Nigeria's public debt skyrocketed to N121.67 trillion by March 2024, a 25% increase in three months. The Debt Management Office reports domestic debt at 54% of the total. This surge, driven by new borrowing and naira devaluation, raises concerns about Nigeria's fiscal health and economic...
Despite intervention by the Central Bank of Nigeria, the Naira fell to a two-month low, reversing earlier gains. With significant market volatility and upcoming rate decisions, the Naira's decline raises concerns about Nigeria's economic stability and investor confidence.
The Central Bank of...
Aliko Dangote's statement on the naira devaluation has sparked varied reactions among Nigerians. While some attribute the economic challenges to the previous administration, others speculate about Dangote's interests in the matter, citing alleged benefits he may have received during the period...
During the Annual General Meeting of Dangote Sugar Refinery Plc, Aliko Dangote vehemently criticized the decision to float the naira, branding it as the most detrimental event of 2023.
The abrupt devaluation of the naira, plummeting from N460 to N1,400 against the US dollar, wreaked havoc...
The Naira has been listed among the 15 worst-performing currencies against the US Dollar, according to Statisense by References1. The report, dated March 18, 2024, highlights the year-on-year loss against the USD for various currencies. Lebanon tops the list with a staggering -497%, followed by...
In a recent report released by the Economist Intelligence Unit (EIU) in March 2024, the economic future of Nigeria is painted with uncertainties as the country faces five critical risks that could jeopardize peace, economic progress, and overall development in the coming months.
The EIU report...
Dangote Sugar Refinery Plc faces financial headwinds as it reports a substantial loss before tax amounting to N108.92 billion in its 2023 annual report. The staggering foreign exchange losses of N172.198 billion, attributed to the devaluation of the naira, lead to a 53% depletion of...
In an investor call on Monday, Hans Essaadi, CEO of Nigerian Breweries Plc, the Nigerian unit of Heineken NV, delivered grim news, declaring that the company is currently facing its worst downturn in the history of operations in Nigeria. Essaadi attributed the challenges to a significant decline...
In a decisive move to counter the ongoing slump of the Naira, the Federal Government unveiled plans to automate all transactions within the foreign exchange market. The announcement was made by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, during the 29th Nigeria...
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has reacted to analysts’ projections concerning the devaluation of naira.
According to Emefiele’s recent stance, naira devaluation will not be happening anytime soon. Emefiele reportedly stated that Nigeria’s reserves level...
Investors have called for another round of naira devaluation by the CBN despite the recent increase of the country's foreign reserves.
According to Standard Chartered Plc and London-based Duet Asset Management CBN needs to devalue the naira and loosen capital controls.
Ayodele Salami...
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A Nigerian Senator, Ben Murray-Bruce, senator representing Bayelsa east senatorial district, has faulted European Union's call for further devaluation of Nigeria's currency.
A European Union (EU) had on Tuesday advised the federal government to devalue the naira as part of measures to tackle...
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A European Union (EU) has advised the federal government to devalue the naira as part of measures to tackle the economic recession.
An official, Fillippo Amato, Counsellor, Head of Trade and Economics Section of EU, made this known in an interview with journalists yesterday.
The naira...
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Dangote Cement Plc, Africa’s largest cement producer, has announced an update on trading activities and its plans to convert some of its power plants to coal powered plants.
According to the firm on Wednesday, sales growth remained strong in Nigeria with volumes up 15% in July and August...
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President Muhammadu Buhari's Minister of Agriculture, Audu Ogbeh has said that he does not believe in the devaluation of the Naira.
Speaking at the Town Hall Meeting and Policy Dialogue on Good Governance in Abuja on Tuesday, the minister said Nigeria has been heading for disaster since 1986...
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President Muhammadu Buhari in Abuja yesterday, told editors and newspaper executives in a brief interview to mark the administration’s first year in office that the biggest shock he had during the past year as President.
On Naira Devaluation:
He said in the course of its history Nigeria...
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The Senate has summoned the Minister of Finance,Kemi Adeosun and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele to brief the senate on the current state of the economy especially with the imminent plans to effect naira devaluation.
The decision followed a Motion on the...
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