A review of the performance of  multinational corporations and big indigenous firms operating in the country for the financial year ended December 2023 have  shown that they recorded a combined Foreign Exchange, forex, losses of N792 billion due to naira depreciation caused by the monetary policy reform. However, there seems to be respite for manufacturers as the… Read more

The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators informing them that they sold $10,000 to each BDC at a rate of N1,251 per US dollar. Nairametrics reports that the CBN, in a circular, instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5%… Read more

Nigeria’s public debt rises by N9.43 trillion in 3 months to N97.34 trillion (ghanaweb.com) Read more

Nigeria’s public debt has increased by 10.7 per cent from N87.87 trillion in Q3’24.to N97.34 trillion as of Dec. 31, 2023, according to data released by the Debt Management Office (DMO) on Friday in Abuja. The DMO, in an update yesterday said the increase in the debt stock was largely due to new domestic borrowing… Read more

The Minister of Information and Culture, Mohammed Idris says the Federal Government has attracted 30 billion dollars Foreign Direct Investments (FDI) to the real sector of the economy. Idris said this when he met with the business community in Kano on Friday. “These investment commitments covering manufacturing, telecoms, healthcare, oil and gas, and others are… Read more

The Naira on Friday appreciated to N1,470 per dollar in the parallel market from N1,480 per dollar on Thursday. But, the naira on Friday depreciated to N1,431.49 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,431.49 per dollar from N1,382.35 per… Read more

In apparent reflection of the hardship being faced by manufacturing companies in Nigeria, the income tax paid by the manufacturers fell by 6.85 percent quarter-on-quarter (QoQ) to N145.06 billion in the fourth quarter ended December 31, 2023 (Q$’23) from N155.72 billion in Q3’23. The decline   in income tax paid by manufacturers comes amidst the recent macroeconomic… Read more

In what seems to be a manifestation of the desired objective of the Africa Continental Free Trade Area (AfCFTA), intra-African trade increased by 6 percent in 2023, the United Nations Conference on Trade and Development (UNCTAD) has reported. AfCFTA was established in 2018, and kick-started in 2021, to create a single market for goods and services,… Read more

The naira yesterday depreciated to N1,480 per dollar in the parallel market from N1,450 per dollar on Wednesday. But, the naira yesterday appreciated to N1,382.35 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,382.35 per dollar from N1,492.61 per dollar on… Read more

Nigeria’s Central Bank clears remaining valid FX backlog as external reserves rise by $993 million (ghanaweb.com) Read more