Higher Interest Rates Are Difficult for Borrowers But Essential for Controlling Inflation – Cardoso
The Central Bank of Nigeria (CBN) has recently taken a decisive step to combat rising inflation by raising the Monetary Policy Rate (MPR) to 27.25%. This bold move, announced by Governor Olayemi Cardoso, reflects the bank’s commitment to addressing the economic challenges facing the country. While this decision may be painful for borrowers, Cardoso insists […]
Nigeria Begins Naira-for-Crude Oil Sales from October 1, 2024
The Nigerian government has officially begun selling crude oil and refined petroleum products in exchange for naira, starting October 1, 2024. This initiative, known as the naira-for-crude program, is aimed at strengthening the local currency and improving the availability of petroleum products throughout the country. By eliminating the need for foreign currency in these transactions, […]
CBN Sells $543.5 Million to Stabilize Nigeria’s Foreign Exchange Market
In September 2024, the Central Bank of Nigeria (CBN) took decisive action to stabilize the foreign exchange (FX) market by selling a total of $543.5 million to authorized dealer banks. This intervention occurred between September 6 and September 30, aiming to mitigate the market volatility that arose from rising demand for foreign currency, particularly due […]
Petrol Prices in Nigeria Could Increase Again, According to Marketers
Nigerians might soon see an increase in petrol prices. Oil marketers are raising concerns due to the rising cost of crude oil, which has hit around $78 per barrel. This situation could lead to more challenges for people who rely on petrol for their daily needs. Billy Gillis-Harry, the President of the Petroleum Products Retail […]
Import Expenses for Used Vehicles Fall by 83% to N138.62 Billion
In the first half of 2024, Nigeria witnessed a remarkable decline in its import bill for used vehicles, commonly referred to as tokunbo. According to the National Bureau of Statistics (NBS), the import bill plummeted by 83%, falling to N138.62 billion from N819.15 billion during the same period last year. This drastic decrease raises questions […]
Naira Falls to N1,700/$ in Parallel Market — Lowest Rate in Seven Months
In a significant turn of events, the naira has fallen to N1,700 per dollar in the parallel foreign exchange market, marking its lowest point in seven months. This drop occurred on Friday, representing a 1.49% decrease from the previous day’s rate of N1,675/$. This recent decline is particularly striking, as it mirrors the naira’s earlier […]
Lagos Shuts Down Shopping Centre for Public Health Risks
The Lagos State government has taken action to protect public health by closing the Orchid Shopping Centre in the Eti-Osa area. This decision was made after the shopping centre was found to be improperly disposing of wastewater onto the road and public drains. Such actions can create serious environmental issues and pose risks to the […]
House of Representatives Demands Transparency from Dangote Refinery on Petrol Pricing
In a recent session, the House of Representatives of Nigeria has called on Aliko Dangote, the owner of Dangote Refinery, to disclose the prices at which he sells petrol to the Nigerian National Petroleum Corporation (NNPC) Limited and other major marketers. This motion was brought forward by Oboku Oforji and highlights ongoing disputes regarding the […]
Nigerian Government’s New Tax Plan: What It Means for Citizens Amid Economic Challenges
The Nigerian government has announced plans to introduce a new set of tax measures despite the economic hardship many citizens are already experiencing. These measures are part of the Economic Stabilisation Bills recently approved by the Federal Executive Council, designed to help stabilize the country’s finances and promote long-term growth. However, many Nigerians worry about […]
BREAKING: CBN Increases Nigeria’s Interest Rate to 27.25% for the Fifth Time
The Central Bank of Nigeria (CBN) has announced a significant increase in the interest rate, raising it by 50 basis points to a new level of 27.25%. This marks the fifth consecutive hike since February 2024, reflecting the CBN’s ongoing efforts to combat inflation and stabilize the economy. CBN Governor Olayemi Cardoso disclosed this decision […]