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Central Bank of Nigeria Clarifies $2.4 Billion Forex Backlog Status and Future Steps. The Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, recently addressed the status of a $2.4 billion foreign exchange (FX) backlog, emphasizing that it is not…
Femi Gbajabiamila, Chief of Staff to President Bola Tinubu, has given Nigerians optimism about the imminent benefits of the fuel subsidy removal. Gbajabiamila shared this positive update after participating in the House of Representatives by-election in Surulere, Lagos State. In…
The Central Bank of Nigeria’s (CBN) latest money and credit statistics indicate a notable upswing in the amount of currency in circulation (CIC), showing an increase of approximately N890 billion between September 2023 and December 2023. This surge, observed during…
The Federal Government (FG) and the Central Bank of Nigeria (CBN) have categorically denied any plans to convert $30 billion domiciliary deposits into naira, refuting recent reports that suggested such measures were being considered to address the foreign exchange (forex)…
Navigating Economic Challenges: Assessing the Impact of Potential Minimum Wage Increase in Nigeria. In response to the escalating inflation rate of 28.92%, President Bola Tinubu has initiated a committee to determine a new minimum wage for Nigerian civil servants.…
Oyo State’s OY-CARES Program: N10,000 Monthly Cash Transfers for Vulnerable Households. In an effort to alleviate the economic impact of the COVID-19 pandemic, the Oyo State government is set to distribute N10,000 monthly to 3,300 vulnerable households through the…
Nigeria’s Money Supply Reaches Record N78.74 Trillion in December 2023 In December 2023, Nigeria witnessed a historic high in its broad money supply, soaring to N78.74 trillion, marking a substantial year-on-year increase of 51% from the N52.16 trillion recorded in…
Naira Depreciation Threatens 2023 Dividends: Expert Insights on Impact and Strategies. In light of the recent free fall of the Naira and its potential repercussions on the capital market, some key insights from market experts shed light on the…
Impressive Surge: Nigeria’s Pension Industry Experiences Record N3.36 Trillion Growth in 2023. In a groundbreaking development, Nigeria’s pension sector witnessed an unprecedented surge, with total pension assets soaring by an impressive N3.36 trillion in 2023. The year concluded with…
Lagos State Ends 25% Palliative Discount on Transport Fares as Subsidy Removal Measures Conclude on Sunday, January 28, 2024. In a recent development, the Lagos State Government, operating through the Lagos Metropolitan Area Transport Authority (LAMATA), has announced the…
U.S. Secretary of State Anthony Blinken Commits $45 Million to Address Security Challenges in Nigeria and West Africa. In a significant move to address the growing security concerns in Nigeria and neighboring West African countries, U.S. Secretary of State…
Chevron Secures $1.4 Billion Funding for Escravos Drilling Project: A Boost to Nigeria’s Energy Landscape. Chevron Nigeria Ltd (CNL) recently announced the successful procurement of $1.4 billion in financing for its ambitious drilling endeavors under the NNPCL/CNL JV infill…