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...
inflation
The President of the ECOWAS Commission, Dr Omar Touray, on Thursday said debt, currency depreciation, inflation and other indices have slowed down the economies of countries in the sub region. This was contained in the 2023 Annual State of the Community Report he presented to the ECOWAS Parliament...
Nigerians have been told when the ailing naira may bounce back to reduce hyper inflation and pains on the citizenry. The indication was revealed at the 7th annual conference of the Guild of Corporate Online Publishers (GOCOP) by a professor of capital market, Uche Uwaleke. ...
The National Bureau of Statistics (NBS) says prices of food items such as beef, tomatoes, beans, and yams witnessed increases in July. It made the declaration in its Selected Food Prices Watch Report for July 2023 issued in Abuja on Friday. The report stated that the average price of...
The National Bureau of Statistics (NBS), says prices of food items such as tomatoes, beans and yams witnessed increases in April. It made the declaration in its Selected Food Prices Watch Report for April issued in Abuja on Saturday. The report also stated that the average price of 1kg...
The Nigeria Employers’ Consultative Association (NECA) has said that increase in pump price of fuel would further accelerate inflation, which would distort and destabilise economic activities. Its Director General, Mr Adewale-Smatt Oyerinde, made the assertion in a statement on Wednesday in Lagos. Oyerinde said also, that the increase would...
Some Economists have urged the Central Bank of Nigeria (CBN) to focus more on supply side or cost push factors and structural issues fueling inflation in the country. The experts told the News Agency of Nigeria (NAN) on Friday in Lagos that the repeated interest rate hikes had done...
Against projections by some experts, the Monetary Policy Committee (MPC) of Central Bank of Nigeria (CBN) has increased the monetary policy rate by 100 basis points to 17.5 per cent. This is contained in a communiqué issued at the end of the first MPC meeting in 2023, in Abuja...
Many Nigerians did not pay much attention to the 2022 Global Report on Food Crises (GRFC 2022) released in May, which stated that Nigeria was one of 10 countries with the highest number of people in food crisis. The report, which covered 21 states and the Federal Capital Territory,...
Some experts have advised the Central Bank of Nigeria (CBN) to review its monetary policy tools in order to tame the rising inflation. Dr Muda Yusuf, founder, Centre for the Promotion of Private Enterprises (CPPE), advised the CBN to resist the urge to further tighten the country’s monetary policy...
Mr Suleiman Lawal, a Lecturer at the Economics Department, Umaru Musa Yar’adua University, Katsina (UMYU), said the Naira notes redesign policy would assist in curbing inflation in the country. Lawal made the assertion in an interview with the News Agency of Nigeria (NAN) on Monday in Katsina. It would...
Elder statesman, Edwin Clark has expressed concern over reports of increasing number of Nigerians, particularly youths relocating to other countries. He told the News Agency of Nigeria (NAN) in Abuja that there was nothing wrong with people travelling or relocating to other countries. According to him, the recent trend...
The National Bureau of Statistics (NBS), said that prices of selected food items increased in September. This is according to the NBS Selected Food Prices Watch Report for September 2022 released in Abuja on Friday. The report said that the average price of 1kg of Tomato on a year-on-year...
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed says the Federal Government is working on strategic plans to address inflation and ensure decongestion of ports in the country. Ahmed said this when she fielded questions from lawmakers at the presentation of the 2022 budget performance before...
Mr Peter Obi, the Presidential Candidate of the Labour Party, has said that adequate investment in agriculture can help to address food inflation and insecurity in the country. Obi said this in his message on the occasion of 2022 World Food Day 2022 which is celebrated on Oct. 16...
The World Bank says African Government urgently need to restore Macroeconomic stability and protect the poor in a context of slow growth and high inflation. This is contained in a statement obtained from the World Bank website on Tuesday in Abuja by the News Agency of Nigeria (NAN). The...
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) from 14 per cent to 15.5 per cent on Tuesday to tame inflation. The committee had increased the MPR by a total of 250 basis points at its last two...
The Senate on Wednesday at plenary resolved to invite the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, to educate and inform senators in a closed session on the reasons for the rapid depreciation of the value of the naira. It also mandated the Senate Committee on...
Last week, thousands marched in the streets of London to protest the soaring cost of living in Britain and demand the government do more. The story was the same in Italy, in Israel, in Australia, in Germany – where workers are on strike, demanding the government ‘Stop the Inflation...
The decision of the Monetary Policy Committee of the Central Bank of Nigeria (CBN) to raise the benchmark interest rate to 13 per cent was received by some economists on Tuesday with mixed reactions. While some told the News Agency of Nigeria (NAN), in separate interviews in Lagos, that...