Increased loan inflows improved capital importation into Nigeria in January 2024 by 19 percent month-on-month, MoM, to $330 million from $280 million in December 2023. The Central Bank of Nigeria, CBN, disclosed this in its Monthly Economic Report for January 2024. CBN said: “Higher inflow of loans boosted foreign capital inflow in the review month.” Giving further […]
Net foreign exchange inflow into the economy fell by 39 per cent Month-on-Month, MoM, to $2.37 billion in January from $3.91 billion in December 2024. The CBN disclosed this in its monthly economic report for January, released yesterday. The report showed that the sharp decline in net forex inflow was caused by 95.7 per cent MoM […]
The Central Bank of Nigeria yesterday said there are no plans to revoke the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank and Unity Bank Acting Director of Corporate Communications of CBN, Mrs. Hakama Sidi Ali stated this in a statement averring that rumours of a plan to revoke the licences of the banks […]
The equities market defied the persistent hike in interest rate by the Central Bank of Nigeria, CBN, at the end of trading in May with investors recording a marginal gain of N619 billion. This is a sharp contrast from the previous month when the market declined by 6.16 percent after losing more than N3.5 trillion in […]
Nigeria must levrage on its national assets in order to attract foreign exchange inflows and build huge external reserves needed to achieve stable exchange rate, said Chief Executive of Economic Associates, Ayo Teriba. He added that the country remains the only big economy of the world that builds airports and not terminals, where about 40 percent […]
The Presidential Committee on Fiscal Policy and Tax Reforms has recommended an exchange rate of N800 per dollar Customs import duty rate for the rest of the year. This move will be a huge departure from what obtains currently where Customs duty is changed erratically, sometime twice a day with total changes effected so far this […]
Dr Akinwumi Adesina, the President of the African Development Bank (AfDB), says an increase in the Gross Domestic Product (GDP) must translate to job creation for youths to ensure growth on the continent. Adesina said this at a presentation on the African Economic Outlook held on the sidelines of the ongoing 2024 Annual Meetings in […]
The Economic and Financial Crime Commission is probing a former Kano State Governor, Rabiu Kwakwanso, over alleged N2.5bn pension fraud. Our correspondent gathered that Kwakwanso was invited and had been grilled by EFCC interrogators over the development. A source in the anti-graft agency familiar with the matter but had no authourisation to speak, said, “The […]
The Naira yesterday appreciated in the parallel market to N1,375 per dollar from N1,500 per dollar on Tuesday. But the Naira was depreciated to N1,339.33 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,329.65 per dollar from N1,173.88 per dollar […]
Nigeria’s e-commerce industry has been forecast to grow at a compound annual growth rate (CAGR) of 11.82% to $14.92bn in 2029. The industry has been experiencing a boom in recent years, driven by factors like increasing internet penetration, smartphone adoption, and a growing young population. Edenlife, the food retail business of Nigerian home concierge startup, gave this forecast […]
