September 26, 2023

Nigeria’s New Dawn: CBN’s Cardoso Vows to Tackle $7 Billion Forex Backlog

Lagos, Nigeria – Nigeria’s newly appointed central bank Governor, Olayemi Cardoso, has made a groundbreaking pledge to address and clear the massive $7 billion foreign exchange backlog that has been a persistent issue for the nation. This move comes amidst increasing pressure from businesses and the global community for Nigeria to settle its outstanding foreign […]

September 23, 2023

Naira: Nigeria’s Insatiable Rush for Dollars Continues Unabated

Lagos, Nigeria – In a recent economic turmoil witnessed across Africa’s most populous nation, the thirst for U.S. dollars among Nigerians shows no signs of slowing down. Amidst growing uncertainties and fluctuating economic conditions, the naira, Nigeria’s official currency, continues to tumble to record lows against the dollar. Highlights: The naira’s descent has sent shockwaves […]

September 18, 2023

Nigeria’s Revenue Crisis: New FIRS Chief Calls for Urgent Action

Abuja – The Federal Inland Revenue Service (FIRS) has a new captain at its helm: Dr. Zacch Adedeji. As he takes over this pivotal institution, there’s an immediate, pressing concern – Nigeria’s looming revenue crisis. But like every challenge, it presents an opportunity, an opportunity to reshape, refine, and reinforce the country’s fiscal system. Highlights: […]

September 14, 2023

Nigeria’s Manufacturing Imports Dwarf Exports: H1 2023 Analysis

The National Bureau of Statistics (NBS) recently disclosed that Nigeria’s expenditure on importing manufactured products in the first half of 2023 reached a significant $6.7 billion. When juxtaposed against the total value of manufactured products traded during this period, which was N2.5 trillion, the scale of the country’s import reliance becomes evident. Highlights Historically, manufacturers […]

September 14, 2023

Naira Hits All-Time Low Against Dollar

Lagos, September 14, 2023 – The Nigerian economy faces yet another hit as the naira’s value drops dramatically, touching an unprecedented N950 to a dollar, marking one of the most significant depreciations in its history. With forex scarcity continuing to aggravate, concerns are mounting over the potential repercussions on the nation’s economy. Highlights The ongoing […]

September 13, 2023

Nigeria to Redenominate Naira in Bid to Curb Inflation

LAGOS, Nigeria – The Central Bank of Nigeria (CBN) has recently unveiled its plans for the redenomination of the Nigerian Naira, a move that has generated a whirlwind of discussions across the nation. As the country grapples with inflationary pressures, the redenomination strategy is seen as a pivotal step towards stabilizing the economy and enhancing […]

September 10, 2023

Nigeria: NEITI Report Reveals N1.06 Billion Owed by 238 Companies

The Nigeria Extractive Industries Transparency Initiative (NEITI) has recently unveiled a comprehensive report detailing the financial intricacies of the Solid Minerals Industry for the year 2021. This report sheds light on the debts, royalties, and overall contributions of various stakeholders in the industry. Highlights: According to the report, a staggering N1.06 billion in annual service […]