nigerian economy
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Nigeria World Bank: Naira Among Africa’s Most Depreciated Currencies in 2024
The Nigerian Naira ranks among sub-Saharan Africa's weakest currencies, alongside the Ethiopian Birr and South Sudanese Pound, depreciating by 43% by August 2024. The World Bank attributes this to high dollar demand, limited inflows, and rising inflation, with Nigeria’s economic growth...- Nigeria News
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- dollar demand inflation naira depreciation nigerian economy world bank report 2024 worst-performing african currencies
- Category: Business
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Nigeria VAT Rate Remains at 7.5%, Finance Minister Assures Nigerians
Wale Edun, Nigeria's Minister of Finance, confirmed that the Value-Added Tax (VAT) rate remains at 7.5%, contrary to rumors of an increase to 10%. He emphasized the government's commitment to fostering economic growth and reducing poverty through supportive fiscal policies and tax regulations...- Nigeria News
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- nigerian economy tax policy value-added tax (vat) wale edun
- Category: Business
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![Today's Naira Rate[09-08-2024]: FX Market Stabilizes as Naira Reaches N1,572.20/$ After CBN Auction](/data/attachments/207/207037-027b9da57be8d603e13aa4e47865232a.jpg?hash=PERHMQHP25)
Nigeria Today's Naira Rate[09-08-2024]: FX Market Stabilizes as Naira Reaches N1,572.20/$ After CBN Auction
The Nigerian naira has strengthened for the third consecutive day, reaching N1,572.20 per dollar due to the Central Bank of Nigeria's retail Dutch auction. This development is boosting foreign exchange inflows and stabilizing the economy, with potential reductions in FX market volatility...- Nigeria News
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- cbn retail auction fx market naira naira exchange rate nigerian economy
- Category: Business
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Nigeria Nigerians Dismiss Oshiomole's Call to Ban Products from Exited Companies
Sen. Oshiomhole calls for banning products of companies that exited Nigeria, urging tough action to protect Nigeria's economy and support President Tinubu's administration. Former Governor of Edo State and current Senator representing Edo North, Sen. Adams Oshiomhole, has stirred controversy...- Nigeria News
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- multinational companies nigeria nigerian economy president bola tinubu sen. adams oshiomhole
- Category: Politics
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Nigeria Nigeria to Integrate Credit Scores with NIN: What You Need to Know
Nigeria to integrate credit scores with NIN to enhance financial inclusion. Move aims to document credit behavior, unlock lending for 80 million Nigerians. Nigeria is set to embark on an ambitious initiative to enhance financial inclusion and access to credit by integrating credit scores with...- Nigeria News
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- credit score integration nigerian economy nin system
- Category: Business
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![Today's Naira Rate [04-06-2024]: Naira Struggles, Nears N2,000 Against British Pound and 1,500 Against Dollar](/data/attachments/204/204640-8457c57119a478bc5717b11aa4a694ef.jpg?hash=hFfFcRmkeL)
Nigeria Today's Naira Rate [04-06-2024]: Naira Struggles, Nears N2,000 Against British Pound and 1,500 Against Dollar
The Nigerian Naira struggles, nearing N2,000 per British Pound and 1,500 per US Dollar, amid speculation and economic challenges. Despite $575 million in CBN dollar sales, the Naira remains weak. Global market movements and local economic policies continue to pressure Nigeria's currency...- Nigeria News
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- 2 min read
- cbn central bank of nigeria forex market naira rate nigerian economy todays exchange rate
- Category: Business
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Nigeria Economic Woes Force Huggies Maker Kimberly-Clark to Shut Down in Nigeria, Posing Threat to Local Jobs
Kimberly-Clark, renowned for Huggies diapers, to cease Nigerian production despite $100 million investment, citing economic challenges. Closure reflects broader trend of multinationals divesting due to high costs and market pressures. Impact on consumers and economy as diaper industry faces...- Nigeria News
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- huggies nigeria kimberly-clark nigerian economy
- Category: Business
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Nigeria CBN Raises Monetary Policy Rate to 26.25% to Combat Surging Food Prices
The Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR) from 24.75% to 26.25% to combat rising inflation, now at 33.69% due to increasing food prices. This is the third consecutive rate hike this year, impacting borrowing costs and economic growth in Nigeria. The monetary...- Nigeria News
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- cbn inflation control interest rates monetary policy rate nigerian economy
- Category: Business
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![Today's Naira Rate [17-05-2024]: Nigeria's Currency Crisis Deepens as Naira Slides to 1,533.99 Despite Central Bank Efforts](/data/attachments/204/204044-8457c57119a478bc5717b11aa4a694ef.jpg?hash=hFfFcRmkeL)
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...- Nigeria News
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- central bank of nigeria foreign exchange market naira devaluation nigerian economy
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Nigeria Peter Obi Slams Tinubu's Government for Burdening Nigerians with Cybersecurity Levy
Former presidential candidate Peter Obi criticizes the Tinubu-led government's imposition of the Cybersecurity Levy, denouncing it as burdensome on Nigerians already grappling with economic hardships. Obi highlights the contradiction between this move and the government's pledge to streamline...- Nigeria News
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- cbn cybersecurity levy nigerian economy peter obi tinubus government
- Category: Politics
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![Today's Naira Rate [07-05-2024]: Naira Slips to N1,415/$ in Parallel Market Amid Economic Uncertainties](/data/attachments/203/203712-147ab142f8cf48479284e57b3d23fc38.jpg?hash=FHqxQvjPSE)
