Naira Records Second Straight Appreciation Against US Dollar
Nigeria’s currency, the naira, has recorded a second consecutive day of improvement against the United States dollar in the official foreign exchange market. This positive movement suggests a slight return of confidence and improved liquidity in the forex space. Market watchers say the appreciation is linked to increased dollar supply and recent monetary policies aimed […]
President Trump fires Fed Reserve gov, Lisa Cook, over mortgage allegations
US President Donald Trump has ordered Federal Reserve Governor Lisa Cook to be removed after unproven allegations of mortgage fraud, a surprising move that has raised concerns about the independence of the central bank. The claims were made last week by Bill Pulte, director of the Federal Housing Finance Agency, who said that Professor Cook […]
CBN’s Gold Reserves Gain Over N1 Trillion In 2024 As Prices Hit Record Levels
The Central Bank of Nigeria (CBN) reported a significant rise in its gold reserves in 2024. By the end of December 2024, the value of its gold holdings reached N2.77 trillion, up from N1.28 trillion at the close of 2023. This growth was primarily due to a sharp increase in global gold prices. While the […]
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 […]