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Economy

Secret Fuel Subsidies: Behind the Smoke Screen of Rising Petrol Prices

LAGOS, Nigeria — On Monday, May 29, 2023, President Bola Tinubu assured Nigerians of a new dawn, declaring the end of petrol subsidies. What followed...

Naira Regains Strength Against Dollar as CBN Prepares to Intervene

ABUJA, Nigeria - The naira has shown signs of recovery against the dollar, trading at N910/$ as opposed to its previous value of N942/$...

Fuel Frenzy: Petrol Price Surge Stirs Speculation and Scarcity in Nigeria

LAGOS, Nigeria — Petrol prices soared on Monday, August 14, 2023, with costs reaching N650 per litre in Borno, Oyo, and Delta states, an...

N13 Billion Weekly Losses: Northern Forum Urges Tinubu to Reopen Borders with Niger Republic

ABUJA, Nigeria — Business leaders under the umbrella of the Arewa Economic Forum, AEF, have urgently called the Federal Government to reopen specific northern...

Nigeria’s Central Bank Tightens Reins on Banks’ Shady Forex Sales

ABUJA, Nigeria - The Central Bank of Nigeria, CBN, has taken a definitive stance against commercial banks involved in illicit foreign exchange sales, with...

Stranded in Niger: Nigerian Drivers Appeal to Tinubu for Passage Home

ILLELA, Nigeria - Scores of Nigerian trailer drivers, stranded at the Republic of Niger-Nigeria border, are issuing desperate appeals to President Bola Tinubu's administration...

Steep Hike in Gas Prices Looms as Nigeria Faces International Pressure

LAGOS, Nigeria — A wave of rising prices awaits Nigerian gas consumers as marketers prepare for a significant rate bump starting next week. As Nigerians...

Naira Nosedives: Citizens Grapple as Currency Hits All-Time Low Amid New Forex Policies

LAGOS, Nigeria — The Nigerian naira nosedived to an all-time low of N925/$1 on the parallel market, reflecting the unanticipated aftermath of recent adjustments...

Central Bank Blames Unrecorded Diaspora Remittances for Naira’s Rapid Depreciation

ABUJA, Nigeria — The Central Bank of Nigeria, CBN, is pointing the finger at diaspora remittances that bypass the official system, attributing it to...

Hunting Emefiele: Nigeria’s Central Bank Releases A 7-Year Consolidated Financial Statement

ABUJA, Nigeria - The Central Bank of Nigeria, CBN, released Consolidated Financial Statements for seven consecutive years, marking the first time since 2015 that...

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