Nigeria Hits 18.17% Inflation Rate – NBS Reports
Nigeria's inflation rate rose from 17.33% recorded in February to 18.17% in the month of March. In the latest report released by the National Bureau of Statistics (NBS), the Headline index increased by 1.56% in March 2021, this is 0.02% points higher than the rate recorded in February 2021 (1.54 percent). Food inflation, a closely watched index spiked to 22.95% from 21.79% recorded in the...
Gov. Sani Reveals Actual Debt Burden Inherited From Predecessor, El-Rufai
Kaduna State Governor, Uba Sani, has said his administration inherited a huge debt burden of $587 million, N85 billion, and 115 contractual liabilities from the previous administration of Nasir El-Rufai. Governor Sani lamented that due to the rise in the exchange rate, the state is now paying back almost triple of what was borrowed by the previous administration. Governor Sani, who...
IMF Says Naira Showing Signs Of Stability
The International Monetary Fund (IMF) has said Nigeria’s currency, the naira, is showing signs of stability. This, it said, is due to recent interest rate hikes and the clearing of foreign exchange backlogs by the Central Bank of Nigeria (CBN). The IMF made this known during a press briefing in Washington DC on Tuesday. “In Nigeria, rate hikes and the clearing of...
Naira Crashes To N710 Per Dollar
The naira has crashed further in the parallel market, trading for N710 against the U.S. dollar on the exchange platform Aboki Forex. Checks by Peoples Gazette (not ABN TV) on Wednesday showed the current parallel market rate pegged at N710 to a dolla...
Nigeria Inflation Rate Drops to 15.99% in October as Food Prices Ease
Nigerian inflation slowed to a 10th-month low in October, giving the central bank scope to leave interest rates on hold next week. Consumer prices increased 15.99% from a year earlier, compared with 16.63% in September, Statistician-General Simon Harry told reporters Monday in Abuja, the capital. The median estimate in a Bloomberg survey of seven economists was 16.2%. While inflation has exceeded...
BREAKING: CBN Reduces Monetary Policy Rate To 12.5%
The Monetary Policy Committee (MPC) of Central Bank of Nigeria on Thursday reduced monetary policy rate (MPR), or the controlling lending rate to 12.5 percent, ABN TV reports. It, however, left other monetary policy parameters unchanged. Reading the communique of the meeting, CBN Governor, Mr. Godwin Emefiele, said the MPC resolved to retain the Liquidity Ratio at 30 percent, Cash Reserve...
Hardship: Some People Working To Undermine Our Efforts — VP Shettima
The Federal Government has said that some people are working to undermine the efforts of the President Bola Tinubu administration to revamp the Nigerian economy. The Vice President, Sen. Kashim Shettima disclosed this at the Public Wealth Management Conference, in Abuja on Wednesday. Pointed accusing fingers at smugglers and politicians as brains behind the attempt to pull the nation backward. The VP...
Gov. Ikpeazu Launches ‘Easy-Credit’ To Grant Abia Traders, Artisans Access To Funding
As part of efforts to boost small and medium sized businesses in Abia as well as stimulating economic growth, the State governor, Okezie Ikpeazu has unveiled Easy-Credit, a product of the Abia SME Microfinance Bank Limited. The product seeks to provide access to funding to Mico SMEs, particularly Traders, Artisan, and Enterprenus at single digit interest rates . At the product...
NFEM Records Dollar Strengthening Against Naira At Exchange Rate Today
The Nigerian Foreign Exchange Market (NFEM) recorded a strengthening of the Naira against the US Dollar on October 28, 2025, while the parallel market rate maintained a relatively stable position. Currency traders and businesses are closely monitoring the market dynamics following recent CBN interventions and policy adjustments. As of the latest reporting time today, the official exchange rate in the...
FEC Approves ₦13.08 Trillion 2021 Budget
The Federal Executive Council (FEC) presided over by President Muhammadu Buhari on Wednesday approved N13.09 trillion budget estimate for 2021 fiscal year. Briefing State House Correspondents after the meeting, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the budget estimate is made up of N2.083 trillion capital expenditure, which she described as N29 per cent of the...
