Economy

Nigeria’s External Reserves Drop by $731 Million in Early April

by Jide Omodele

April 28, 2026

Home Category Economy

Economy

Naira Depreciation Forces Imports Down By 65% in Q3, 2023

Currencies

Nigeria Sees 32% Drop in Vehicle Imports Amid Forex Crisis and Soaring Duties

January 29, 2024

The Nigerian motor vehicle import sector experienced a substantial 32% decline in 2023, reflecting the ongoing challenges of a Forex...

NNPC Terminates Crude-for-Petrol Swap Deals, Embraces Cash Payments for Imports.

NNPC Announces Record N2.5 Trillion Profit

by Akpan Edidong

January 29, 2024

The Nigerian National Petroleum Company (NNPC) recently announced a historic profit after tax of N2.5 trillion for the year 2022,...

CBN – FG incurred N930.8bn Fiscal Deficit in January and February 2023.

Nigeria’s Central Bank Set to Replace Its External Policymakers

January 26, 2024

In a comprehensive shakeup of the financial institution under new management, Nigeria’s central bank is set to replace external members...

PwC Anticipates a Modest 3.1% Growth in Nigeria’s GDP for 2024

January 26, 2024

In its latest Nigeria Economic Outlook, PricewaterhouseCoopers (PwC) has outlined seven key trends that are expected to shape the nation's...

Naira depreciates to N755/$ in the parallel market.

Currencies

Naira Records to Historic Low of N1,410 Against the Dollar

Naira has tumbled to a record-breaking low, reaching N1,410 against the US Dollar. This significant depreciation, marking a 3.29% decline...

Nigeria’s Opportunity: Navigating Global Oil Surge Amid Libya’s Top Oilfield Disruption

Delving into the Impact of the Projected US$90/Barrel on Nigeria’s Macroeconomic Landscape

In a bold economic forecast, Nigeria is setting its sights on a prosperous 2024, propelled by an ambitious assumption of...

Russia Denies Responsibility for African Food Shortages.

Commodities

Rice Prices Surge by 81% and Onions See a 123% Increase in One Year

by Victoria Attah

In December 2023, the National Bureau of Statistics (NBS) reported significant year-on-year increases in the prices of essential food items,...

CBN Governor Yemi Cardoso to Address Policy Direction Amid Inflation Challenges

Currencies

CBN Governor Reveals Move to Devalue Dollar in Forex, Impacting Currency Hoarders.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced proactive measures to stabilize the Naira exchange...

CBN bans foreign bank representative offices from engaging in banking business in Nigeria..

Nigeria’s inflation rate projected to hit 21.5% in 2024

Nigeria's inflation is expected to decline to 21.5% in 2024 from the 24.5% recorded in 2023, according to the 2024...

EFCC Investigates Alleged Forex Scandal, Summons Foreign Firms