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Analysts Chart Roadmap To Boost Nigeria’s Foreign Reserves

Researchers at the Centre for the Study of the Economies of Africa (CSEA), an economic research think-tank with primary focus on developments in Africa’s economies, have canvassed a three-point strategic policy measures for the Federal Government to implement in order to shore up Nigeria’s foreign reserves. The analysts, in the firm’s ‘Nigeria Economic Update Issue […]

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FG To Audit Buhari’s N22.7Trn Ways and Means Loan

The Federal Government has unveiled plans to soon begin the audit of the N22.7 trillion Ways and Means loan by the Central Bank of Nigeria (CBN) to the immediate past President Muhammadu Buhari’s administration with a view to knowing if the facility is prudently utilized. Ways and Means is a loan facility through which the […]

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NUPRC Mulls Relocation Of Units To Lagos

Despite the raging controversies over plans by the Central Bank of Nigeria’s (CBN’s) management to relocate some of the bank’s departments to Lagos, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has also hinted of its plans to relocate some of its units from Abuja to Lagos. The commission in an internal memo titled ‘Movement to […]

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CBN Adjusts FX Rate For Cargo Clearance To N1,515.09/$1

The Central Bank of Nigeria (CBN) has raised the foreign exchange (FX) rate for the clearance of goods from N1444.56/$ to N1515.09 against the one United States dollar (USD), representing an increase of N70.53 compared to the prior rate. Before the latest adjustment of the rate, the single-window trade portal of the Nigeria Customs Service […]

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$6.23Mn Fraud: Presidency Seeks Interpol’s Support On Suspects’ Arrest

The Presidency has requested the Interpol National Central Bureau to place a Central Bank of Nigeria’s, (CBN’s) staff, Odoh Eric Ocheme, and two others on its Red Notice with a view to arresting them over fraudulent acts involving millions of dollars from the apex bank. Specifically, the Federal Government’s request to the Interpol is connected […]

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IMF Advises CBN To Raise N2Trn Through OMO Bills

The International Monetary Fund (IMF) has advised the Central Bank of Nigeria (CBN) to mop up excess liquidity in the nation’s economy through the issuance of OMO bills of up to N2 trillion in the next 12 months as a strategic step towards thawing rising inflation rate of the country. The development finance institution gave […]

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Nigeria’s Foreign Reserves Will Drop To $24Bn In 2024 – IMF

The International Monetary Fund (IMF), has projected that Nigeria’s foreign reserves will significantly drop this year to an all-time low of $24 billion. This forecast is contained in the IMF’s latest Country Report for Nigeria, which highlighted potential challenges ahead for the Nigerian government in its current efforts to sustain the nation’s economic growth. Data […]

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Airlines’ Operating Costs In Nigeria Among Highest In Africa – IATA

The regional Vice-President for Africa and the Middle East at the International Air Transport Association (IATA), Kamil Al Awadhi, has estimated that the cost of operating airlines in Nigerian airports remain among the most expensive in Africa. Awadhi, who made this remark during an interview on CNBC Africa, disclosed that contrary to reports in the […]

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Nigerian TB Rates Rise Amid CBN’s Hawkish Monetary Policy Stance

Latest report from the Central Bank of Nigeria (CBN) on the results of the Treasury Bills auction offered on January 29 this year indicated that the 364-day treasury bill stop rate rose to 19% per annum, indicating a clear signal that the apex bank is moving towards a hawkish monetary policy. Similarly, the 182-day and […]

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Nigeria’s E-payment Transactions Surge To N600Trn In 2023

Indications that Central Bank of Nigeria’s (CBN’s) efforts to digitalize the nation’s payment system and achieve a cashless economy are yielding the desired results have emerged with the electronic payment (E-payment) transactions’ value hitting over N600 trillion in 2023. The 2023 e-transactions value represented a huge surge from the N387 trillion transactions recorded in 2022, […]