Nigeria’s Trade Balance Rises to $1.43bn, IMF Reports
Nigeria’s current account balance has increased to $1.432 billion in 2024 despite the economic downturn ravaging the country, data from the International Monetary Fund’s World Economic Outlook shows.
The IMF data indicates a positive outlook for Nigeria’s economic...
Debt Servicing Gulps $2.2bn in Five Months – CBN
Nigeria’s debt servicing gulped about N2.2bn in the first five months of this year, the latest data from the Central Bank of Nigeria (CBN) have revealed.
This is almost half of the $4.8bn projected for the entire...
NNPC Refutes Inflating Petrol Subsidy by N3.3tn
The Nigerian National Petroleum Company Limited (NNPCL), on Monday, denied reports that it inflated the subsidy on Premium Motor Spirit, popularly called petrol, by N3.3tn during the administration of former President Muhammadu Buhari.
It argued that its subsidy claims...
Motorcycle Imports Surge by 204% in Q1 2024
Data from the National Bureau of Statistics (NBS) reveal Nigeria recorded N117.4 billion as import cost for motorcycles in the first quarter of 2024.
The figure represents a 204% increase from the N38.6 billion recorded in the same...
Naira Gains Marginally at Official Market
The Naira yesterday depreciated in the parallel market to N1,490 per dollar from N1,470 per dollar last week.
However, the Naira appreciated to N1,483.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative...
EFCC Opens Case Against Sirika, Others Over Alleged N2.8bn Fraud
The Economic and Financial Crimes Commission (EFCC) on Monday in a Federal Capital Territory (FCT), High Court, Maitama opened its case of alleged N2.6 billion fraud against former Aviation Minister, Hadi Sirika and three others.
The...
