The Central Bank of Nigeria (CBN) may have finally bowed to immense pressure from various quarters to devalue the Naira. Few days ago, there were speculations that the central bank would devalue the local currency, following crash in the prices of crude oil at the global market and steep decline in the foreign reserves. This…
Nigeria’s headline inflation has recorded yet another rise to 12.20 percent in February, from the 12.13 percent recorded in January the same year. A report published by the National Bureau of Statistics on Tuesday revealed that food inflation increased marginally Year on Year to 14.90% in January 2020, compared to the figures obtained (14.85%) in…
Dwindling Oil Exports Deplete Foreign Reserves As Buhari, Emiefele Mull Naira Devaluation The coronavirus pandemic which has led to global oil glut is already depressing the Nigerian economy as the United Arab Emirates, OPEC’s third biggest producer on Wednesday compounded the nation's woes after it joined the oil price war, started by Saudi Arabia. UAE’s…
With Agency Report--The continuous export of the Coronavirus from China to other nations has had devastating consequences on the Nigerian economy and around the world. This is as the price of Bonny Light, Nigeria’s premium oil grade further dropped from $46.33 to $37.22 per barrel, in the international market, Tuesday. For Nigeria, the ramifications of…
Ghanaian president, Nana Akufo-Addo has pleaded with President Muhammadu Buhari to expedite the process of reopening the closed borders because of its effect on the economy of his country. President Akufo-Addo made the plea to Buhari during a bilateral discussion they had on the sidelines of the ongoing UK-Africa Investment Summit 2020 in London. While…
The Debt Management Office (DMO) on Friday said the Nigerian government was considering taking a loan from foreign sources to fund the 2020 budget signed into law by President Muhammadu Buhari a month ago. On December 17, 2019, Mr. Buhari, who traveled to the United Kingdom for an investment summit starting next Monday, signed the…
With no fewer than six days of trading before the year ends, it is almost certain that transactions on the Nigerian Stock Exchange (NSE) will close in the red zone. The outgoing year is, indeed, turning out to be yet another locust year for both local and foreign investors, due to an unfriendly operating environment.…
Barely a week to the lengthy Christmas vacation, Nigeria’s inflation has increased by 11.85 percent in November 2019, gaining 0.24 percent points higher than the rate recorded in October 2019 (11.61) percent. According to the National Bureau of Statistics (NBS) CPI for the month of November, increases were recorded in all subsets of the consumer…
Nigeria can almost triple its diaspora remittance by allowing inflows to be priced at the currency of deposit or market-determined rates, as world’s shift from trade-focused globalization to focus on financial flows leaves commodities-based economies hanging in the balance. Diaspora flow is becoming a major source of the country’s foreign inflow, at 6 percent of…