Breaking: Nigeria’s Inflation Rate Hits 34.19% Amid Soaring Food Prices

Nigeria's Food Inflation Rate Rises By 2.82 As Price Of Goods, Services Surge By 20.52%

The latest data from the National Bureau of State Statistics (NBS) has revealed that Nigeria’s inflation figure has reached a new high, hitting 34.19 % for June 2024. Naija News reports that the development comes amid the rising cost of food items across the country, pushing essential commodities beyond the reach of millions. The new […]

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We Have 20 Days Petroleum Sufficiency – NMDPRA To Tinubu

We Have 20 Days Petroleum Sufficiency - NMDPRA To Tinubu

Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in a meeting with President Bola Tinubu, disclosed that there is a guarantee of 20 days of petroleum sufficiency for the country. The Chief Executive Officer of NMDPRA, Farouk Ahmed, said this on Tuesday, after meeting with Nigeria’s president to discuss fuel scarcity that hit Abuja and […]

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Naira Maintains ₦1,535/$ Rate In Parallel Market

The Naira maintained its position at ₦1,535 per dollar in the parallel market yesterday, showcasing a surprising stability amidst broader market volatility. In contrast, the Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed a depreciation of the ₦aira, slipping to ₦1,532.58 per dollar. According to FMDQ data, the indicative exchange rate for NAFEM rose from ₦1,523.85 […]

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150-Day Import Duty Free Window Is Wrong Policy – Utomi

'Nigeria Is Not A Working Democracy, We Don't Have A Political Party In Nigeria Today' - Pat Utomi

Professor of Political Economics, Patrick Utomi, has said the new policy on 150 days import duty-free window for rice, maize, wheat and other cereals by President Bola Tinubu is wrong. Pat Utomi said the new policy announced by the Minister of Agriculture and Food Security, Abubakar Kyari, on Monday, was an invitation to famine. On […]

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NACCIMA Hails FG For 150-days Import Free Window For Rice, Maize

NACCIMA Hails FG for 150-day Import Free Window For Rice, Maize

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has hailed President Bola Tinubu-led administration for the 150-day import duty-free window for rice, maize and wheat. The Minister of Agriculture and Food Security on Monday announced that the federal government approved 150 days of import duty-free for rice, maize, wheat and other […]

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NGX Suspends Unity Bank, NPF Microfinance, Six Others’ Trading

NGX: Investors Record N136bn Loss In One Week

NGX Regulation, the regulatory division of the NGX Group, has halted trading in the stocks of eight companies due to their failure to submit their respective accounts for 2023. In an announcement released on Monday, the Head of the Issuer Regulation Department, Godstime Iwenekhai, stated that the suspension would take effect immediately. The companies affected […]

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Nigerians React As Some Details Of 2024 Budget Emerge

Some Details Of 2024 Budget Causing Uproar

Some of the details of the 2024 budget causing reactions amongst Nigerians include over 2,558 projects that are worth ₦624 billion. Tracka, in a statement on Monday, said most agencies of the federal government allocated millions and billions of naira for projects that are not within their mandates. Recall that Naija News had reported that […]

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2024 Budget: ‘SMEDAN Allocates ₦5 Billion To Buy Vehicles For Traditional Rulers’

2024 Budget: SMEDAN Allocates ₦5 Billion To Buy Vehicles For Traditional Rulers

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has allocated ₦5 billion for procurement of vehicles for selected traditional rulers in the six geo-political zones of Nigeria. This was disclosed on Monday, in a statement by Tracka, a subsidiary of BudgIT, a non-governmental organization tracking government expenditures and project implementation. Tracka said over […]

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Nigeria’s Foreign Exchange Reserves Hit $34.7 Billion

Nigeria Foreign Exchange Inflow Appreciate By $10.75bn

Nigeria’s Foreign Exchange (FX) reserves climbed to a peak of $34.7 billion based on figures from the Central Bank of Nigeria’s website. Naija News reports that this marks a rise of $110 million from the day before, which stood at $34.5 billion. Over the last seven days, the reserves have been on the rise, accumulating an increase […]

