naira devaluation

  1. Nigeria's Public Debt Soars to N121.67 Trillion in Just 3 Months, Sparking Economic Concerns

    Nigeria Nigeria's Public Debt Soars to N121.67 Trillion in Just 3 Months, Sparking Economic Concerns

    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...
  2. Today's Naira Rate [17-05-2024]: Nigeria's Currency Crisis Deepens as Naira Slides to 1,533.99 Despite Central Bank Efforts

    Nigeria Today's Naira Rate [17-05-2024]: Nigeria's Currency Crisis Deepens as Naira Slides to 1,533.99 Despite Central Bank Efforts

    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...
  3. Nigerians Speculate on Political Consequences of Aliko Dangote's Naira Devaluation Statement

    Nigeria Nigerians Speculate on Political Consequences of Aliko Dangote's Naira Devaluation Statement

    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...
  4. Nigerians Surprised As Dangote Labels Naira Devaluation Biggest Mess of 2023

    Nigeria Nigerians Surprised As Dangote Labels Naira Devaluation Biggest Mess of 2023

    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...
  5. Statisense Report: Naira Plummets Among Top 15 Worst Currencies Against US Dollar

    Nigeria Statisense Report: Naira Plummets Among Top 15 Worst Currencies Against US Dollar

    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...
  6. Economic Challenges Loom as EIU Forecasts Naira to Plummet Below N2,000 per Dollar by Year-End

    Nigeria Economic Challenges Loom as EIU Forecasts Naira to Plummet Below N2,000 per Dollar by Year-End

    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...
  7. Naira Devaluation Blamed as Dangote Sugar Faces ₦172 Billion Forex Losses in 2023

    Nigeria Naira Devaluation Blamed as Dangote Sugar Faces ₦172 Billion Forex Losses in 2023

    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...
  8. Brewing Woes: Heineken's Nigerian Operations Hit Hardest Downturn in Company's History, CEO Reveals

    Nigeria Brewing Woes: Heineken's Nigerian Operations Hit Hardest Downturn in Company's History, CEO Reveals

    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...
  9. Naira Tumbles to 1,220/Dollar as FG Unveils Forex Automation Plan to Stem Devaluation Crisis

    Nigeria Naira Tumbles to 1,220/Dollar as FG Unveils Forex Automation Plan to Stem Devaluation Crisis

    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...
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    Metro Devaluation: ‘We Stand By Our Story’, Daily Trust Replies CBN

    https://dailytrust.com/devaluation-we-stand-by-our-story-daily-trust-replies-cbn/
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    Business Further devaluation of the Nigerian Naira very likely - Venture Africa

    http://venturesafrica.com/further-devaluation-of-the-nigerian-naira-very-likely/
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    Business CBN devalues naira as analysts appraise market situation - Vanguard Nigeria News

    https://www.vanguardngr.com/2020/03/cbn-devalues-naira-as-analysts-appraise-market-situation/
  13. Nigeria Business News

    Business CBN Governor, Godwin Emefiele, reacts to devaluation of naira call – Nairametrics

    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...
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    Business Nigeria: Investors Call for Another Round of Naira Devaluation

    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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    Business Ben Bruce Faults EU's Call For Naira Devaluation

    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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    Business Nigeria Should Devalue Naira to Tackle Recession - EU

    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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    Business Why There Is N600 Increment in Cement Price – Dangote

    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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    Business Audu Ogbeh: I Hope Naira Does Not Hit N1000 Per Dollar [VIDEO]

    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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    Politics President Buhari Opens Up on Naira Devaluation, Fuel Subsidy Removal

    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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    Business Naira Devaluation: Senate Summons Emefiele, Adeosun Over State of the Economy

    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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