A political economist Pat Utomi says what he described as “missteps” from the Central Bank of Nigeria (CBN) contribute to the tumbling value of the naira. The naira exchanges for about N1,400 to a dollar in the parallel market as of now and has been on a downward slide against major world currencies in the […]
•Customs officers Amid existing economic challenges and moves to jerk up the N5.1 trillion revenue of the Nigeria Customs Service (NCS) from the second half of this year to stave borrowings, port users have said the move would increase inflation, as businesses would hugely be affected. They argued that the decision would also affect the [&hell...
•Dangote refinery Indications have emerged that lingering regulatory approvals have stalled Dangote Petrochemical Refinery’s plan to release aviation fuel (Jet A1) and diesel for sale in the Nigerian market in January, findings have shown. One week after the January 31 timeline set by the management of Africa’s largest refinery to begin sale o...
•Tinubu’s Chief of Staff Femi Gbajabiamila The Chief of Staff to the President, Mr. Femi Gbajabiamila, met behind closed doors with the National Security Adviser, NSA, Mallam Nuhu Ribadu, and some ministers at the Presidential Villa, Abuja, yesterday, over food security and protests in some states. The meeting, which began at about 05:30...
•Nnaemeka Obiareri Former President Muhammadu Buhari has been accused of wasting the N23 trillion Ways & Means printed under his tenure without any tangible development to show while President Bola Tinubu has, in seven months printed N7.8 trillion yet still borrows. Nnaemeka Obiareri, a Development Economist/Investment Banker stated this o...
•Construction Like every other sector, the building and construction industry may be witnessing one of its worst moments, as exchange rate, building materials, and labour prices have triggered an increase in construction costs by 200 per cent in the last two years. Nigeria’s inflation rate as of December 2023 climbed to 28.9 per cent, reports ...
•Wale Edun The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun believes the country is on the path to recovery, saying Nigeria was heading to economic disaster before President Bola Tinubu came to power in May. Edun disclosed this today during his appearance before the House of Representatives to speak on the […...
The naira yesterday depreciated to N1,455 per dollar in the parallel market from N1,440 per dollar last week Friday. However, the naira fell to N1,419.86 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,419.86 per dollar from N1,435.53 per dollar last [&hel...
•New Naira notes Statutory allocations from the Federal Account Allocation Committee to the 36 states and 774 local government areas from July to December 2023, increased to N3.34tn post-fuel subsidy era. Figures obtained from the National Bureau of Statistics indicate an increase of N545bn or 19.5 per cent from the N2.79trn distributed to sta...
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso and Chairman, Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji will today brief members of the House of Representatives on the state of the economy and monetary policies. Confirming an earlier repo...
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