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ANALYSIS: Nigeria’s Insecurity Threatens Agricultural Growth
Nigeria’s agricultural sector might begin to plunge in its growth owing to recurrent insecurity challenges emanating from different parts of the country. The impact of these insecurity challenges, just like the COVID-19 pandemic, are beginning to deny farmers and traders access to grow crops and make sales respectively. The Nigerian Economic Summit Group has said…
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CBN Devalues Naira To Adopt Single Exchange Rate System
The Central Bank of Nigeria (CBN) has devalued the naira by 7.6% against the dollar in order to migrate toward a single exchange-rate system for the local currency. The apex bank replaced the fixed rate of N379/$1 used for official transactions with the more flexible Nafex, also known as the investors and exporters exchange rate,…
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Crypto: Nigeria Soon To Launch CryptoCurrency
The governor of the Central Bank of Nigeria, Godwin Emefiele, has announced the apex bank is in talks with the government to launch Nigeria’s digital currency. Emefiele disclosed this during the 279th monetary policy rate (MPR) meeting held on Tuesday, May 26 in Abuja. The news was a response to questions relating to the crackdown on…
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ANALYSIS: Food Inflation Drops 7 Months After Increase
For almost two years, Nigeria had faced a gradual increase in the prices of food products. The National Bureau of Statistics reported in March 2021, that the food price Index peaked to 22.95 percent. According to the Bureau, Nigeria has maintained a two digit Inflation rate since June 2015 when the record rose to 10.04…
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CBN: Nigeria Fiscal Deficit N485.51bn In January 2021
The Federal Government of Nigeria has recorded a N485.51bn fiscal deficit in January 2021 according to statistics obtained from the Central Bank of Nigeria. According to the monthly economic report for January released by the apex bank, the low revenue performance in January was due to the decline in non-oil receipts. This is following the…
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Nigeria Spent $160m forex On Food Import In January
The Central Bank of Nigeria has revealed that the country spent $160m from its foreign exchange on food importation in January. According to figures obtained from CBN’s economic report on ‘Sectoral utilisation of foreign exchange’ for January showed that this was lower than $310m spent in December. The report reads: ‘“Total foreign exchange utilisation by…
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Online Transactions Rose to N22.77 Trillion in March
The Nigeria Inter-Bank Settlement System has said the value of transactions carried out online by bank customers jumped to ₦22.77 trillion in March 2021. This represents a growth of 99 percent from the mobile transaction figures of ₦11.44 trillion recorded in the corresponding period of 2020. The data includes transactions conducted on the NIBSS Instant…
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Nigeria’s Inflation Hits 18.17%, Highest In Four Years
The inflation rate in Nigeria has increased to 18.17 percent in March 2021. This is the highest level recorded since January 2017. According to the Consumer Price Index of March 2020 published by the National Bureau of Statistics (NBS), the prices of food have also gone up to 21.79 percent recorded in February to 22.95…
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External Reserves Losses $178m In March
The Central Bank of Nigeria has revealed that the country’s foreign reserves has lost $178m as at the end of March 2021. The reserves which stood at $34.99bn as of the end of March 1, dropped to $34.82bn as of the end of March 31 2021. In February, the reserves fell from $36.19bn as of…
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CBN Moves To Ban The Importation Of Sugar, Wheat
Nigeria’s apex bank has announced a ban on the importation of sugar and wheat to the nation’s foreign exchange markets is in works. The prices of sugar and wheat are now expected to blow up with the latest restriction, announced a day after the National Bureau of Statistics (NBS) revealed that food inflation rose to…