nigerian economy

Recently, news circulated that the price of a bag of rice in Nigeria dropped from 84,000 Naira to 60,000 Naira, sparking various reactions across social media platforms. Nigerians took to Twitter to express their sentiments, with a wide range of responses reflecting skepticism, disbelief, and...

Former Kaduna State Governor, Mallam Nasir El-Rufai, has made startling allegations, claiming that the Bola Tinubu-led Federal Government is subsidizing Nigerians' fuel. Addressing journalists in Maiduguri, El-Rufai asserted that the government is now paying more for fuel subsidies than before...

As the Nigerian Naira reached a staggering N1,070 to $1, many citizens took to social media to express their concerns about the increasing exchange rate and its impact on the cost of living. Despite the significant devaluation of the currency, there has been no noticeable decrease in the prices...

The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to various establishments, including schools, supermarkets, and hotels, cautioning against the use of the dollar or any foreign currency for transactions within the country. In the latest edition of the commission's...

Former presidential candidate of the Labour Party (LP), Peter Obi, has urged the Federal Government to introduce subsidies on electricity tariffs to alleviate the financial burden on less-privileged Nigerians. Speaking during a visit to Bauchi State, Obi emphasized the importance of targeted...

Recent developments in Nigeria's foreign exchange landscape reveal a noteworthy surge in the customs exchange rate for import duties, exceeding the official market rate. The rate for cargo clearance currently stands at N1,330.36 per USD, significantly higher than the official market's N1,278/$1...

The Nigerian naira saw an appreciation to N1,250 per dollar in the parallel foreign exchange market on Monday, marking a 0.43 percent increase from the N1,280 recorded on March 29. Bureau de Change operators in Lagos quoted the buying rate of the dollar at N1,230 and the selling price at...

In response to the fluctuating dollar exchange rate, Nigerians are expressing frustration over the reluctance of sellers to immediately reduce prices despite the recent decrease in the value of the dollar. The sentiment stems from the observation that when the dollar surges, sellers swiftly...

Amidst Nigeria's evolving economic landscape, the Central Bank of Nigeria (CBN) has taken significant steps to bolster liquidity in the foreign exchange market, signaling a potential shift in the nation's currency dynamics. In a recent circular addressed to Bureau De Change operators (BDCs)...

Amidst growing concerns over the impact of cryptocurrency trading on Nigeria's economy, Presidential spokesman Bayo Onanuga has issued a stern warning against the popular exchange platform Binance, alleging its potential to dismantle the country's financial stability. Speaking on a televised...

In the heart of Ikeja, the recent spike in the cost of Dano Milk has left Twitter influencer Yeankhar (@Yeankhar) lamenting, with prices soaring from less than 5k to a staggering 11k. This surge adds to the ongoing challenges faced by Nigerians grappling with the increasing cost of living, where...

In response to the escalating cost of living and the hardships faced by millions, the federal government is gearing up to restart direct cash transfers, targeting the poorest and most vulnerable Nigerians. The revelation came from the Minister of Finance and Coordinating Minister for the...

PDP governors have called on President Bola Tinubu to find sustainable solutions to the nation's challenges or consider stepping down. Emphasizing that the APC sought power to address Nigeria's problems, not exacerbate them, the governors expressed concern over the universal impact of hardship...

In a stark contrast to its 2022 financials, Nigerian Breweries Plc has reported a staggering net loss of N106 billion for the fiscal year 2023, marking an alarming 860 percent increase in losses. The audited financial results, disclosed by Company Secretary Uaboi Agbebaku, unveil a challenging...

President Tinubu, after a meeting with state governors and key officials, reaffirmed his commitment to addressing food security challenges in Nigeria. He emphasized the need for home-grown solutions, promoting local food production over importation to curb rent-seeking and fraud. Tinubu urged...

Yoruba fathers protest under the Tinubu government, expressing deep concern over the dire state of affairs. They highlight the soaring cost of basic necessities, with garri likened to cocaine due to its exorbitant price. Underlining issues include a weak Naira, high USD exchange rates...

In the face of persistent economic challenges and the ongoing struggle of Nigerians, the International Monetary Fund (IMF) has strongly urged the Federal Government to eliminate subsidies on fuel and electricity. The IMF argues that these subsidies, considered costly and ineffective, should be...

A viral video featuring a Nigerian man discussing the country's economic challenges is igniting discussions on Twitter. In the video, he laments the insecurity affecting rural areas, preventing his mother from going to the farm. The man criticizes political figures like Tinubu, stating that...

In a proactive move to combat the surging cost of food, President Bola Tinubu has instructed the Ministry of Agriculture and Food Security to release 42,000 metric tons of maize, millet, and other strategic reserves. This decision, following a meeting of the Presidential Committee on Emergency...

The Economic and Financial Crimes Commission (EFCC) has initiated a robust crackdown on dollar speculators, hoarders, racketeers, and firms issuing invoices in foreign currency, aiming to curb the further depreciation of the naira against the dollar. The anti-graft agency has established 14...