Banking

According to the World Bank, the Nigerian diaspora transferred $168 billion in eight years.

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April 25, 2023
The Nigerian Diaspora community has remitted $168.33bn to the country in the past eight years, according to World Bank reports collated by our correspondents. This is as foreign investments inflow into the country fluctuated in the period under review and caused a scarcity of foreign currency which has since led to the free fall of the naira. According to data from the World Bank and Budget Office…
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Economy

How rich Africans grew wealth in 2022 – Report

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February 23, 2023
Six out of 10 Africa’s Ultra-High-Net-Worth Individuals grew their wealth in 2022, despite the economic challenges recorded in the year, Knight Frank’s latest wealth research has said. In a statement, it said the drivers of the performance were real estate, currency…
Market

Naira could fall to N900/$ due to demand pressure - report

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February 23, 2023
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…
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Markets

Naira devalue from #700 to $1

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July 28, 2022
The  naira has weakened to new low of N700/$1 at the parallel market as dollar demand pressure from retail end users persists. The naira closed last week at N630/$1 and has stayed within the N620/$1 band for weeks before the current low. Findings showed that although many…