The inflation rate fell to 24.48% in January 2025, as reported by the National Bureau of Statistics (NBS). Prince Adeyemi Adeniran, the Statistician of the Federation and CEO of NBS, shared this information during a briefing in Abuja on Tuesday. He also noted that food inflation stood at 26.08% year-on-year. Adeniran explained that the updated…
Aminu Gwadebe, the National President of the Association of Bureau de Change Operators, has disclosed that the recent increase in interbank proceeds to Bureaux de Change, as mandated by the Central Bank of Nigeria, along with other contributing factors, has led to a notable appreciation of the Naira against the dollar over the past week….
The Naira has continued its upward trend against the dollar in the parallel foreign exchange market as of Thursday. Abubakar Alhasan, a Bureau De Change operator in Wuse Zone 4, Abuja, reported that the Naira appreciated to N1,570 per dollar on Thursday, up from N1,575 on Wednesday. This indicates a slight gain of N5 against…
Nigeria’s recent Treasury bills auction has garnered a remarkable total subscription of N3.22 trillion. The Debt Management Office, acting on behalf of the Central Bank of Nigeria, held the auction on February 5, with allotments taking place the following day, February 6. According to the auction results released on Saturday, the Federal Government offered N670…
The Central Bank of Nigeria (CBN) has released new guidelines regarding the sale of foreign exchange (FX) to Bureaux De Change (BDC) operators. These details were provided in a statement from the CBN’s Trade and Exchange Department on Wednesday. This move follows the CBN’s previous authorization that granted temporary access to existing BDCs to participate…
Nigeria’s external reserves have experienced a notable decline of approximately $1.19 billion over the past three weeks. This information comes from the Central Bank of Nigeria (CBN), which has released data on gross external reserves. As of January 31, 2025, the reserves stood at $39.723 billion, down from $40.877 billion at the end of December…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has stated that the recent reduction in ex-depot prices of premium motor spirit by Dangote Refinery will help alleviate the hardships faced by Nigerians and positively influence the nation’s economy. Joseph Obele, the spokesperson for PETROAN, shared this information in a statement on Saturday, responding…
There can be no better time than now for the take-off of the National Single Window initiative aimed at eliminating bureaucratic delays in export and import processes to boost trade efficiency and enhance economic growth. This was the consensus of stakeholders and industry experts at the opening of a three-day workshop on the presidential initiative…
The Nigerian naira experienced a substantial appreciation against the dollar in both the parallel and official foreign exchange markets on Tuesday. In the black market, the naira strengthened against the dollar, closing at N1,625 on Tuesday, down from N1,650 on Monday, marking a N25 improvement. “We are buying at N1,620 and selling at N1,625 today,”…
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has asserted that achieving a 15 percent inflation rate in Nigeria is feasible, contingent upon the continued stabilization of the country’s exchange rate. Oyedele made this statement during a panel discussion at the PwC Economic Outlook for 2025. He indicated that Nigeria’s…
