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Nigeria: Govt Spends U.S. $8 Billion to Stabilise Naira
Leadership, 24 February 2025
The federal government has spent about $8 billion to stabilise the exchange rate of the Naira to the US dollar at its current levels. Read more »
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Nigeria: 65% of Businesses in Nigeria Increased Prices in 2024 to Stay Afloat - Report
Daily Trust, 6 February 2025
65 percent of businesses increased the prices of their goods and services in the year 2024, according to a report by Nigerian data company, Mustard Insights. Read more »
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Nigeria: Dollar Bureaucracy - The Enemy Within
This Day, 21 February 2025
The more naira is shared in Abuja, the more expensive the dollar, reckons JOSHUA J. OMOJUWA Read more »
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Nigeria: 'CBN to Maintain Current Interest Rates'
Leadership, 18 February 2025
The managing director and CEO of Coleman Wires and Cables Industries Limited, George Onafowokan, stated that the Monetary Policy Committee (MPC) of the Central Bank of Nigeria… Read more »
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Nigeria: Nigerian Fx Reforms to Promote Ethical Conduct
Leadership, 13 February 2025
The Central Bank of Nigeria has approved the Nigeria Foreign Exchange (FX) Code, which is designed to promote ethical conduct in the foreign exchange market. The launch of the code… Read more »
Nigerian Govt Spends U.S. $8 Billion To Stabilize Local Currency
The Nigerian government has taken steps to prevent further depreciation of the Naira by infusing more than U.S. $8 billion into the economy. This has led to the strengthening of the local currency across the foreign exchange market. Economists have, however, warned that the Naira's appreciation could be "temporary", urging policymakers not to get "carried away".
The country experienced one of its worst economic crises in 2024, which led to nationwide protests against the high cost of living.
InFocus
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Governor Olayemi Cardoso has said despite the current gloomy picture of the economy, the "future is bright and positive". Last week President Bola Tinubu and Nigerian state governors discussed the increasing prices of goods and services. Nigerians have been speaking out against the impact of government policies such as the removal of the petrol subsidy and the devaluation of the naira, both of which
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Food inflation in Nigeria increased by 15% during the 11 months from April 2021 to March 2022, adding pressure on the cost of living for salary earners whose incomes have not risen for close to three years.
The alarming situation is that the U.S.$72 minimum wage is insufficient to meet the value of basic foodstuffs for the healthy living of an adult in a month, let alone an entire family, writes Folasade Bosede Adegboye for The Conversation.
After
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