Just in: Naira Crashes to N710 to a Dollar The Nigerian naira has crashed further in the parallel market, trading for N710 against the U.S. dollar on the exchange platform Aboki Forex. Checks by Economic Confidential on Wednesday showed the current parallel market rate pegged at...

Nigeria's ECA Shrinks From $35m To $376,655   The Federal Government has drawn down the Excess Crude Account (ECA) to $376,655.09 from $35.377 million in May, this year. This means that in one month the government withdrew $35,000,344.91from the ECA. The ECA is supposed to be a savings...

IMF Retains Nigeria’s Growth Prospect At 3.4%   The International Monetary Fund (IMF) has retained projected economic growth of 3.4 per cent for Nigeria in 2022. The Washington-based institution disclosed this on Tuesday in its World Economic Outlook (WEO) for July 2022 entitled, “Gloomy and More Uncertain”. At...

IFC Approves $35m For Food Security In Africa   The International Finance Corporation (IFC) is offering a $35 million financing package to Jubaili Agrotec, a Nigeria-based agrochemicals manufacturer and distributor, to increase smallholder farmers’ access to key input and boost food production to strengthen food security...

CBN Funding to Hit N23.2trn as Debt Servicing Outpaces Revenue With the amount spent on debt servicing in the first four months of 2022 outweighing the revenue of the country, analysts have projected that the Central Bank of Nigeria (CBN) financing of government through ways...

Inflation: Bakers to Increase Price of Bread by 20% The price of bread is expected to rise by 20 with the bakers divided on how to address the increase in price of raw materials occasioned by the ongoing war between Russia and Ukraine. The Premium Breadmakers...