The Central Bank of Nigeria has tightened liquidity by mopping up N7.6 trillion, aiming to curb inflation and stabilize the naira, though business growth may be impacted.
Nigerian economy
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Inflation is gradually easing and foreign reserves improved as the Central Bank of Nigeria (CBN) said Nigeria’s foreign reserves rose to $39.12 billion as of 11th Oct 2024, a 12.74 …
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The naira has already depreciated 43 percent year to date, according to the World Bank, ranking among the worst performing currencies in Sub-Saharan Africa
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Atiku Abubakar criticizes President Tinubu over his handling of the fuel subsidy crisis, attributing Nigeria’s worsening economic conditions to government mismanagement.
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Aliko Dangote has called on the Nigerian government to end the fuel subsidy, arguing that it is no longer sustainable and hinders national development.
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According to MAN, this is due to the fact that Nigeria’s manufacturing sector is currently operating below 50 percentage due to lack of coherent policy direction from the federal government.
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Public outrage over Nigeria’s fuel price hike surges as political groups demand an immediate rollback, warning of increased economic hardship for millions.
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President Bola Tinubu’s visit to China in September aims to boost Nigeria’s economy and strengthen bilateral ties through strategic partnerships in various sectors.
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Nigeria’s CBN reports record remittance inflows of $553 million in July 2024, a 130% increase from 2023.
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Nigeria will begin naira-based crude sales to the Dangote Refinery on October 1, a move aimed at strengthening the local economy.
