monetary policy
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Nigeria MPC Expected to Raise Interest Rates Again to Combat Inflation and Fiscal Issues
The Central Bank of Nigeria's Monetary Policy Committee (MPC) is expected to raise interest rates again at its final meeting of 2024, addressing rising inflation and fiscal pressures. Analysts predict a 25-50bps increase, aiming to stabilize prices, manage money supply growth, and attract...- Nigeria News
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- 2 min read
- central bank of nigeria inflation in nigeria interest rate hike monetary policy mpc meeting
- Category: Business
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Nigeria MPC Set to Hike Rates Again Amid Rising Inflation and Naira Decline
Nigeria's MPC meeting on July 22-24 is expected to result in a mild rate hike amid high inflation. The naira faces pressure, potentially reaching N1,600/$. Key economic data releases and the FAAC disbursement report are anticipated. AIICO Insurance plans its AGM amidst these economic challenges...- Nigeria News
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- 1 min read
- monetary policy mpc meeting naira forecast nigeria inflation rate hike
- Category: Business
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Nigeria CBN Governor Olayemi Cardoso Addresses Concerns Over Depleting Foreign Reserves
In a bid to address growing concerns over Nigeria's foreign reserves and the performance of the Naira, Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), offered insights during the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank. Cardoso...- Nigeria News
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- 1 min read
- central bank of nigeria foreign reserves depletion imf-world bank spring meetings monetary policy naira performance olayemi cardoso
- Category: Business
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Nigeria Traders on Edge as Customs FX Rate Surges to N1,330/$, Exceeding Official Market
Recent developments in Nigeria's foreign exchange landscape reveal a noteworthy surge in the customs exchange rate for import duties, exceeding the official market rate. The rate for cargo clearance currently stands at N1,330.36 per USD, significantly higher than the official market's N1,278/$1...- Nigeria News
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- 1 min read
- bureau de change cbn reforms central bank of nigeria currency speculation customs fx rate foreign exchange market monetary policy naira exchange rate nigerian economy
- Category: Business
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Nigeria Nigeria's Economy Receives Boost: CBN Announces $1.5bn Influx
The Central Bank of Nigeria (CBN) has reported a substantial inflow of over $1.5 billion in recent days, signaling a positive outlook for the nation's monetary policy initiatives. The announcement, made by the Bank's Acting Director of the Corporate Communications Department, Hakama Ali...- Nigeria News
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- 2 min read
- cbn governor central bank of nigeria foreign exchange market forex market monetary policy nigeria economy yemi cardoso
- Category: Business
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Nigeria Nigeria's Economy in Turmoil: Inflation Hits Record High of 31.70% in February
The most recent data released by the National Bureau of Statistics (NBS) highlights a concerning increase in headline inflation, soaring to 31.70% in February. This significant surge, disclosed on Friday afternoon, represents a notable jump from the 29.90% recorded just the previous month...- Nigeria News
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- 1 min read
- monetary policy national bureau of statistics nigeria inflation
- Category: Business
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Nigeria Senate Approve Team of 12 to Oversee Nigeria Economic Transformation
The Senate has greenlit the appointment of 12 individuals to serve as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). This crucial development, following a report from the Committee On Banking, Insurance, and Other Financial Institutions, sets the stage for...- Nigeria News
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- 1 min read
- cbn news cbn's monetary policy committee lamido yuguda monetary policy nigeria economy olayemi cardoso
- Category: Politics
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Nigeria Nigerian Naira Hits All-Time Low, Reaches N1043.09/$1, Signaling Economic Concerns
In a dramatic turn of events, the Nigerian Naira has plummeted to an unprecedented low, exchanging at N1043.09 to the dollar at the official foreign exchange market. This shocking depreciation marks a significant decline from N872.59/$ recorded just a day earlier. According to market experts...- Nigeria News
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- 1 min read
- cbn exchange rate today monetary policy nigerian economy nigerian naira
- Category: Business
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Nigeria Naira Faces 1.1% Depreciation, Hits 1,233/$ at Parallel Market Amidst Forex Market Dynamics
The naira experienced a decline, exchanging at 1,233/$ at the parallel market, as reported by Bureau de Change (BDC) operators. Conversations with BDC operators revealed that the local currency, traded at 1,228/$ and 1,233/$, maintained the same rate from Friday. Figures from Abokifx indicated...- Nigeria News
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- 1 min read
- cbn exchange rate monetary policy
- Category: Business
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Nigeria CBN Suspends Fees for Cash Deposits Over N500,000 Until April 2024
The Central Bank of Nigeria (CBN) has made a strategic move to bolster cashless transactions by announcing the suspension of processing fees on cash deposits exceeding N500,000 until April 2024. The decision, communicated through a circular signed by Adetona Adedeji, the acting director of...- Nigeria News
