As of September 11, 2024, Nigeria’s external reserves have risen to $36.881 billion, up from $36.305 billion on August 30. This information comes from the Central Bank of Nigeria’s recent data on external reserve movements over the past few weeks. The increase of $576 million from the end of last month to September 11 reflects…
A survey conducted by the Central Bank of Nigeria (CBN) reveals that consumers are planning to cut back on their savings and investments in the upcoming months due to rising prices of goods and services relative to their income. In its ‘Household Consumer Expectation Survey Report (CES)’ for August 2024, the central bank noted that…
Financial experts and economists have informed President Bola Ahmed Tinubu that Nigeria’s 3.19 percent growth in Gross Domestic Product (GDP) for the second quarter of 2024 does not accurately represent the living conditions of its citizens. This statement follows the National Bureau of Statistics’ announcement on Monday, which revealed that the services sector propelled Nigeria’s…
Deficit spending by the Federal Government increased by 2.05 percent year-on-year (YoY), reaching N1.99 trillion in the first four months of 2024 (4M’24), compared to N1.95 trillion during the same period in 2023 (4M’23). An analysis of the Federal Government’s fiscal activities, based on data from the Central Bank of Nigeria (CBN) Economic reports, revealed…
The naira appreciated massively against the dollar in the foreign exchange market in quick response to the first drop in inflation in Nigeria since 2022. The FMDQ data showed that the Naira gained on Thursday to N1,564.48 to the dollar, compared to N1,586.04 exchanged on Wednesday. This represents N21.56 against the dollar compared to N1,586.04…
Nigerian oil traders said the Dangote refinery could lower the price of petrol to between 600 and 650 naira per liter depending on its production cost. The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, disclosed this in a statement on Monday. His comment comes amid indications that the $20…
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,…
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 United Kingdom Government says it is committed to supporting Nigeria to develop its thriving capital markets and sees its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme as a strong basis for collaboration with Nigeria’s financial sector. It says Nigeria’s capital market can help contribute to the delivery of the country’s economic goals,…
Petroleum Minister Attributes Q1’s Low Crude Oil Production to Trans-Niger Pipeline Issues The Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, has identified problems with the Trans-Niger pipeline and maintenance activities by certain oil companies as the primary reasons for the low crude oil production in the first quarter of the year. Assuring that…
