economy
News on the global economies
CBN Rakes in Over N1 Trillion at OMO Auction Amid Soaring Money Supply
Friday’s OMO auction serves as a clear signal that the CBN remains committed to using market-based tools to manage liquidity. High-yield OMO bills enable the apex bank to absorb surplus cash, influence short-term interest rates, and contain inflationary expectations ahead
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CBN begins mystery shopping at BDC outlets to Combat money laundering
Central Bank of Nigeria (CBN) Launches Mystery Shopping Initiative for Bureau de Change Compliance
The Central Bank of Nigeria (CBN) has initiated mystery shopping exercises at bureau de change (BDC) outlets as part of its intensified efforts to ensure strict … Continue Reading
Nigeria Records $4.79bn Net Forex Inflow in January as CBN Contributions Decline
Analysts note that the strengthening of the naira offers some relief by easing import costs and bolstering consumer purchasing power. Still, the fluctuations in total forex inflows and outflows underscore the need for consistent monitoring and structural reforms to enhance
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BREAKING: Nigeria’s Inflation Rate Hits 24.23% in March – NBS
This marks a 1.05 percent increase in the headline inflation rate month-on-month, according to the latest Consumer Price Index (CPI) report released by the Bureau on Monday.
Abuja, Nigeria – The National Bureau of Statistics (NBS) has reported a fresh … Continue Reading
Fitch Upgrades Nigeria’s Credit Rating, Citing Strong Policy Reforms and FX Market Stability
On external vulnerabilities, Fitch forecasts a gradual easing of domestic foreign currency supply constraints and expects ongoing reforms in the energy sector to sustain current account surpluses. This would further strengthen Nigeria’s external buffers.
Abuja, Nigeria – Fitch Ratings has … Continue Reading
China to Hike Tariffs on U.S. Goods to 125% Amid Escalating Trade War
President Xi is scheduled to visit Vietnam, Malaysia, and Cambodia next week, where the escalating trade conflict is expected to dominate discussions as China seeks to build alliances against U.S. trade pressure.
Beijing – In a sharp escalation of the … Continue Reading
Nigeria’s Public Debt Hits N144.67tn in 2024, Soars by 48.58% in One Year
As of December 2024, domestic debt accounted for 51.41 per cent of Nigeria’s public debt, while external debt comprised 48.59 per cent, indicating a near-even split. However, analysts have expressed concern over the rising share of external debt, warning that
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Tinubu Approves N20B for NASRDA to Regulate Nigeria’s Space Sector
Abuja , Nigeria – President Bola Tinubu has approved a N20 billion take-off fund for the National Space Research and Development Agency (NASRDA) to commence the regulation and licensing of Nigeria’s space sector.
The Director-General of NASRDA, Dr. Matthew Adepoju, … Continue Reading
Banks Remit N205bn as Windfall Tax, Face N600bn Outstanding Payment
Despite the payments made, government projections estimate that banks still owe approximately N600 billion in windfall tax. An insider disclosed that authorities expect to generate up to N1 trillion from the levy, with some banks yet to complete their payments.
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Wema Bank Reports Record N433b Gross Earnings, Profit Surges to N102b in 2024
Beyond its core lending activities, Wema Bank’s non-interest income rose significantly, driven by digital banking innovations and diversified financial services. Net fees and commission income reached N55.576 billion.
Lagos, Nigeria – Wema Bank Plc has posted its strongest financial results … Continue Reading