Despite Economic Downturn Nigeria’s Current Trade Balance Rises to $1.43bn 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...

IMF to FG: Remove Implicit Fuel, Electricity Subsidies The International Monetary Fund has warned the Nigerian government to remove what it called implicit fuel and electricity subsidies. In a report published recently by the IMF, the organisation told Nigeria that the subsidies would guzzle three per...

Three years in, eNaira Struggles as Transactions Crawl to N29bn Nigerians have continued to ignore the eNaira, which has now been used for only N29.3 billion worth of transactions since its October 2021 launch. Unveiled by former president Muhammadu Buhari as a tool to promote financial...

IMF Advices CBN Against Waivers for Deposit Banks The International Monetary Fund (IMF) has strongly urged the Central Bank of Nigeria (CBN) to unwind the regulatory forbearance granted to Deposit Money Banks during the COVID-19 pandemic. It also cautioned against the Federal Government over the proposed...

Nigeria to Receive $2.2bn Loan from World Bank The Federal Government is looking forward to receiving around $2.2 billion single-digit interest loan from the World bank and another budget support facility from the African Development Bank (AfDB). Minister of Finance, Wale Edun disclosed this during the...

How Naira Emerged World Best Performing Currency - Cardoso The Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, has explained why Naira made a remarkable rebound and emerged the world’s top-performing currency in April 2024. Cardoso made this remark in a press briefing on the sidelines...