House of Reps Orders CBN to Withdraw Old Naira Notes by January 2025.
The Central Bank of Nigeria (CBN) has been urged by the House of Representatives to make sure that all obsolete...
Business
“BRICS Welcomes Nigeria as Partner Country, Featuring Its Name on Proposed Reserve Currency”
At the current BRICS summit in Kazan, Russia, which is taking place from October 22 to 24, 2024, Nigeria and...
Finance Minister Edun Announces 15% VAT Increase on Luxury Goods.
The federal government intends to increase the Value Added Tax (VAT) to 15%, with a primary focus on luxury products,...
IMF: Nigeria continues to borrow despite high debt costs
The International Monetary Fund (IMF) claims that Nigeria is still a major player in the global debt market despite rising...
UK debt increases before the budget
The third-highest September since records began in January 1993 was reached last month when government borrowing increased. According to official...
In a significant reorganization, HSBC hires its first female finance boss
As its new boss shakes up the company, HSBC has announced the appointment of its first female finance chief in...
Naira Appreciates to N1,715 in Parallel Market
On October 21, the Nigerian Naira Appreciated to N1,715 per dollar in the parallel market from N1,725 per dollar last...
Transactions Above 500k Can Get You In Trouble Warned Delta Police PRO To POS Agent
The spokesperson of Delta State Police Command, SP Bright Edafe, has warned point of sale (POS) operators to desist from...
The world Bank List the Naira as one of Africa’s Worst-Performing currencies as it Depreciates by 43%.
One of the worst-performing currencies in Sub-Saharan Africa for 2024 is the Nigerian naira. This is in line with the most recent Africa's Pulse report from the World Bank. The naira has lost over 43% of its value so far this year, making it one of the weakest currencies, along with the South Sudanese pound and the Ethiopiabbirr, as of August 2024. The fall is ascribed to growing demand for U.S. dollars in Nigeria’s parallel market, limited dollar inflows, and delayed foreign exchange payments by the central bank. According to the research, the naira has been under further pressure from money managers, non-financial end users, and financial institutions that are driving dollar demand. The official exchange rate was liberalised in June 2023 as part of Nigeria's foreign exchange market reforms, but these measures alone haven't been enough to stabilise the currency. The naira's predicament has been made worse by broader economic issues, such as depleting foreign reserves and inflationary pressures. Nigerian consumers' circumstances have gotten worse as aresult of the currency's depreciation, which has had a major influence on local costs, especially for imported items. On October 14, the naira improved from N1,641.27/$1 to N1,552.92/$1, a 5.69% increase against the dollar, indicating a recent recovery. Nevertheless, during the same time frame, foreign exchange turnover fell by 44.27%. The World Bank predicts that as reforms take hold, Nigeria's economy will grow by 3.3% in 2024 and then slightly faster to 3.6% in 2025 and 2026. Inflation is still a problem, though, especially after fuel subsidies were eliminated in the middle of 2023, which tripled petrol prices and raised the cost of logistics and transportation nationwide.
Naira Appreciates to N1,680 per Dollar In Parallel Market.
At the close of workday on Monday October 14, Naira Appreciated from N1,690 to N1,680. The Naira also appreciated to...
