Nigeria’s foreign exchange reserves plunged to $32.87 billion by the end of December, marking a six-year low, as revealed in recent data. The country’s central bank had been actively selling dollars to stabilise the weakening naira, exacerbating the ongoing challenges faced by the currency. Kyle Chapman, an FX markets analyst at London-based Ballinger & Co, Read More…
Tag: inflation
Approval Granted: Nigeria Secures $1 Billion AfDB Loan for Budget Support and Forex Supply
Finance Minister Olawale Edun announced the Federal Executive Council’s (FEC) approval of a $1 billion concessional loan from the African Development Bank (AfDB) aimed at bolstering the budget and enhancing foreign exchange reserves. Edun revealed the loan details, citing a 4.2% interest rate over 25 years with an eight-year moratorium, following a cabinet meeting in Read More…
Fear of revolution is here
The people who used to shout most about the need for a revolution to happen in Nigeria are now the blokes making many arguments against revolution. The former activists and campaigners for radical change are now singing a new song on the need to give democracy a chance. As almost everybody knows all over the Read More…
Once upon Weah
George Oppong Weah is the story of an African child who rose from the slums of Clara Town, Monrovia to glittering heights in Europe and America but never lost his sense of purpose. Rather, after he had become quite rich and famous, he returned home to give back part of his wealth and overcame serious Read More…
CBN set for tightened policy and economic expansion, says Cardoso
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…
President Tinubu committed to mitigating economic reforms’ impact, asserts Wale Edun at IoD conference
During the Chartered Institute of Directors Nigeria (CIoD) Annual Directors Conference in Abuja, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted President Bola Tinubu’s empathetic stance and dedication to minimizing the hardships arising from economic reforms for Nigerians. Edun assured that these reforms, despite their necessity, would take time before Read More…
Navigating Nigeria’s Cost of Living Crisis: Challenges, Impacts, and Solutions
Nigeria, the most populous nation on the African continent and an economic powerhouse is currently in the throes of a severe cost-of-living crisis that has profound implications not only for its people but also for its economic landscape. This crisis has emerged as a potent confluence of both domestic and international factors, creating a formidable Read More…
Nigeria’s Education Quandary: The Soaring Costs, Dire Implications, and the Quest for Solutions
Education has traditionally been seen as both a fundamental human right and a key driver of economic and social progress. However, the cost of furthering one’s education in Nigeria is rising. The skyrocketing price of higher education is a growing problem in today’s classrooms and households. There are two main drivers behind the rising price Read More…
Skyrocketing Food and Housing Costs Propel Nigeria’s Headline Inflation Rate to 24.08% in July 2023
The National Bureau of Statistics (NBS) has revealed a striking surge in Nigeria’s headline inflation rate, which has vaulted to 24.08% in July 2023. This alarming revelation was underscored by the NBS Consumer Price Index (CPI) and Inflation Report for July, disclosed in Abuja on Tuesday. The report spotlights the primary catalysts of this escalation: Read More…
LCCI tasks FG on inflation, others
The Lagos Chamber of Commerce and Industry (LCCI) has called for better management of the country’s inflation, foreign exchange(FX) and debt portfolio indexes. LCCI President, Dr Michael Olawale-Cole, made the call during the Chamber’s 2022 first quarter press conference on Tuesday in Lagos. He said better management would improve economical outcomes. Olawale-Cole noted that addressing Read More…