Nigeria’s central bank raises interest rate on price pressure
The Central Bank of Nigeria raised its benchmark lending rate by 50 basis points to 18% on Tuesday, extending a tightening policy that began last...
Banks BTA cut reveals Nigeria’s forex trouble as reserves hit 17-month low
Major Nigerian banks have announced cuts in personal travel allowance and business travel allowance payments to people travelling outside the country.
First Bank, Access Bank...
Trapped foreign airlines funds in Nigeria highest in the world
Nigeria has the highest amount of trapped airlines funds within the past year, according to the International Air Transport Association (IATA).
- A key point...
‘Pure water’ price goes up and producers are shutting factories
Producers of table water in Abuja have closed their factories for over a week, triggering scarcity of drinking water in the capital city as...
Naira shortage: Former statistician-general predicts N15 trillion cost on economy
Ongoing currency shortage, which has imposed devastating impact on Nigeria’s economy will likely cut the nation’s nominal gross domestic product for the first three...