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Fuel Scarcity: Marketers Reveals Reason Behind Return Of Fuel Queues In Nigeria

President of the Petroleum Products Retail Outlets Owners Association (PETROAN), Billy Gillis-Harry, has revealed the cause of the recent fuel scarcity across the nation. Gillis-Harry identified the shortage of Premium Motor Spirit (Petrol) supply from the Nigerian National Petroleum Company Limited (NNPCL) as the cause of the recent fuel scarcity in Abuja, Nasarawa, and other […]

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’82 Million Nigerians At Risk Of Hunger’ – UN Warns Of Impending Food Crisis

The United Nations has issued a stark warning that 82 million Nigerians, accounting for about 64% of the country’s population, could face hunger by 2030. The UN has urged the Nigerian government to address climate change, pest infestations, and other threats to agricultural productivity to avert this crisis. Naija News reports that this warning comes […]

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Lagos, Abuja, Others Hit With Fuel Queues Amid NNPC’s $6 Billion Petrol Payment Issues

BREAKING: Queues Resurface In Abuja, Northern State Still Sells Fuel At N550

Petrol stations across Nigeria are experiencing lengthy queues, reflecting concerns about fuel shortages due to the Nigerian National Petroleum Company (NNPC) Limited‘s $6 billion backlog in petrol payments. BusinessDay’s investigation revealed that NNPC owes around $6 billion to international traders for imported petrol, with payments now delayed beyond the typical 90 days. Reuters reported that […]

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Price Of Bag Of Dangote, BUA, Other Cement This Week

Marketers Reveal New Price Of Dangote Cement, BUA Cement, Others

The price of cement continues to fluctuate in Nigeria despite concerted efforts by President Bola Tinubu‘s administration to stabilize the economy through the establishment of the Presidential Economic Coordinating Committee (PECC). This information comes amidst recent economic strategies introduced by the government, aiming to bolster market stability. In a significant move, President Tinubu inaugurated the […]

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30% Interest Rate: Listen To Dangote – Economists Tell Cardoso

30% Interest Rate: Listen To Dangote - Economists Tell Cardoso

Economists have advised the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to listen to Aliko Dangote’s call against 30 percent interest rate policy. Chairman of Tekedia Capital, Professor Ndubuisi Ekekwe, said the Chairman of  Dangote Group’s statement showed the African richest man understood the interest rate policy was wrong. Aliko Dangote, the largest private […]

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US Dollar Strengthens As Bets On Donald Trump Presidency Rise Post-Debate

US Dollar Strengthens As Bets On Donald Trump Presidency Rise Post-Debate

The United States (US) Dollar gained more value on Tuesday, while Asian equities showed a mixed performance as investors assessed the potential of another Donald Trump presidency. Naija News reports that this development is coming following Joe Biden‘s lacklustre debate performance last week. Speculation regarding a second term for the Republican gained momentum after the […]

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Fuel Subsidy Removal, Naira Devaluation Policies Wrongly Executed – Moghalu To Tinubu

Fuel Subsidy Removal, Naira Devaluation Policies Wrongly Executed - Moghalu To Tinubu

Former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu, has said the removal of fuel subsidy and devaluation of naira by President Bola Tinubu were right policies wrongly implemented. The Professor of Political Economics said both the petrol (fuel) subsidy and defence of naira by the previous administration of ex-president, Muhammadu […]

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Naira Loses 40% Of Value Against Dollar In First Half Of 2024

'No Country Can Prospers By Restricting The Flow Of Money' - Nigerians React As FG Plans To Delist Naira From 'P2P' Platforms

The Naira depreciated by over 40 percent in the first half of 2024 in the foreign exchange market. FMDQ data showed that the Naira weakened to ₦1505.30 per dollar on Friday, down from between ₦896.6 and ₦907.11 where it closed on December 29, 2023. The figures indicate that the Naira has faced continued instability against […]

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