Kogi, Bauchi, and Oyo are Nigeria’s three most expensive states on a year-on-year basis after recording highest in its All Items Inflation. However, on a month-on-month basis, Lagos, Ondo, and Edo are the most expensive states in Nigeria. This is according to the National Bureau of Statistics’s latest April consumer price index and inflation report….
The Nigerian Exchange Limited (NGX) is gaining attention as banks prepare for possible capital raise in the market amid the latest recapitalisation exercise by the Central Bank of Nigeria (CBN). Stakeholders are concerned about the Exchange’s competence and preparedness to handle the possible influx of banks in a bid to meet up with CBN’s recapitalisation…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent. Cardoso,…
The nation’s currency, the naira, has taken a downturn, emerging as the world’s worst performing currency in the past month, a recent Bloomberg report says. The reversal came after naira’s recent gains, emerging as the world’s worst-performing currency after a wonderful performance last month. The report, which emerged on Friday, emphasised that the development has…
The presidential committee on fiscal policy and tax reforms says there is a need to increase the value-added tax (VAT) rate. Speaking at the policy exposure and impact assessment session organised by the committee, the committee chairman, Taiwo Oyedele, also disclosed that the VAT revenue-sharing formula would be reviewed. Oyedele added that the committee has…
The declining fortunes of the Naira persisted yesterday with further depreciation in the parallel and official markets due to the re-emergence of speculation and hoarding, even as some Bureaux De Change, BDCs withdrew from the Central Bank of Nigeria, CBN’s, dollar sales program. Vanguard also learnt that despite the sustained nationwide raids and arrest of…
The Central Bank of Nigeria, CBN, has directed 0.005 percent Cybersecurity Levy deductions on electronic transfers. A circular issued by the CBN, yesterday, directed the deductions would become effective from the next two weeks. The circular, issued by the Director of Payment Services, Uzoma Efobi, was addressed to all banks and payments services operators in…
The Naira has resumed depreciation against the Dollar in the foreign exchange market. FMDQ data showed that the Naira depreciated to N1402.67 per Dollar on Thursday from N1,390.96 on Tuesday. This represents an N11.71 loss compared to the N1,390.96 recorded on Tuesday. Meanwhile, at the parallel market, the Naira appreciated to N1340 per Dollar on…
The Senate Committee on Finance has expressed worry over, “the instability and continuous depreciation of the naira.” In a statement, the Chairman of the Committee, Senator Mohammed Sani Musa, said the committee is monitoring the situation and is committed to working with relevant stakeholders to implement effective policies and strategies to tackle the issue. He…
The Naira has depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,300.15 per dollar exceeding the parallel market rate by N45.15. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, indicating N65.66 depreciation for the naira. Similarly, the Naira depreciated…
