Nigeria Politics Top Story

“Tinubu never built Lagos” – Sule Lamido

A former governor of Jigawa State, Alhaji Sule Lamido, has dismissed claims that President Bola Tinubu built modern Lagos, attributing the development of Nigeria’s economic capital to federal government efforts. Speaking on Channels Television’s Politics Today, Lamido criticised Tinubu’s supporters for overstating his achievements as governor from 1999 to 2007. “Lagos was built with Nigerian Read More…

AFP via Getty Images
Business Forex

Naira depreciates slightly against dollar

In a recent development, the Nigerian Naira experienced a minor depreciation in the official market, with an exchange rate of N1,309.39 to a dollar on Thursday. The Naira lost N8.96 or 0.69 percent compared to the previous day’s rate of N1,300.43 against the dollar. This slight decline reflects the currency’s fluctuation in response to market Read More…

Bloomberg via Getty Images
Business Forex

Naira gains strength as CBN tightens monetary policy

The Nigerian Naira saw a notable appreciation against the US dollar, closing at N1,300 per dollar, a 5.97% increase at the official market by Wednesday’s end. This marked improvement from Tuesday’s rate of N1,383 per dollar is a reflection of the Central Bank of Nigeria’s (CBN) recent monetary policy actions. The trading session witnessed a Read More…

AFP via Getty Images
Business Forex Monetary Policy Top Story

Naira hits new record low amid dollar truggle

Despite Central Bank efforts, currency plunges below parallel market rates In a disconcerting turn of events, Nigeria’s naira has plummeted to a new record low during intraday trading on Thursday, as reported by FMDQ Exchange data. This decline occurred despite the central bank’s vigorous efforts to stabilize the currency by selling dollars and infusing liquidity Read More…

Business Inflation Monetary Policy Top Story

Nigeria braces for double-barrelled rate hike to tame inflation, boost Naira

Brace yourselves, Nigerians! The nation stands on the cusp of two potentially aggressive interest rate hikes in quick succession, a Reuters poll revealed on Friday. This bold move aims to curb soaring inflation and bolster the battered naira currency. After a two-meeting hiatus, the Central Bank of Nigeria (CBN) is poised to hold its first Read More…

Business Economy Featured Notes Owei Lakemfa

World Bank and IMF: In the shadow of their talons.

The American World Bank and the European International Monetary Fund, IMF, in the past few weeks, circled Nigeria like vultures waiting for the prey to die. The twin organisations have become more active and quite audacious since President Bola Ahmed Tinubu came to power on May 29, 2023. They are like predators, ready for the Read More…

Business Forex Top Story

Nigeria’s foreign reserves hit 6-year low amid Naira’s struggle

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…

Business Currency Forex Markets

Currency Predictions for the Week Ahead: Naira, Shilling, and Kwacha Under Pressure, Cedi and Ugandan Shilling Stable – Traders (Reuters)

Currency traders foresee fluctuations in Nigeria’s naira, Kenya’s shilling, and Zambia’s kwacha in the upcoming week, while Ghana’s cedi and Uganda’s shilling are expected to maintain stability, according to Reuters reports. Kenya’s Shilling The Kenyan shilling is anticipated to continue its gradual decline due to heightened foreign currency demand across sectors leading up to year-end. Read More…

Budget Business

Reps pass 2024-2026 budget expenditure framework with 2024 assumption of N700 to $1

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…

Bloomberg via Getty Images
Business Oil & Gas Top Story

Saudi Arabia commits to overhaul Nigeria’s oil refineries in landmark agreement

In a groundbreaking development, Saudi Arabia has pledged a significant investment in the comprehensive overhaul of Nigeria’s ageing oil refineries. The commitment was sealed during a bilateral meeting between Nigerian President Bola Tinubu and Saudi Crown Prince Mohammed bin Salman on the fringes of the Saudi-Africa summit in Riyadh. Under President Tinubu’s ambitious reforms, aimed Read More…