Nigeria Today's Naira Rate [07-05-2024]: Naira Slips to N1,415/$ in Parallel Market Amid Economic Uncertainties
Amid economic uncertainties, the Nigerian Naira has depreciated to N1,415 per dollar in the parallel market, while in the Nigerian Foreign Exchange Market (NAFEM), it stands at N1,416.57. This decline reflects ongoing challenges in the economy, impacting exchange rate stability and financial...- Nigeria News
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- currency trends foreign exchange market naira depreciation nigerian economy parallel market todays exchange rate
- Category: Business
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![Today's Naira Rate [04-05-2024]:Naira Holds Steady at 1,380 Against Dollar Amid Currency Market Turmoil](/data/attachments/203/203601-8457c57119a478bc5717b11aa4a694ef.jpg?hash=hFfFcRmkeL)
Nigeria Today's Naira Rate [04-05-2024]:Naira Holds Steady at 1,380 Against Dollar Amid Currency Market Turmoil
Amidst mounting demand and scarcity, the naira holds firm at N1380/$1 in Nigeria's parallel market. Traders report high demand driven by individuals and importers, maintaining a flat rate amidst fluctuating currency values. Concerns rise over the impact of dollar shortages on the country's...- Nigeria News
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- currency trading dollar scarcity naira exchange rate nigerian economy parallel market
- Category: Business
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Nigeria Nigerians Speculate on Political Consequences of Aliko Dangote's Naira Devaluation Statement
Aliko Dangote's statement on the naira devaluation has sparked varied reactions among Nigerians. While some attribute the economic challenges to the previous administration, others speculate about Dangote's interests in the matter, citing alleged benefits he may have received during the period...- Nigeria News
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- aliko dangote currency policy naira devaluation nigerian economy
- Category: Business
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![Today's Naira Rate [29-04-2024]: Naira Weakens Further: BDC Operators Face Challenges as Dollar Hits N1,350](/data/attachments/203/203446-6e202405f2f497d63440ce71bc64dc98.jpg?hash=biAkBfL0l9)
Nigeria Today's Naira Rate [29-04-2024]: Naira Weakens Further: BDC Operators Face Challenges as Dollar Hits N1,350
Amidst ongoing economic uncertainties, the Nigerian naira witnessed a further depreciation against the US dollar, reaching N1,350 per dollar at the parallel segment of the foreign exchange (FX) market on Monday. This marked a 2.27 percent decline from the rate of N1,320/$ recorded on April 26...- Nigeria News
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- bdcs bureau de change operators foreign exchange market naira exchange rate nigerian economy
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Nigeria Bag of Rice Allegedly Price Plummets: Nigerians React to Reported Drop from 84K to 60K
Recently, news circulated that the price of a bag of rice in Nigeria dropped from 84,000 Naira to 60,000 Naira, sparking various reactions across social media platforms. Nigerians took to Twitter to express their sentiments, with a wide range of responses reflecting skepticism, disbelief, and...- Nigeria News
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- 84k to 60k consumer reactions economic trends market fluctuations nigerian economy rice price drops rice prices
- Category: Metro
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Nigeria Back and Bigger: El Rufai Confirms Nigerians' Concern On Fuel Subsidy Under President Tinubu
Former Kaduna State Governor, Mallam Nasir El-Rufai, has made startling allegations, claiming that the Bola Tinubu-led Federal Government is subsidizing Nigerians' fuel. Addressing journalists in Maiduguri, El-Rufai asserted that the government is now paying more for fuel subsidies than before...- Nigeria News
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- bola tinubu fuel subsidy government policies nasir el-rufai nigerian economy
- Category: Politics
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![Today's Naira Rate [13-04-2024]: Nigerians Question When Prices of Goods Will Drop as Naira Hits N1,070 to $1](/data/attachments/202/202782-8457c57119a478bc5717b11aa4a694ef.jpg?hash=hFfFcRmkeL)
Nigeria Today's Naira Rate [13-04-2024]: Nigerians Question When Prices of Goods Will Drop as Naira Hits N1,070 to $1
As the Nigerian Naira reached a staggering N1,070 to $1, many citizens took to social media to express their concerns about the increasing exchange rate and its impact on the cost of living. Despite the significant devaluation of the currency, there has been no noticeable decrease in the prices...- Nigeria News
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- consumer frustration currency exchange naira depreciation nigerian economy price inflation
- Category: Business
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Nigeria EFCC Vows to Jail Offenders Charging in Dollars: Crackdown on Currency Violations
The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to various establishments, including schools, supermarkets, and hotels, cautioning against the use of the dollar or any foreign currency for transactions within the country. In the latest edition of the commission's...- Nigeria News
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- dollar transactions efcc nigerian economy
- Category: Metro
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Nigeria Peter Obi Calls for Electricity Tariff Subsidies to Alleviate Strain on Less-Privileged Nigerians
Former presidential candidate of the Labour Party (LP), Peter Obi, has urged the Federal Government to introduce subsidies on electricity tariffs to alleviate the financial burden on less-privileged Nigerians. Speaking during a visit to Bauchi State, Obi emphasized the importance of targeted...- Nigeria News
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- electricity tariffs labour party nigerian economy peter obi
- Category: Politics
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Nigeria Traders on Edge as Customs FX Rate Surges to N1,330/$, 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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- 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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