-
Suspension Of Petrol Subsidy Removal: Reactions And Implications
On Monday, the minister for finance, budget and national planning, Zainab Ahmed, announced President Buhari’s decision to suspend the removal of petrol subsidy for 18 months. This move is assumed to be the government’s attempt to lessen the bite of economic hardship and skyrocketing inflation rates on its people. The approved 18-months suspension means that…
-
IMF Forecasts 2.7% Growth Rate For Nigeria In 2022
The International Monetary Fund in its January World Economic Outlook has predicted a growth rate of 2.7 percent for Nigeria in 2022. The institution made the forecast in the summit titled “Rising Caseloads, a Disrupted Recovery, and Higher Inflation” released in Washington. The growth projection is 0.1 percent higher than the 2.6 percent IMF’s forecast…
-
Nigeria Signs Development Assistance Deal With America
US Secretary of State Antony Blinken on Thursday signed the $2.1 billion Development Objectives Assistance Agreement (DOAG) with Africa’s most populous country. The agreement amongst others was signed at a meeting in the presidential villa with hopes of broadening ties as persistent unrest and human rights concerns prompt calls to revamp the US relationship with Nigeria.…
-
Nigeria Becomes First African Country To Roll Out Digital Currency
Nigeria has joined the list of emerging markets betting on digital money to boost its participation in the formal financial system. The digital currency, called the eNaira, was officially launched today after the apex bank of Nigeria outlawed banks and financial institutions from transacting or operating in cryptocurrencies in February. Since the launch of the…
-
IMF Revises Global Economy Growth Forcast To 5.9%
The International Monetary Fund has reduced its headline forecast for global economic growth this year by 0.1 percent to 5.9 percent while leaving its projections for 2022 unchanged at 4.9 percent. IMF’s latest outlook released on Tuesday showed that global economy had not recovered from last year’s COVID-19 disruption, stating the “dangerous divergence” between richer…
-
Foreign Airlines Slash Ticket Sales To Nigeria Routes
Foreign airlines operating in Nigeria would begin the reduction of the total number of tickets they sell on Nigerian routes amid worsening dollar scarcity. According to the International Air Transport Association (IATA)–the global body for international carriers, foreign airlines operating in Nigeria had been unable to repatriate about $144m (N60bn) in ticket sales back to…
-
Inflation Bites Harder In Nigeria As Food Price Rises By 21.03%
A market survey report by People’s Gazette has revealed the drastic rise in food prices as the country suffers another wave of food inflation growth in the last quarter of the year. Food inflation rose by 21.03 percent due to the constant depreciation of the naira against the dollar and rigid importation laws by the…
-
Zimbabwe Central Bank Freezes Accounts Over Illegal Foreign Transfers
30 bank accounts has been frozen by the Central Bank Of Zimbabwe for illegally exchanging foreign currency through mobile phones and social networks, according to an official statement on Tuesday. The apex bank said it had identified 30 people “abusing mobile telecommunication services and other social media platforms” for “illegal foreign exchange transactions and money…
-
Aluminium Prices Surges To A 10-Year High As Conflict In Guinea Grows
Aluminium prices have climbed to the highest in more than a decade as political unrest in Guinea fuels concerns over the supply of raw material needed to make the metal. On Monday, prices of aluminium in London notched a fresh 10-year high and futures in China climbed to the highest since 2006 following a coup…
-
Which Are The Strongest African Currencies?
Factors such as interest rates, economic policies and stability influence the strength of any currency according to financial experts. Currencies with relatively higher interest rates attract foreign investors, increasing demand and price, thereby making them more robust and tradable. In Africa, some currencies fall in this category. A country’s economic policies also help to keep…