Just another News Updates
Nigeria’s naira has taken a downturn, emerging as the worst-performing currency globally over the past month, as per a recent Bloomberg report. This development increases pressure on the Central Bank of Nigeria to consider further interest rate hikes, with the naira depreciating to 1,466.31 against the dollar, its weakest level since March 20. The decline […]
Governor Dauda Lawal has approved the establishment of the Zamfara Economic Planning Board. The governor chaired an extraordinary meeting of the Zamfara State Executive Council on Thursday at the council chambers of Government House, Gusau. A statement by the governor’s spokesperson, Sulaiman Bala Idris, revealed that the council had approved key projects that would benefit […]
The latest forecast from the International Monetary Fund (IMF) suggests a notable reshuffling in Africa’s economic hierarchy, with Nigeria poised to slip to the fourth position in 2024, behind South Africa, Egypt, and Algeria. Despite registering a modest 2.54% GDP growth rate in the third quarter of 2023, Nigeria is anticipated to yield its long-held […]
The Federation Account Allocation Committee has disbursed a total of ₦1.123tn to the federal, state, and local governments for March 2024. The allocation, derived from a gross total of ₦1.867tn, marks a critical distribution of funds aimed at supporting various government tiers. This was revealed in a statement signed by the Director of Information and […]
Hoteliers, school owners, and other businesses accepting payments in dollars face the threat of arrest, warns the Economic and Financial Crimes Commission (EFCC). Ola Olukoyede, Chairman of the EFCC, issued this caution in the agency’s publication, EFCC Alert, on Monday, emphasizing that individuals engaging in dollar transactions risk legal action. Exceptions are made for transactions […]
The cost of diesel has seen a notable drop following Dangote Petroleum Refinery’s entry into the market, selling at ₦1,225/litre and poised to introduce petrol sales in May. The pump price of Automotive Gas Oil (diesel) has decreased from approximately ₦1,700/litre to around ₦1,350/litre in certain areas nationwide, courtesy of Dangote’s diesel sales. The $20 […]
Economists caution that despite the recent appreciation of the naira against the dollar, Nigerians shouldn’t expect an immediate drop in food prices. They explain that there’s typically a delay between currency fluctuations and changes in commodity prices. The reason behind this delay lies in the existing stock purchased at higher prices, which businesses need to […]
The Federation Account Allocation Committee (FAAC) has allocated N1.15 trillion to the three tiers of government for last month. Last month’s revenue into the federation account totaled N2.33 trillion, with deductions and savings of N1.17 trillion, including the cost of collection, transfers, interventions, refunds, and savings of N250 billion. Notable highlights from the distributable revenue […]
As Bitcoin’s value hits record highs, Argentines are turning away from the US dollar in a bid to combat their country’s relentless inflation. Reports from Business Insider reveal a surge in Argentine Bitcoin purchases, reaching their highest level in 20 months. In the first week of March alone, weekly Bitcoin acquisitions soared to 34,700, doubling […]
Nigeria made significant strides in debt repayment, clearing $560 million owed to various nations and organizations in January 2024, marking a 339% increase from the previous year’s expenditure. Analysis by the Central Bank of Nigeria revealed this substantial payment, amid reports indicating Nigeria’s public debt reached N87.91 trillion by September 2023. The Federal Government’s commitment […]