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- 1 min read
- cbn channels tv monetary policy
- Category: Business
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Nigeria Naira's Wild Ride: Drops to ₦1,200/$ in Parallel Market, Jumps 11% to ₦843.07/$ in NAFEM
The Nigerian naira faced a sharp depreciation in the parallel market, tumbling from ₦1,172 to ₦1,200 against the dollar. Simultaneously, the Nigerian Foreign Exchange Market (NAFEM) witnessed a surprising turnaround as the naira appreciated significantly, soaring by 11% or ₦108.15 to reach...- Nigeria News
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- 1 min read
- exchange rate today monetary policy naira to dollar
- Category: Business
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Nigeria CBN to Freeze Accounts Without BVN or NIN from April 2024, Sparks Nationwide Concerns
The Central Bank of Nigeria (CBN) has issued a circular outlining its plans to freeze accounts lacking a Bank Verification Number (BVN) or National Identification Number (NIN) starting April 2024. The announcement, detailed in a Friday circular, revealed that a BVN or NIN verification process...- Nigeria News
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- 2 min read
- bvn cbn monetary policy
- Category: Business
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Nigeria Nigerian Naira Falls to N1,165/$ at Parallel Market, Sparking Economic Concerns
The Nigerian naira faced further depreciation, reaching N1,165 per dollar in the parallel foreign exchange market on Thursday. This marks a 0.43 percent decrease compared to the N1,160 rate just two days earlier. Currency traders, or Bureau De Change operators, quoted buying rates at N1,155 and...- Nigeria News
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- 1 min read
- monetary policy nigerian naira premium times
- Category: Business
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Nigeria Nationwide Naira Scarcity: Banks Ration Cash in Kano, Sokoto, Edo, and More
In defiance of recent Central Bank assurances, reports of a renewed Naira scarcity have emerged across several states, including Abuja, Lagos, Kano, Kwara, Gombe, Edo, Sokoto, and Ekiti. The PUNCH's survey exposed the challenges faced by bank customers and Point of Sale operators, who bemoan...- Nigeria News
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- 1 min read
- cbn channels tv monetary policy naira scarcity yemi cardoso
- Category: Business
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Nigeria CBN: Old Naira Notes Stay Legal Tender, Easing Cash Woes for Nigerians
Central Bank of Nigeria (CBN) has declared that the old naira notes, initially slated for discontinuation, will now remain legal tender indefinitely. The CBN's decision to extend the legal tender status comes in the wake of concerns over cash scarcity and challenges faced by residents in...- Nigeria News
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- 2 min read
- cbn monetary policy naira scarcity yemi cardoso
- Category: Business
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Nigeria Nationwide Naira Crunch: Banks Enforce Withdrawal Limits, ATMs Grind to a Halt, Igniting Economic Fears
Nigeria is grappling with a deepening crisis of Naira scarcity as major banks enforce limitations on cash withdrawals and ATMs face depletion, causing widespread concern among residents. The scarcity is particularly impacting Lagos, Abuja, Kano, Katsina, Jigawa, Adamawa, and other regions...- Nigeria News
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- 2 min read
- channels tv monetary policy yemi cardoso
- Category: Business
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Nigeria KPMG Nigeria forecasts a 30% surge in inflation by December 2023
KPMG Nigeria's latest economic forecast signals a concerning trend as it predicts the persisting inflationary pressure in the country, with expectations that the headline inflation will soar to approximately 30% by December 2023. This projection follows the ninth consecutive rise in Nigeria's...- Nigeria News
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- 1 min read
- kpmg monetary policy nigerias economy
- Category: Business
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Nigeria Naira Plummets to 1,030/$ as Speculators Fuel Exchange Rate Decline
The Nigerian Naira faced a steep fall on Monday, hitting an average of 1,030 Naira against the US Dollar in the parallel market. This marked a significant loss, with an 8.42% decline compared to the N950 exchange rate at the close of the previous week. This alarming devaluation follows a recent...- Nigeria News
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- 1 min read
- channels tv foreign exchange rate monetary policy
- Category: Business
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Nigeria Naira Gains Momentum on Promising Economic Outlook While P2P Market Sees Fluctuations
In a dynamic turn of events, the value of the Nigerian Naira witnessed significant fluctuations over the weekend. On the black market, the Naira surged, trading at N901 per dollar, a marked improvement from N1,050 the previous week. The cause of this surge was the optimistic outlook stemming...- Nigeria News
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- 2 min read
- cbn exchange rate for dollar monetary policy
- Category: Business
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Nigeria Nigerian Naira's Strengthens to ₦950/$ Amid CBN Actions"
In a remarkable turn of events, the Nigerian naira continued its impressive rebound against the US dollar on Friday, surging to an exchange rate of ₦950/$ in the parallel market. This marks a substantial gain of ₦170 or a 15.18% appreciation of the local currency compared to the ₦1,120/$ it...- Nigeria News
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- 2 min read
- cbn exchange rate monetary policy
- Category: Business
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