Nigerians In Diaspora Spent $2.94bn To Send $34.8bn – Report   Nigerians in Diaspora spent $2.94bn to send $34.8bn to Nigerian between 2020 and 2021, World Bank reports have revealed. The reports showed that cost of sending remittance costs into Nigeria hit at least N1.22tn ($2.94bn) in...

In One Year, Intra-city Transport Fares Jumped By 36.58% – NBS   The average fares paid by commuters within Nigerian cities have climbed by 36.58 per cent year-on-year, according to a new report by the National Bureau of Statistics. The NBS, in its Transport Fare Watch report...

Nigeria’s Trade Deficit Drops By 61% To $340m   The nation’s trade deficit fell year-on-year (YoY) by 61 per cent to $340 million in July 2021 from $880 million in July 2020. However, receipts from crude oil and gas exports rose by 127 per cent to $3.99...

FG To Replace Fuel Subsidy With N5,000 Transport Grant To Nigerians The Minister of Finance, Budget and National Planning, Zainab Ahmed, has disclosed that the Federal Government will remove fuel subsidy by 2022 and replace it with a N5,000 monthly transportation grant to the poorest...

CBN Retains Lending Rate At 11.5%   The Monetary Policy Committee of the Central Bank of Nigeria has left the Monetary Policy Rate unchanged at 11.5 per cent. The CBN Governor, Godwin Emefiele, disclosed this after the committee’s two-day meeting in Abuja on Tuesday. Other parameters left unchanged...

Capital Inflow Crashes By 80% As Foreign Investors Shun Nigerian Market   Capital inflow to Nigeria has crashed by 80 per cent in two years, the Central Bank of Nigeria reports have indicated. Specifically, capital inflow to Nigeria fell from $17.1bn in July 2019 to $3.4bn in...