The Central Bank of Nigeria (CBN) has announced the disbursement of $61.64 million to foreign airlines via various Deposit Money Banks (DMBs) as part of its commitment to clear the backlog of matured foreign exchange in DMBs. According to the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, this disbursement aligns with the CBN’s dedication Read More…
By Rukayat Moisemhe, News Agency of Nigeria (NAN) Some Stakeholders in the manufacturing sector say Nigeria needs a specific blueprint to critically address the impact of inflationary pressures on all economic activities in the country. According to the World Economic Forum’s Global Risks Report 2023, the world’s top current risks are energy, food, inflation, and Read More…
Olayemi Cardoso, the newly appointed governor of Nigeria’s central bank, announced plans to implement tighter monetary policies in the next two quarters to manage inflation while urging banks to bolster their capital to support economic growth. Addressing immediate challenges such as curbing excess liquidity and combating inflation, Cardoso emphasised a shift from direct fiscal interventions Read More…
The House of Representatives has greenlit the medium-term expenditure framework for 2024-2026, a critical set of assumptions shaping the country’s upcoming budgets. The outlined projections, ratified by President Bola Tinubu’s cabinet before reaching the National Assembly, anticipate the naira to hover around 700 Naira per dollar in 2024, gradually strengthening in the subsequent years. The Read More…
Naira exchanged at N461.67 at the Investors’ and Exporters’ window on Monday, a further decline against the dollar. The exchange rate indicated a decline of 0.04 percent from the N461.50 it was trading for at Friday’s close of business. On Monday, the open indicative rate was N461.50 to $1. Prior to settling at N461.67 during Read More…
ABUJA, Sept 27 (Reuters) – The Nigerian naira hit a record low of 573 against the dollar on the black market on Monday, shrugging off news of the country’s Eurobond sale, meant to boost its currency reserves, traders said, weighed by a recent clampdown on retail forex operators. The West African country sold $4 billion Read More…
The International Monetary Fund (IMF) mission to Nigeria says exchange rate and monetary policy reforms, increased revenue mobilisation and structural reforms will unlock Nigeria’s growth potential. The team lead, Ms Jesmin Rahman, said this in a statement issued on Friday in Washington D.C at the conclusion of the virtual mission. The mission was conducted from Read More…
