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Nigeria’s Inflation Hit Climax In Three Years
According to the latest Consumer Price Index report, released by the National Bureau of Statistics (NBS), Nigeria’s inflation rate increased by 15.75 percent (year-on-year) in December 2020. This is the highest rate recorded since 2017. The report showed that the latest figures are 0.86 percent points higher than the rate of 14.89 percent recorded in…
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Food Inflation Rocks Nigeria’s Economy
A report published by the National Bureau of Statistics revealed that the prices of food rose by 1.3 percent in December 2020. The closely watched index rose sharply by 19.56% in December compared to 18.3% recorded in the previous month. According to the report, “On a month-on-month basis, the food sub-index increased by 2.05% in…
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Nigeria’s Debt Service Charge Rise By 89%
The cost of servicing Nigeria’s public debt has increased by 88.8 percent in the third quarter of last year (Q3’20). The debt rose from N425.7 billion in Q2’20 to N803.69 billion. The amount was used to service the country’s debt stock of N32.22 trillion during the review period. According to the National Bureau of Statistics, the…
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Direct Remittances Decreased By 97.3 Percent In 2020
When the End SARs protest started gathering momentum, Twitter CEO Jack gave his financial support using bitcoin to end police brutality against Nigerian youths. Monetary donations came from within the country and outside the country, with over 62 million naira raised. The latest data released by the Central Bank of Nigeria showed that direct remittances…
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Nigeria Ranks No.2 Bitcoin Market in the World
Over the last five years, Nigeria has traded 60,215 bitcoins, valued at more than $566 million which, apart from the US, is the largest volume worldwide on Paxful, a leading peer-to-peer bitcoin marketplace. The data scraped from Coin Dance shows from the beginning of May 2015 to the middle of November this year, bitcoin trade…
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In 9 Months, Eight Banks Made N26.73bn from International Trade
Between January and September, eight banks gained a total of N26.73billlions from Letter Credits issued for international trade transactions, indicating a 23 percent increase as against the N21.68billion in the previous year. The letter credit is issued by banks to guarantee that a seller will receive a buyer’s payments on time and for the full…
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27% Decline in Diaspora Remittance to Nigeria
Diaspora remittances into Nigeria fell by 27 percent, year-on-year (y/y) to $12.9 billion as at September 2020 from $17.6 billion in the corresponding period of 2019. The 27 percent decline is 3.9 percentage points higher than the 23.1 percent decline projected by the World Bank for the Sub Sahara Africa region in 2020. However, quarter-on-quarter,…
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Nigerians Spend More to Eat than Live
More than 82 million Nigerians, who live on less than $1 a day, are finding it difficult to eat a basic three square meal as the food inflation in November hits 18.30 percent in November 2020 compared to 17.38 percent in October 2020. The latest data by the National Bureau of Statistics recorded that the…
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Border Reopening: Another Failed Policy
Over the past week, President Muhammadu Buhari announced that Nigeria’s borders might be open soon. He made the statement during a meeting with governors elected on the platform of the ruling All Progressive Congress (APC) in Abuja; this comes a few weeks after the government gave Dangote and BUA approval to trade beyond the borders. …
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Covid19: Nigeria Generated More Loans in Q3 2020
According to the latest report by the National Bureau of Statistics, Nigeria received more loans in the third quarter of 2020. These loans amount to $624.45 million of the total $1.4billion received in the said year. In the third quarter of 2020, Nigeria had just opened its economy to allow transactions after shutting it down…