Nigeria Economy

Economy

Obi Criticizes Mpcs Rate Hikes Predicts Tougher Times For Nigerians

Obi Criticizes MPC’s Rate Hikes, Predicts Tougher Times for Nigerians

Labour Party’s Presidential Candidate in the 2023 elections, Mr Peter Obi, has expressed significant concerns over the Monetary Policy Committee’s (MPC) recent decision to raise the Monetary Policy Rate (MPR) to 22.5% and the Cash Reserve Ratio (CRR) to 45%. According to Obi, this move is poised to deepen Nigerian families’ economic woes as they […]

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Cbn Settles Fx Debts With All But Five Banks Assures Cardoso

CBN Settles FX Debts with All but Five Banks, Assures Cardoso

Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has announced the clearance of foreign exchange (FX) backlogs for all but five banks. This declaration came during an investor call hosted by the Nigerian Exchange Group on Thursday. Cardoso assured participants that the outstanding FX debts of the remaining five banks would

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Binance Threatens Nigerian Economy Says Presidential Aide1

Binance Threatens Nigerian Economy, Says Presidential Aide

Presidential spokesman Bayo Onanuga has raised alarms about the potential economic destruction Nigeria faces if the cryptocurrency trading platform Binance is not regulated. Onanuga, appearing on Channels Television’s Politics Today, emphasized that Binance’s unilateral setting of the foreign exchange rate could lead to economic chaos. “We must take action against Binance to prevent them from

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Tinubu Pledges Economic Recovery Amid Hardship1

Tinubu Pledges Economic Recovery Amid Hardship

President Bola Tinubu, addressing the nation on Wednesday, sought patience from Nigerians amidst the prevailing economic difficulties, promising a brighter future. Acknowledging the strain caused by recent government policies, Tinubu affirmed his full accountability for the nation’s challenges. While visiting Akure, the Ondo State capital, he engaged with the pan-Yoruba sociopolitical group Afenifere. He paid

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Interest Rate Hike To 22.75 Sparks Concerns Over Job Losses And Recession1

Interest Rate Hike to 22.75% Sparks Concerns Over Job Losses and Recession

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has escalated the benchmark interest rate by 400 basis points to an unprecedented 22.75%, up from 18.75%. This decision, announced by CBN Governor Olayemi Cardoso, also includes a hike in the Cash Reserve Ratio (CRR) to 45% from 32.5%, aiming to tighten monetary policy in response

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Cbn Injects 300M Into Banks Naira Strengthens

CBN Injects $300m into Banks, Naira Strengthens

To stabilize the fluctuating naira-dollar exchange rate, the Central Bank of Nigeria (CBN) has disbursed over $300 million to Deposit Money Banks within the past fortnight. This strategic move was revealed in an advisory memo from the Association of Corporate Treasurers of Nigeria, which was shared with its members and subsequently obtained by The PUNCH.

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Edo Csos Rally In Benin Against Economic Hardship1

Edo CSOs Rally in Benin Against Economic Hardship

Civil Society Organisations (CSOs) in Edo State have taken to the streets of Benin City to express their discontent with the current economic conditions affecting Nigerians. The protesters, bearing placards with messages such as “End Economic Hardship” and “FG End the Hunger in Nigeria Now,” voiced their grievances over the rising cost of living and

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Protesters Rally In Lagos Against Economic Hardship Despite Police Warnings1

Protesters Rally in Lagos Against Economic Hardship Despite Police Warnings

On Monday, the “Take It Back Movement,” a human rights group, took to the streets of Lagos State to voice their concerns over the rising cost of food and the overall high cost of living in Nigeria. This demonstration unfolded despite prior warnings from the Lagos State Commissioner of Police, Adegoke Fayoade, who had cautioned

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President Tinubu Forms Tripartite Economic Advisory Committee1

President Tinubu Forms Tripartite Economic Advisory Committee

In a strategic move to bolster Nigeria’s economy, President Bola Tinubu has established a tripartite economic advisory committee. Announced on February 25, 2024, during a meeting at the State House in Abuja, this committee brings together representatives from the Federal and State governments and the Organised Private Sector. The President emphasised that this initiative aims

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Igboho Clears Tinubu Blames Buhari For Nigerias Woes1

Igboho Clears Tinubu, Blames Buhari for Nigeria’s Woes

Sunday Adeyemo, widely known as Igboho, a prominent Yoruba nation advocate, has refuted claims attributing Nigeria’s current disarray to President Bola Tinubu, instead pointing the finger at former President Muhammadu Buhari. During a recent visit to the monarch of Igboho town in Oyo State, Adeyemo argued that the blame for the country’s challenges lies not

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