety. The National Pension Commission, PenCom, in its unaudited report on pension funds industry portfolio for the period ended May…
Business mogul Aliko Dangote has highlighted a major impediment to job creation and speedy economic growth in the country. He said the high interest rate can discourage investment and hamper economic growth. Dangote, President of the Dangote Industries Limited, warned that the 26.25% interest rate fixed by the Central Bank of Nigeria (CBN) will incapacitate…
Capital importation into the country grew Quarter-on-Quarter (QoQ) by 210 percent to $3.38 billion in the first quarter of 2024 (Q1’24) from $1.09 billion in the fourth quarter of 2023 (Q4’23). The National Bureau of Statistics, NBS disclosed this yesterday in its capital importation report for Q1’24. I See Myself As Beautiful And Well Dressed,…
After 13 years of back and forth, the Supreme Court, this Friday morning, confirmed the former Managing Director of the now-defunct Bank PHB Plc, Francis Atuche’s conviction. Justice Moore Adumein, in a unanimous judgment, stated that Atuche did not challenge the trial court and the Court of Appeal’s assessment of his credibility. The court, based…
Nigeria’s external reserve reached a record high of $34.07 billion on June 26, 2024. This is according to the Central Bank of Nigeria’s latest FX data on its official website. The figure represents the highest level since March 2024. Recall that last week the external reserve reached a three-month high when it rose to $33.5…
The Governor of the Central Bank of Nigeria, CBN, Mr Olayemi Cardoso has reiterated the determination of the Bank’s Monetary Policy Committee, MPC, to tame inflation through conventional methods. A statement from the CBN’s Corporate Communications Department said Cardoso stated this in an interview with Bloomberg in London on Tuesday while sharing key insights on…
