•Tinubu and Ezeobika A former National Legal Adviser of Inter Party Advisory Council of Nigeria (IPAC), Barrister Chukwudi Ezeobika, has criticised the All Progressives Congress ( APC) administration led by President Bola Tinubu for continually deceiving “Nigerians amidst the glaring economic recession and crisis.” Barr. Ezeobika said that rep...
The Central Bank of Nigeria has written to all banks in Nigeria to stop the use of foreign currencies as collateral for naira loans. It disclosed this in a circular titled, “The use of foreign-currency-denominated collaterals for naira loans” with ref number: BSD/DIR/PUB/LAB/017/004. The circular was signed by the apex bank’s acting Director, ...
•Naira and Dollar The recovery of the nation’s currency, the naira, against the dollar in the last two months have been described as artificial and cosmetic by analysts. This is despite the claim by the Association of Bureau de Change of Nigeria (ABCON) that the naira recovered because of the clearance $7 billion forex backlog […]...
Following the depreciation of the Nigerian currency(Naira) in the past few months, further setbacks have hit the West African market region’s local currency as trans-border traders have started rejecting the currency. Findings across the Seme border show that the traders on both sides are now preferring either the CFA or the domestic currency ...
The naira yesterday closed at N1,240 to dollar in the parallel market. It closed at N1,245 to dollar on Wednesday, representing N5 to dollar appreciation. The local currency has of recent commenced rapid recovery, as volatility in the market dropped after the Central Bank of Nigeria (CBN) commenced dollar sales to bureau de change operators, [...
Recently, the naira has continued to gain against the dollar at the parallel market, while Nigerians have high expectations that the prices of foodstuff will reduce. A recent market survey conducted by this paper has a contrary view as some prices have remained the same from last week till this week, while some prices of […]
The depreciation of the naira has caused the country’s foreign loans to balloon. Nigeria’s external debt stock (debt owed to foreign entities) has increased by N28tn due to the devaluation of the Nigerian naira against the United States dollar, findings reveal. According to the latest debt profile data published by the Debt Management Office, ...
The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has said the decision to float the nation’s currency is the major cause of the hardship, mass suffering, and other economic woes confronting the country, describing it as the worst economic decision-taking by the government. President of PENGASSAN, Engineer Felix Osi...
•Prof Olofin (R) addressing Reporters A Professor of Economics, Professor Sam Oladapo Olofin has called on the federal government and other major stakeholders in economic society across the country to save naira from imminent collapse. The former special adviser to the President on Economic Matters, Olofin while speaking at a public lecture Or...
The National Security Adviser, Nuhu Ribadu, has directed operatives of the Nigeria Police Force, the Economic and Financial Crimes Commission, the Nigeria Customs Service and the Nigeria Financial Intelligence Unit, to clamp down on forex market speculators. This, he said, is part of efforts to safeguard Nigeria’s foreign exchange market and c...