The Central Bank of Nigeria (CBN) has said the on-going reforms will check rising inflationary trend and address distortions in the foreign exchange market The CBN Governor, Yemi Cardoso said this on Tuesday in Abuja, while presenting the communique from the apex bank’s Monetary Policy Committee (MPC) meeting....
inflation
The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has raised the Monetary Policy Rate(MPR) by four hundred basis points to 22.75 percent from 18.75 percent. Governor of the CBN Yemi Cardoso announced this after the first MPC meeting for the year in Abuja on Tuesday. “All...
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso says the Naira is grossly undervalued. Cardoso said this on Tuesday in Abuja, while presenting a communiqué from the 293rd meeting of the apex bank’s Monetary Policy Committee (MPC). He said that the foreign...
The National Bureau of Statistics (NBS) says prices of beef, rice, beans, onion, tomato, and other food items increased in January 2024. It said this in its Selected Food Prices Watch report for January 2024 released in Abuja on Tuesday. The report said that the average price of...
A few days ago, Ndigbo came under fire from Professor Usman Yusuf, the former Executive Secretary of the National Health Insurance Scheme (NHIS), for their perceived lack of interest in the ongoing nationally spreading hunger protests and strikes. He said: “I honestly don’t know why the South East...
Small and Medium Enterprises (SMEs) are now struggling to make sales and profit due to the spike in the prices of commodities in various markets across Kaduna State. Some small business owners who spoke to the News Agency of Nigeria (NAN) on Sunday said that they fear being...
Some wholesalers and retailers of liquor and beverages have decried low level of patronage of their products amidst soaring costs, following price increment by bottling companies across the country. The stakeholders in an interview with the News Agency of Nigeria (NAN) in Lagos on Saturday, said there had...
The Central Bank of Nigeria (CBN) has announced an upward review of the Price Verification System (PVS) from 2.5 per cent to 15 per cent. According to a circular by Dr Hassan Mahmud, Director, Trade and Exchange Department of the CBN, this is in a bid to check...
The National Bureau of Statistics (NBS) has said Nigeria’s headline inflation rate increased to 29.90 per cent in January 2024 from 28.92 per cent recorded in December 2023. The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for December, which was released in Abuja...
President Bola Tinubu recently declared that he should be included in the Guinness Book of Records for having the guts to remove fuel subsidy on his first day in office—something that no other Nigerian president has ever done. Yes, he does deserve a spot like that, but sadly,...
The Nigeria Labour Congress (NLC) has said that if the ongoing inflation continues unabated, organised labour might push for a new minimum wage of up to N1 Million for Nigerian workers. The NLC President, Mr. Joe Ajaero, who stated this in an interview with Arise TV, said the...
By CALLISTUS OFFOR, Abuja – Former presidential aide and social critic, Mr. Reno Omokri, has revealed how former President Muhammadu Buhari destroyed the country’s economy under his 8-years tenure. NATIONAL ACCORD recalled that between 2016 and 2022, the Buhari led government raised total revenues of N26.67tn and expended...
By CALLISTUS OFFOR, Abuja -. Against the backdrop of the rising naira to dollar exchange rate, Social Media influencer, Reno Omokri, has called on Nigerians to patronize made-in-Nigerian products as it is the only way the country can sustain its drive towards achieving industrialisation. Mr Omokri, who stated...
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria’s inflationary pressure will drop from 28.92 per cent to 21.4 per cent in 2024. Cardoso said this in Abuja on Tuesday when he addressed the House of Representatives. According to him, the projected decline...
The Registrar, Chattered Institute of Treasury Management (CITM), Mr Olumide Adedoyin, has urged the Federal Government to phase out higher denomination notes, such as the N1000 and N500 Naira notes, to strengthen the Naira. He said N1000 and N500 notes were more susceptible to counterfeiting, and illicit financial...
The Senate, through its committee on Banking, Insurance and other Financial Institutions has summoned the Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso to appear before it on Tuesday. He is to explain the state of the economy and free flow of Naira at the forex market...
Beatrice Samuel just like most Nigerians laments every time she goes to the market because of the incessant increase in prices of food items. This is coupled with the fact that she still has other utility bills to pick such as water, electricity, cooking gas, and fuel, which...
A Lagos-based constitutional lawyer and public affairs analyst, Mr Jide Ologun, says President Bola Tinubu-led federal government’s utmost priority in 2024 should be that of reversing the inflationary trend. Ologun, a former Chairman, Nigerian Institute of Public Relations (NIPR), Ikeja Branch, made this remark in an interview on...
Nigeria’s headline inflation rate increased to 28.2 per cent in November showing a 0.87 per cent points increase over the 27.33 per cent recorded in October, the National Bureau of Statistics (NBS) says. It stated in its Consumer Price Index (CPI) and Inflation Report for November released in...
Central Bank of Nigeria (CBN) has said the rising inflation and exchange rates will decline in 2024. The News Agency of Nigeria (NAN) reports that the apex bank also projected less revenue from oil exports in the coming year. CBN Governor, Mr Olayemi Cardoso, stated these on Thursday...