Andersen, an independent tax and business advisory firm has said that the parallel rate of the naira may fall to N900 in 2023 from demand pressure if mitigating measures are not taken.
The firm that has a worldwide presence through the member firms and collaborating firms of Andersen Global disclosed this in its report titled ‘Nigeria’s 2023 economic outlook’, which was presented by its…
Nigeria’s foreign exchange reserves fell $427.14 million this month, data from the Nigerian Central Bank showed on Monday. This is due to the fact that the currency crisis in the country was exacerbated by the shortage of new naira banknotes.
According to CBN’s…
The Lagos Chamber of Commerce and Industry has warned that the sustained rise in the general price level in recent times has caused some weakening in purchasing power.
The chamber, in a statement signed by its Director-General, Chinyere Almona, said the rising inflation had…
The Manufacturers Association of Nigeria (MAN) is working towards raising the contribution of the sector to the nation’s Gross Domestic Product (GDP) to 20 percent by 2030, representing a giant leap from its current average contribution of about 9 percent.
President of MAN, Otunba Francis Meshioye, who disclosed this at a media luncheon, said this is one of the targets of the association during…
Oil marketers, on Wednesday, said the supply of Premium Motor Spirit, popularly called petrol, had not yet stabilise and this was why queues were still prevalent in many parts of Nigeria, aside Abuja where it had reduced.
Reacting to the statement of the Group Chief…
Economists say limited demand for currency swaps and other central bank policies could lower inflation in January.
They note that changes in the structure of the currency and the cashless policy pursued by leading banks may not have a long-term effect in curbing inflation in…
The Nigerian Exchange Ltd closed negative due to buy-interests and sell-offs in large and small capitalised stocks.
Also, the market capitalisation dropped by N52 billion to close at N28.681 trillion as against N28.733 trillion posted at the previous trading.
The downturn performance was mainly due to sell-offs in the MTNN stocks.
The All-share Index depreciated by 95.08 points or 0.18 per…
The value of Point of Sale transactions in Nigeria has jumped 39 per cent to N8.03tn in 2022, according to data obtained from the Nigeria Interbank Settlement System.
The data showed that the aggregate PoS transactions between July 2020 and July 2021 were estimated at…
The Securities and Exchange Commission (SEC) has alerted Nigerians on signs to look out for in identifying bogus investment schemes, otherwise known as Ponzi schemes.
Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, said identifying bogus…
The Bank of Industry on Monday said it has accessed a €100m credit under the Transforming Financial Systems for Climate programme of the agency, in collaboration with the Green Climate Fund.
In a statement, the Managing Director, BOI, Olukayode Pitan, said this at the 2nd regional roundtable on ‘Creating world class sustainable development financial institutions through embracing holistic…