Food Importation Gulps $689.88 million in Q1 2024 The import of food products gulped about $689.88 million in the first quarter of 2024, which is about 17% of the total foreign exchange (FX) spending on imports. This is according to the sectoral utilization of foreign exchange...

Public Debt Stock May Hit N130tn by Dec – Report Nigeria’s public debt stock is projected to hit N130tn this year, raising concerns about the country’s debt-to-gross domestic product ratio. This was revealed in a report by Afrinvest, an investment management company, titled, ‘Bank Recapitalisation, Catalyst...

Banking Stocks on NGX Lost N1.6tn Banking stocks listed on the Nigerian Exchange have lost about N1.62tn in their market capitalisation since the Central Bank of Nigeria directed the banks in the country to recapitalise. In late March, the Central Bank of Nigeria directed Deposit Money...

CBN and the Road to One Trillion Dollars By Abdulrahman Abdulraheem When President Bola Tinubu nominated Olayemi Cardoso as the governor of the Central Bank of Nigeria (CBN) on September 15, 2023, those knowledgeable about the rot in the system and his pedigree were excited about...

Recapitalisation of Banks Now Driving in Foreign Investors - Cardoso The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, on Wednesday disclosed that foreign investors are already moving funds into the country to invest in Nigerian banks under the ongoing recapitalisation exercise. Cardoso...

Naira Rises to N1,580/$ in Parallel Market   The Naira yesterday appreciated to N1, 580 per dollar in the parallel market from N1,610 per dollar last week Friday. But, the Naira yesterday depreciated to N1,611.4 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from...