In a strategic move, Cardoso lures foreign investors with historic OMO yields as the Central Bank of Nigeria (CBN) introduces a groundbreaking offer on one-year OMO bills. Yielding at 32%, the bill marks the highest return since the inception of the CBN’s OMO (Open Market Operations) and aims to attract substantial foreign portfolio investments to…
The Nigerian National Petroleum Company is struggling to provide crude to Dangote Refinery after ex-President Buhari used oil reserves as collateral for foreign loans The NNPC crude supply challenges are currently impacting the Dangote Refinery, a key oil processing plant in Nigeria. According to Festus Osifo, the President of the Petroleum and Natural Gas Senior…
The Nigerian government is set to widen its tax base through new reforms aimed at increasing national revenue The Nigerian government expands tax base with its latest initiative to generate more revenue despite the ongoing economic challenges. This move, which is part of the Economic Stabilisation Bills, was approved by the Federal Executive Council and…
The Central Bank of Nigeria (CBN) has commenced the sale of $20,000 to eligible Bureau De Change (BDC) operators across the country at an exchange rate of ₦1,590 per dollar. In a circular issued on September 25, 2024, the CBN emphasized that this move is aimed at injecting “additional liquidity” into the foreign exchange market…
Experts express concerns over CBN’s new 27.25% interest rate, citing negative impacts on investment and economic growth Financial experts have expressed serious concerns over the recent hike in the Central Bank of Nigeria’s (CBN) Monetary Policy Rate (MPR) to 27.25%. They warn that the increase could severely affect investment opportunities and hinder overall economic growth…
The Central Bank of Nigeria increases the monetary policy rate in a bid to stabilize inflation and manage liquidity challenges The Central Bank of Nigeria (CBN) raises interest rate to 27.25%, marking a significant shift in monetary policy as the country grapples with inflationary pressures. The Central Bank’s Monetary Policy Committee (MPC), during its 297th…
The price of cooking gas in Nigeria experienced a sharp increase of 69% in August 2024, exacerbating the financial strain on households already grappling with rising living costs. This surge reflects the ongoing volatility in the country’s energy sector, driven by factors such as global oil price fluctuations and supply chain disruptions. According to data…
Nigeria’s External Reserves Reach 22-Month High Despite Naira Weakness Nigeria’s external reserves have reached a 22-month high of $37.31 billion, signaling significant foreign inflows into the economy. However, despite the growth in Nigeria’s external reserves, the naira has continued to struggle, ranking among the 10 worst-performing currencies globally, according to Bloomberg. The surge in Nigeria’s…
Can Nigeria’s New Tax Policies Bring Real Benefits Amidst Economic Challenges? Nigeria’s ongoing economic challenges have revived discussions about the role of taxation in achieving financial freedom. The administration of President Bola Tinubu is advancing significant tax reforms, but these initiatives come with their own set of historical and contemporary challenges. Much like the 16th…
On Thursday, former Independent National Electoral Commission (INEC) Chairman, Professor Attahiru Jega, presented a livestock reform report to President Bola Tinubu, outlining a comprehensive plan to transform the sector over the next decade. The 152-page report provides a roadmap for addressing key challenges in the livestock industry and unlocking its economic potential. Jega, who was…
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