Currency in circulation increases to N2.7 trillion

In Nigeria, the amount of money in circulation increased from N1.7 trillion to N2.7 trillion as a result of the surge in cash transactions. The amount of money in circulation reached N2.7 trillion as of August 31, 2023, according to statistics received from the Central Bank of Nigeria’s CIC on Thursday. After the crisis... Read More

Fuel Hike: CBN provides update on distribution of grains nationwide

The Central Bank of Nigeria reports that it has distributed grains around the country in accordance with President Bola Ahmed Tinubu’s order to promote food security, amid efforts to mitigate the effects of fuel price increases and growing inflation. The CBN’s Director of Corporate Communications, Abdulmumin Isa, reportedly told Daily Trust Newspaper that the... Read More

Emefiele’s detention is threatened by the court over a $53 million Paris Club return.

Godwin Emefiele, the suspended governor of the Central Bank of Nigeria, was threatened with an arrest warrant on Wednesday by the Federal High Court in Abuja for failing to show up in court to explain the facts behind an unpaid $53 million legal fee related to the Paris Club return. Emefiele’s appearance was mandated... Read More

CBN to hold MPC meeting without Emefiele for first time in 9 years

The Monetary Policy Committee meeting will take place next Monday and Tuesday without suspended bank governor Godwin Emefiele for the first time, according to the Central Bank of Nigeria, CBN. This was revealed by CBN on Monday in a notice published on its website. The CBN’s Abuja headquarters is anticipated to host the conference.... Read More

Nigeria’s inflation rises to 22.79 per cent in June – NBS

According to data from the National Bureau of Statistics, Nigeria’s inflation rate increased to 22.79% in June from 22.41% in May. In its most recent report on the consumer price index, NBS revealed this on Monday. Comparing the rate from the previous month, the inflation statistic shows increases of 0.38 percent points. The headline... Read More

Austria skips OPEC conference following media ban

The Austria Foreign Minister, Alexander Schallenberg won’t attend an OPEC conference in Vienna next week after the oil cartel decided to prohibit a number of news organizations from participating. Reporters from Reuters, Bloomberg, and the Wall Street Journal were denied media access by OPEC in order to cover a meeting between OPEC energy ministers and... Read More

Fuel subsidy removal: FG saves N400bn in four weeks – Operators

Operators in the downstream oil and gas industry claim that in the past 30 days, the federal government has earned N400 billion as a result of the elimination of gasoline subsidies. You might recall that at a February meeting with oil and gas operators, Mele Kyari, the Group Chief Executive Officer of Nigerian National... Read More

CBN sets N50k daily limit on contactless payments

Payments made by contactless devices, such as prepaid, debit, and credit cards, key fobs, mobile electronic devices, and wearable devices, are limited to N50,000 by the Central Bank of Nigeria (CBN). According to CBN Director of Payments System Management Musa Jimoh, the decision was made because contactless payments carry dangers, and “verification and authorization... Read More

Over 7 million more Nigerians to enter extreme poverty – World Bank

If the federal government does not take preventative action after the termination of fuel subsidies despite the current economic difficulties, at least 7.1 million Nigerians might fall into abject poverty. This information was revealed by the World Bank at the Nigeria Development Update on Tuesday in Abuja, which is for June 2023. President Bola... Read More

Subsidy removal, forex unification painful but key to growing Nigeria’s economy– World Bank

The Federal Government’s plans for eliminating subsidies and unifying currency rates, according to the World Bank, are still essential to reviving the country’s economy. The remark is made in light of President Bola Ahmed Tinubu’s administration’s elimination of fuel subsidies and unification of the foreign exchange market measures. Dr. Subham Chadhuri, Country Director of... Read More