The Central Bank of Nigeria has issued a notice of a Monetary Policy Meeting to decide on measures to tackle the country’s rising inflation and economic hardship. The apex bank in a notice released on its website on Tuesday said that July’s meeting is scheduled for Monday to Tuesday next week. This would be the…
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 Group Managing Director/Chief Executive Officer, United Bank for Africa Plc, Oliver Alawuba, has been appointed as the Chairman of the Chartered Institute of Bankers of Nigeria Body of Banks’ CEOs. The CIBN announced this appointment on its website on Monday, July 8, 2024. This prestigious appointment underscores Alawuba’s extensive experience and visionary leadership in…
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…
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…
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…
The naira depreciated further against the dollar as the foreign exchange market resumed trading. At the parallel market, the naira weakened to around N1505 against the dollar on Monday from 1490 last Friday. Similarly, FMDQ data showed that the naira dropped to N1490 against the dollar on Monday from N1485.53 last Friday. This represents a…
Credit facilities borrowed by Nigerians from banks rose to N3.82 trillion in January 2024 amid rising inflation and harsh economic realities. This is according to the recent Central Bank of Nigeria’s monthly Economic report posted on its official website. Accordingly, total consumer credit rose by 11.9 percent to N3.82 trillion in January 2024 from N2.648…
The naira continued its depreciation against the dollar despite a surge in foreign exchange reserves. FMDQ data showed that the naira depreciated slightly to close at N 1485.53 against the dollar on Friday from N 1485.36 traded on Thursday. This represents a marginal N0.17 loss against the dollar compared to the 1485.36 traded the previous…
