AGAINST the backdrop of sustained pressure in the foreign exchange market and high cost of production, the Manufacturers Association of Nigeria, MAN has indicated that inventory of unsold goods is escalating to levels now threatening the existence of companies operating in the production sector of the economy with attendant job losses. Financial Vanguard’s findings show… Read more

The Central Bank of Nigeria has ordered Bureau De Changes (BDCs) to pay 25 percent of foreign exchange purchased for Business Travel Allowance or Personal Travel Allowance in cash while the remaining 75 percent should be transferred electronically to the customer’s Nigerian domiciliary account or prepaid card. However, the apex bank noted that such customers… Read more

The Naira on Friday recorded a new low depreciating to N1,665.5 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,665.5 per dollar from N1,571.31 per dollar on Thursday, indicating N94.19 depreciation for the naira. The market recorded an intraday high of… Read more

The International Monetary Fund, IMF, has warned that the official exchange rate may further depreciate by about 35 per cent, this year, adding that this could lead to inflation rate peaking at 44 per cent before the monetary policy tightening could bring the situation under control. Naira, yesterday, traded at N1,542.58 per dollar in the… Read more

Nigeria sells about $1 billion of bonds as yields lure investors (ghanaweb.com) Read more

The International Monetary Fund (IMF) has warned that the exchange rate of the Naira may further depreciate by about 35 percent this year, adding that this could lead to inflation rate peaking at 44 per cent before the monetary policy tightening could bring the situation under control. IMF disclosed this in its February 2024 Post–Financing… Read more

The Federal Government has warned manufacturers of cement in the country that it may open the border to allow for the importation of cement if they keep on increasing their prices indiscriminately. Minister of Housing and Urban Development, Arc Ahmed Dangiwa, issued this warning at an emergency meeting held with cement and building materials manufacturers… Read more

The recent sharp depreciation of the Naira in the foreign exchange market as well as the rising inflation rate has started eroding the value of assets under insurance cover. Financial Vanguard findings from the recent developments in the industry have indicated that most risks are now under-insured as value of claims are getting lower than… Read more