Despite sundry reform initiatives of the President Bola Tinubu-led administration to revitalize the nation’s economy, latest forecast from the International Monetary Fund (IMF) indicated that Nigeria’s economy continued its unimpressive performance, dropping into the fourth position in Africa economies’ ranking chart. This is coming barely two years after it was ranked as Africa’s largest economy […]
Cocoa prices have doubled as extreme weather has negatively affected supply, thereby hitting a new high of over $10,770 a ton on Thursday. Industry analysts attribute supply stress to the price gains, with more to come as Nigeria prepares for flooding. Experts have predicted production to fall short of demand by 374,000 metric tons this […]
The Federal Government has assured that Nigerians and the global community that it will continue to highlight the progress made so far in its current drive to grow the Nigerian economy in order to attract more foreign investment into the country for socioeconomic well being of the citizenry. The Minister of Finance and Coordinating Minister […]
Researchers at the Centre for the Study of Economies of Africa (CSEA), a leading economic research firm with primary focus on developments in African economies, have advocated the need for the Federal Government to review its debt management procedures and framework to ensure that borrowing is resorted to only when necessary and that borrowed funds […]
Investment analysts at Bancorp Securities Limited, a leading investment research and advisory services providing company in Nigeria, on Monday predicted that trading sessions in the Nigerian Exchange would stabilize, with declining prices in financial services stocks offering higher dividend yields. The experts, in the firm’s ‘Weekly Stock Recommendation Apr 15 to Apr 19, 2024’ sourced […]
The Nigerian Customs Service’s (NCS’) foreign exchange (FX) rate for cargo clearance and import duties collection has dropped from N1,572.5/$ to N1,448.38/$1, representing a decline of N124.12 from last week’s rate. The latest FX rate of the revenue agency is reflected on the Central Bank of Nigeria’s (CBN’s) official window. Over the past weeks, the […]
The Central Bank of Nigeria (CBN) has announced a significant inflow of over $1.5 billion foreign investments into the Nigerian economy, describing the surge in inflows to the effectiveness of its monetary policy strategies. The apex bank’s Acting Director of Corporate Communications Department, Mrs Hakama Sidi Ali, in a statement on Thursday, attributed the increasing […]
The Nigeria Customs Service (NCS) has further revised the foreign exchange (FX) rate for customs import duties and cargo clearance to N1,405.46 per dollar currently. The latest FX rate as reflected on the Service’s website represents the fifth consecutive time in the past two weeks, the rate had dropped. On March 15, the rate stood […]
In furtherance of its sustained policy measures to moderate the lingering volatility in the nation’s foreign exchange (FX) markets, the Central Bank of Nigeria (CBN) has hinted that it is allocating $10,000 at N1,251/$ to each Bureau de Change (BDC) operator in the country. In a memo dated March 25, 2024, and addressed to the […]
The Federal Government has initiated criminal proceedings against Binance, a cryptocurrency exchange platform, in a decisive move aimed at upholding fiscal responsibility and safeguarding the economic integrity of the country, The criminal proceeding charges, filed at the Federal High Court in Abuja, were announced by the Federal Inland Revenue Service (FIRS) in a statement issued […]