Everything Worked Well Under My Leadership – Ex-President Buhari
Former President Muhammadu Buhari has praised the progress made in Nigeria’s economy and security during his time in office from 2015 to 2023. Buhari shared these thoughts on Wednesday when he met with journalists from the Katsina State Correspondents’ Chapel of the Nigerian Union of Journalists at his home in Daura, Katsina State. He recalled […]
CBN restricts BDCs to $25,000 Fx weekly and one dealer bank
The Central Bank of Nigeria (CBN) has introduced new guidelines for Bureau de Change (BDC) operators to regulate the forex market and prevent misuse. To improve transparency, both dealer banks and BDCs must submit reports to the CBN: These reports will help the CBN track forex movements and prevent illegal activities. BDCs can only sell […]
Naira sustains gains, appreciates to N1,595/$
The Naira continues to gain strength, appreciating to N1,595 per dollar in the parallel market. This marks an improvement from N1,610 per dollar on Monday. Compared to last week’s rate of N1,640 per dollar, the currency has gained N45 in just one week. In the official Nigerian Foreign Exchange Market (NFEM), the Naira remained stable […]
Nigeria’s economy to expand by 4.17%, inflation to ease in 2025 — CBN Gov, Cardoso
Nigeria’s economy is set for growth, with an expected expansion of 4.17% in 2025. This promising forecast was shared by the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, during a recent conference. Cardoso explained that while inflation currently stands at a high 34.80%, it is projected to ease in the coming years. […]
NNPC jerks up fuel price
The Nigerian National Petroleum Company Limited (NNPC) has increased the price of petrol across its retail outlets. This sudden hike has left many Nigerians frustrated as they deal with the rising cost of living. Reports indicate that NNPC filling stations in Abuja and Akwa Ibom State now sell petrol at N999 per litre, up from […]
Tinubu govt’s intervention: 180 days after, food prices yet to crash
In July 2024, the Nigerian government announced bold measures to address rising food prices. The plan included a 150-day duty-free import window for essential food items like maize, rice, wheat, and cowpeas. These measures aimed to reduce food inflation within 180 days. However, six months later, food prices remain stubbornly high, leaving Nigerians frustrated. Experts […]
Peter Obi now leading prophet of doom – APC fires back
The All Progressives Congress (APC) has strongly responded to Peter Obi, the Labour Party’s presidential candidate in the 2023 elections, accusing him of being a “prophet of doom.” This response came after Obi criticized Nigeria’s current state under President Bola Ahmed Tinubu. In a recent press conference, Peter Obi claimed that the economic and security […]
Exchange Rate Ends 2024 At ₦1,535/$1, Marking A 40.9% Depreciation
The Nigerian naira faced a challenging year in 2024, ending at ₦1,535/$1 against the US dollar. This marked a significant 40.9% depreciation from the previous year’s rate of ₦907.11/$1. Despite various reforms and policies by the Central Bank of Nigeria (CBN), the currency struggled to maintain stability. On the parallel market, where exchange rates are […]
Over-dependence on oil will make Nigeria vulnerable — Speaker, Abbas
Nigeria’s over-reliance on oil is putting its future at risk, according to Tajudeen Abbas, the Speaker of the House of Representatives. In a speech at the 14th convocation of Al-Hikmah University in Ilorin, Abbas warned that depending too much on oil would only lead to more poverty, inequality, and joblessness in the country. He stressed […]
2025: 5 percent inflation rate possible in Nigeria with $50bn FDI – Teriba
Inflation is one of the biggest challenges facing Nigeria today, but Ayo Teriba, a respected economist and Chief Executive of Economic Associates, believes there’s hope. He recently shared on Arise Television’s Good Morning Show that Nigeria could lower its inflation rate to just 5% by 2025 if the government attracts $50 billion in foreign direct […]