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Economy Insight

Read the latest news on the economy in Nigeria.

The Central Bank of Nigeria (CBN) has advanced steps to tackle the increasing exchange rate challenge the country has since been battling, as it announced its decision to attract about $2 billion monthly as remittances from citizens in diaspora. According to the Governor of CBN, Godwin Emefiele, since Pakistan receives...
Dollar to naira, on Tuesday, November 2, 2021, opened at N414.26 at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade. According to the data at the FMDQ Security Exchange where forex is traded officially, dollar to naira exchange rate at N414.26/$1 on Tuesday, and closed at N415.02 on the same day. This...
The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, said the intervention of the apex bank has led to a huge reduction in imported rice from Thailand. Emefiele made this known on Tuesday when he spoke at the unveiling of the FCT mega rice pyramids under the RIFAN-CBN Anchor Borrowers’...
Access Bank and five others have been enlisted for the Special Public Works (SPW) programme, which will commence on Tuesday, January 5, 2020. The other financial institutions are -Zenith, Fidelity, FCMB, UBA, and Heritage banks. While disclosing this during a recently-held interview, Festus Keyamo, the Minister of State for Labour and Employment,...
Dangote Group has advised African leaders to unanimously adopt the fixing of their infrastructure deficit, saying with this, intra-trade amongst them would be more efficient. Speaking on the sidelines of the ongoing Intra-African Trade Fair (IATF), Rabiu Umar, the Commercial Operations Officer, Dangote Group, said aside from the fixing of...
Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN) might have indicted President Muhammadu Buhari when he stated that medical tourism put a huge strain on the country's foreign reserves. Speaking at the launch of Duchess International Hospital, a newly built 100-suit health facility located in Ikeja, Lagos,...
President Muhammadu Buhari has bragged about the launch of eNaira, saying under his watch, Nigeria became the first country in Africa to float a digital currency. Speaking at the official launch of eNaira in Abuja on Monday, October 25, 2021, the president stated: "We have become the first country in...
Africa witnessed a huge growth in Foreign direct investment (FDI) in 2021, a new report by the United Nations Conference on Trade and Development (UNCTAD) has shown. In its investment trends monitor report released on Wednesday, UNCTAD Africa showed a strong rebound in growth of 147 percent to an estimated...
President Muhammadu Buhari has told manufacturers in the country that his administration will address their main challenge, which is insufficient forex. Unmaskng.com understands that the manufacturers need accessibility to forex for the procurement of raw materials and agro-allied equipment that are not available locally. Addressing Mansur Ahmed-led executives of the Manufacturer Association of Nigeria (MAN),...
The International monetary fund has announced that the world economy is projected to fall by 4.4% in 2020, an upward guide from an earlier predicted rate of -4.9%. On Tuesday, IMF revised the global economy growth upward for the year 2020 but warned against long and unstable roadblocks to full...