Nigeria’s external reserves have witnessed a significant decline, falling by 11.55 percent, which amounts to a loss of $4.28 billion since the start of the year. The Central Bank of Nigeria (CBN) has reported that the reserves stood at $33.78…
The African Development Bank Group and the Debt Management Office have revealed that they are seeking to tackle Nigeria and the African continent’s debt challenges through the formation of a debt managers network. Debt sustainability has reached critical levels in…
By Sodiq Adelakun Nigeria has experienced a substantial increase in revenue from foreign exchange differences, totaling N1.36 trillion over a six-month period, according to recent data from the Federation Account Allocation Committee (FAAC) communiques. The remarkable rise in profits is…
…Stakeholders applaud regulation as potential catalyst for Govt tax revenue industry growth The Central Bank of Nigeria (CBN) has rescinded its previous ban on cryptocurrency transactions. This development emerged from a circular issued on December 22, 2023, signaling a new…
By Sodiq Adelakun In light of the recent unification of foreign exchange rates, six Nigerian Ministries, Departments, and Agencies have earmarked a total of N244 million to mitigate anticipated foreign exchange losses. This financial strategy is detailed in the proposed…
The House of Representatives has called for the adoption of the Chinese Yuan as an official foreign exchange reserve currency with other internationally recognised currencies to protect the naira from further depreciation. The resolution was sequel to the adoption of…
…Clampdown on digital money lenders results in significant drop in complaints The Federal Competition and Consumer Protection Commission (FCCPC) announced that it generated N56 billion as Internally Generated Revenue (IGR) in 2023 and remitted N22.4 billion to the Federal Government.…
By Sodiq Adelakun In a proactive move to gauge the severity of cash scarcity in Nigeria, the Central Bank of Nigeria (CBN) has rolled out a nationwide survey just four days before Christmas. The survey, which was disseminated through the…
The Public Finance Management Academy for Africa (PFMA), an initiative of the African Development Bank (AfDB), has graduated 51 participants in the first cohort of the capacity building for finance and debt management across the continent. The beneficiaries, drawn from…
…Plummets by 80% to become Africa’s worst-performing currency By Sodiq Adelakun On the parallel market, the naira was trading at 1,245 per dollar in early Wednesday trading, while the one-month non-deliverable forwards market had it listed at 1,002.50 naira on…
