The naira yesterday appreciated to N1,445 per dollar in the parallel market from N1,455 per dollar on Monday. However, the naira depreciated to N1,433.89 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,433.89 per dollar from N1,419.86 per dollar on Monday, indicating N14.03 depreciation for the …

The Federal Government yesterday moved to stem rising food prices in the country by directing the Special Presidential Committee on Emergency Food Intervention to immediately wade in. Assuring Nigerians that there was no food shortage, the government alleged that saboteurs were capitalising on Naira’s depreciation to escalate the cost of food items. Chief of Staff to President Bola Tinubu, Femi …

The Senate has stated that it would grill the service chiefs on Wednesday and Thursday over the state of insecurity in the country. This was disclosed on Tuesday by Senator Tokunbo Abiru while announcing the postponement of the interface between the Senate Committee on Banking, Insurance, and Other Financial Institutions from Tuesday to Friday this week. Abiru, who is the …

Ngeria broke new grounds in the global mining industry on Monday, clinching the chair of the newest mining pressure group, the Africa Minerals Strategy Group (AMSG). Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake was unanimously elected the pioneer chairman of the group. The event, which held on the sidelines of the 30th edition of Investing in Africa Indaba, …

The Minister of Solid Minerals Development, Dr. Dele Alake has described the United States as Nigeria’s longstanding ally and strategic partner for the nation’s mining sector development. While receiving Charge d’Affairs, US Embassy, David Greene in his office on Thursday, Alake lauded the country’s commitment to fostering cooperation with Nigeria in diverse sectors of the economy, stating that it underscores …

The Senate, yesterday, summoned governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, to appear before it next Tuesday on the state of the economy and free fall of the naira in the forex market. The summoning of the governor was disclosed by the chairman of the Committee on Banking, Insurance and other Financial Institutions, Senator Adetokunbo Abiru. …

The recovery in the Nigerian private sector gathered momentum at the start of 2024, with rates of expansion in output and new orders accelerating sharply. Purchasing activity also expanded markedly, but difficulties paying staff meant that the rate of job creation eased, contributing to a rise in backlogs of work. Meanwhile, rates of inflation remained elevated but softened from December. …

The Lagos State government has said that it would invest N550.689 billion to develop and maintain its infrastructure in 2024.  During the State 2024 Budget Analysis at the Bagauda Kaltho Press Centre, in Alausa-Ikeja on Wednesday, the state Commissioner of Economic Planning and Budget, Mr. Ope George said the amount N550.689 billion on Infrastructure represents 24.28 per cent of the …

The Federal Government on Tuesday inaugurated the tripartite committee on the national minimum wage. Vice President Kashim Shettima inaugurated the 37-member panel at the Council Chamber of the State House in Abuja. With its membership cutting across federal, and state governments, the private sector, and organised labour, the panel is to recommend a new national minimum wage for the country. …

For many decades, Nigeria’s move towards rapid development and economic growth was impaired by poor revenue despite the country’s abundant natural resources. The country’s unsavoury economic situation was also compounded by the almost crippling foreign exchange crisis of the last eight years, accentuated by insufficient supply of dollars into the economy. With demand outstripping supply, the fiscal and monetary authorities …