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Category: business news
The CBN updates the foreign exchange market and removes the restriction
The Central Bank of Nigeria, CBN, has announced further policy changes. According to the Director of Corporate Communications, Dr Isa AbdulMumin, the policy changes are aimed at promoting transparency, liquidity…
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Naira declines to 702/$; expected new FX supply from CBN
The naira traded at 702.19/dollar at the close of business on Thursday, as the Central Bank of Nigeria has allowed for a free float of the national currency against the…
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Nigeria loses N150 billion in four months to gas flaring, according to NOSDRA
Between January and April 2023, oil and gas companies doing business in Nigeria flared 92.3 million standard cubic feet of gas, or mscf, estimated to be worth N150.8 billion. The…
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Nationwide shutdown looms as inflation becomes worse due to fuel subsidies.
The country has been in a state of chaos since President Bola Tinubu announced the end of the fuel subsidy regime on Monday, May 29, 2023, as citizens deal with…
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Nigeria Spent N72 Billion To Import Milk In 2022
Data from the National Bureau of Statistics (NBS) has shown that at least N72.9 billion on importation of milk in 2022. The report titled: “Foreign Trade Statistics”, disclosed that N27.6…
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Businesses make brisk profit ahead of Tinubu’s inauguration
Ahead of Monday’s inauguration of Bola Ahmed Tinubu as the President of the Federal Republic of Nigeria, businesses in the Federal Capital Territory are making brisk profits. A visit by…
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Manufacturers knock CBN over interest rate hike to 18.5 per cent
The Manufacturers Association of Nigeria has knocked the Central Bank of Nigeria’s decision to increase the Monetary Policy Rate, also known as the interest rate, to 18.5 per cent amid rising…
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CBN Announces Increase In Interest Rate
The Central Bank of Nigeria (CBN) has increased the monetary policy rate (MPR) by 0.50 per cent to 18.50 per cent. This was made known by Godwin Emefiele, the Governor…
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Court orders Buhari govt to account for $460m Chinese loan
A Federal High Court sitting in Abuja has ordered the government of President Muhammadu Buhari to “account for the spending of $460 million Chinese loan to fund the failed Abuja…
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Nigeria’s inflation increases to 22.22 per cent
Nigeria’s April inflation figure on Monday increased to 22.22 per cent from 22.04 per cent last month. The National Bureau of Statistics Consumer Price Index report released Monday disclosed this.…
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