Nigeria’s inflation rises 10th consecutive month to 21.47% in November
Onome Amuge
December 15, 2022
By Onome Amuge Nigeria’s inflation rate rose for the tenth consecutive month in 2022 to a new high of 21.47 per cent in November, recording a 0.32 percentage points surge against 20.77 percent recorded in the previous month of September 2022, according to the latest Consumer Price Index (CPI) report released by the National Bureau […]
Lagos Assembly passes N1.768trn 2023 budget
Onome AmugeDecember 12, 2022
By Onome Amuge The Lagos State House of Assembly, on Monday evening, passed the 2023 budget estimate of N1.768 trillion budget to run the economic affairs of Nigeria’s chief commercial and financial state for the 2023 fiscal year. The budget is about N100 billion above the N1.69 trillion budget proposal tagged Budget of Continuity’, presented […]
CBN shuns critics to push cash withdrawal limit policy
Onome AmugeDecember 12, 2022
By Onome Amuge Insists no going back on plan, take-off date PoS operators may take a hit The sounds coming from the camps of those opposed to the Central Bank of Nigeria’s latest cash withdrawal limits policy may be deafening, but they are not enough to dampen the apex bank’s resolve to advance Nigeria further […]
CBN shrinks daily withdrawal limit to N20,000
Rosemary IwualaDecember 6, 2022
By Rosemary Iwuala The Central Bank of Nigeria (CBN) has imposed fresh cash withdrawal limits on individuals and organisations, including a N20,000 daily withdrawal limit on individual accounts and N50,000 limit on over the counter third party cheques, set to become effective on January 9, 2023. According to a memo issued by the apex bank, […]
DMO recommends efficient tax administration to tackle Nigeria’s debt burden
Cynthia EzekweDecember 6, 2022
Cynthia Ezekwe The Debt Management Office (DMO) has called on the federal government to implement an efficient tax administration to tackle its revenue challenges, and also adopt debt management tools such as annual Debt Sustainability Analysis (DSA) and a medium-term debt management strategy (MTDS) every four years, to enable debt sustainability. Patience Oniha, director general […]
Non-oil exporters repatriate $4,987bn into Nigeria in 3 quarters, says CBN
Cynthia EzekweNovember 30, 2022
By Cynthia Ezekwe … pays N81bn to Nigerian exporters The RT200 scheme initiated by the Central Bank of Nigeria (CBN) to ensure quick acceleration of the export value chain in the country has seen a total of $4,987 billion repatriated into the country by non-oil exporters in the last three quarters, higher than $4,190 billion repatriated in […]
Nigeria’s economic growth slows to 2.25% in Q3 2022
business AMNovember 24, 2022
By Business AM Nigeria’s economic growth slowed in the third quarter of 2022 compared to a year earlier amid lower oil production and tighter monetary policy to curb soaring inflation. The Gross Domestic Product (GDP) of Africa’s biggest economy grew by 2.25 percent (year-on-year) in real terms in the three months to September […]
CBN insists on cashless economy as Buhari unveils new naira notes
business AMNovember 23, 2022
By Business AM Nigeria’s President Muhammadu Buhari has unveiled the country’s redesigned N200, N500 and N1,000 banknotes. The unveiling, which took place on Wednesday morning at the Council Chambers of the State House shortly before the start of this week’s Federal Executive Council (FEC) meeting, is in line with the projections of the Central Bank […]
CBN hikes MPR for fourth time in a row amid soaring inflation
business AMNovember 23, 2022
By Business AM The Central Bank of Nigeria (CBN) on Tuesday raised the benchmark interest rate, or Monetary Policy Rate (MPR), for the fourth time in a row in a continued attempt to tame the country’s rising inflation rate. This comes after previous increases in the MPR have failed to rein in the soaring inflation. At the […]
Nigeria’s inflation quickens for ninth consecutive month to 21.09% in October
Onome AmugeNovember 15, 2022
By Onome Amuge Nigeria’s inflation rate rose for the ninth consecutive month to a new 17-year high of 21.09 percent in October, recording a 0.32 percentage points surge against 20.77 percent reported in the previous month of September 2022, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics […]