Dangote, Nestle, Others Lose N1.7tn to Naira Depreciation Dangote Group, Nestle Nigeria and MTN Nigeria, alongside four of Nigeria’s most capitalised companies, lost N1.7tn to the depreciation of the naira in 2023. According to an analysis of their financial statements published on the website of the...

Utomi: CBN ‘missteps’ Contributed To Naira Depreciation According to Pat Utomi, a political economist, ‘missteps’ made by the Central Bank of Nigeria (CBN) contributed to the incessant fall of the naira. Utomi stated this in an interview on Channels Television’s Sunrise Daily on Friday. Recall that the...

Education, Medical Tourism Responsible for Naira Depreciation – Cardoso  The governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, has blamed the depreciation of the naira on the growing numbers of Nigerians going abroad for education and medical treatment. Cardoso spoke on Tuesday during a plenary...

Naira Depreciation: Manufacturers Plan General Price Hike   Manufacturers have predicted fresh hikes in the prices of commodities in the market to rise in response to the continued fall of the naira against the United States dollar. On Friday, the naira plunged to N1,420/$ at the parallel...

Naira Depreciation: Drug Imports May Hit Over N900bn   Drug prices are set to remain high in 2024 as import prices of pharmaceutical products may hit over N900bn due to the depreciation of the naira. This is set to further put pressure on Nigerians who had grappled...

Subsidy Removal, Naira Depreciation Push Inflation To 22.79%   Nigeria’s inflation rate rose further to 22.79 per cent Year-on-Year (YoY) in June 2023 from 22.41 per cent previous month of May. But analysts appear surprised that the increase was moderate, beating their projections at the backdrop of...