nigerian economy

  1. Nigeria to Integrate Credit Scores with NIN: What You Need to Know

    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...
  2. Today's Naira Rate [04-06-2024]: Naira Struggles, Nears N2,000 Against British Pound and 1,500 Against Dollar

    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...
  3. Economic Woes Force Huggies Maker Kimberly-Clark to Shut Down in Nigeria, Posing Threat to Local Jobs

    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...
  4. CBN Raises Monetary Policy Rate to 26.25% to Combat Surging Food Prices

    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...
  5. 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...
  6. Peter Obi Slams Tinubu's Government for Burdening Nigerians with Cybersecurity Levy

    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...
  7. Today's Naira Rate [07-05-2024]: Naira Slips to N1,415/$ in Parallel Market Amid Economic Uncertainties

    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...
  8. Today's Naira Rate [04-05-2024]:Naira Holds Steady at 1,380 Against Dollar Amid Currency Market Turmoil

    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...
  9. 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...
  10. Today's Naira Rate [29-04-2024]: Naira Weakens Further: BDC Operators Face Challenges as Dollar Hits N1,350

    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...
  11. Bag of Rice Allegedly Price Plummets: Nigerians React to Reported Drop from 84K to 60K

    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...
  12. Back and Bigger: El Rufai Confirms Nigerians' Concern On Fuel Subsidy Under President Tinubu

    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...
  13. Today's Naira Rate [13-04-2024]: Nigerians Question When Prices of Goods Will Drop as Naira Hits N1,070 to $1

    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...
  14. EFCC Vows to Jail Offenders Charging in Dollars: Crackdown on Currency Violations

    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...
  15. Peter Obi Calls for Electricity Tariff Subsidies to Alleviate Strain on Less-Privileged Nigerians

    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...
  16. Traders on Edge as Customs FX Rate Surges to N1,330/$, Exceeding Official Market

    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...
  17. Currency Traders Cheer as Naira Strengthens to N1,250 Per Dollar

    Nigeria Currency Traders Cheer as Naira Strengthens to N1,250 Per Dollar

    The Nigerian naira saw an appreciation to N1,250 per dollar in the parallel foreign exchange market on Monday, marking a 0.43 percent increase from the N1,280 recorded on March 29. Bureau de Change operators in Lagos quoted the buying rate of the dollar at N1,230 and the selling price at...
  18. Naira Gains: Nigerians Demand Immediate Price Reduction In Goods and Services

    Nigeria Naira Gains: Nigerians Demand Immediate Price Reduction In Goods and Services

    In response to the fluctuating dollar exchange rate, Nigerians are expressing frustration over the reluctance of sellers to immediately reduce prices despite the recent decrease in the value of the dollar. The sentiment stems from the observation that when the dollar surges, sellers swiftly...
  19. Nigeria's Central Bank Initiates Dollar Sales to BDCs to Boost Forex Liquidity

    Nigeria Nigeria's Central Bank Initiates Dollar Sales to BDCs to Boost Forex Liquidity

    Amidst Nigeria's evolving economic landscape, the Central Bank of Nigeria (CBN) has taken significant steps to bolster liquidity in the foreign exchange market, signaling a potential shift in the nation's currency dynamics. In a recent circular addressed to Bureau De Change operators (BDCs)...
  20. Binance Ban: Government Spokesman Onanuga Warns Nigerians Platform Could Destroy THE ECONOMY

    Nigeria Binance Ban: Government Spokesman Onanuga Warns Nigerians Platform Could Destroy THE ECONOMY

    Amidst growing concerns over the impact of cryptocurrency trading on Nigeria's economy, Presidential spokesman Bayo Onanuga has issued a stern warning against the popular exchange platform Binance, alleging its potential to dismantle the country's financial stability. Speaking on a televised...
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