The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has defended the bank’s decision to raise the Monetary Policy Rate to 27.25 per cent, describing it as a necessary move to control inflation and curb excess money in circulation. This is according to a press statement from the apex bank on Sunday. Speaking during an address at …

The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to stop increasing the monetary policy rate and instead explore a monetary-fiscal option to bring down inflation. In a statement on Thursday, the Director General (DG) of MAN, Segun Ajayi-Kadir, said the recent hike in interest rate to 27.25 per cent would worsen the already …

Nigeria’s inflation narratives took a controversial twist yesterday as the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), gave its own figure contradicting that of the National Bureau of Statistics (NBS), by a wide margin. The NBS had released its Consumer Price Index (CPI), for June 2024 reporting that the headline inflation rate increased by 0.24 percentage …

Again, Nigeria’s inflation rate increased to 33.95 per cent for the month of May 2024, according to the latest data from the National Bureau of Statistics (NBS). This represents a month-over-month increase of 0.26 per cent points in the headline inflation rate from 33.69 per cent recorded in April, the NBS stated in the Consumer Price Index report released on …

The average price of imported food commodities to Nigeria rose to its highest level, reaching 34 per cent in one year between April 2023 and April 2024. This represents an increase of 200 basis points from 32 per cent recorded in March 2024, according to an analysis of the Consumer Price Index report released by the National Bureau of Statistics …

MTN Nigeria Communications (MTNN) Plc has reported a loss after tax of N392.7 billion for the first quarter (Q1) of 2024. The company experienced significant financial strain due to a continued depreciation of the naira, reporting a net foreign exchange loss of N656.3 billion in Q1, 2024, contributing to a record-high forex loss of N1.396 trillion since 2023. In response …

The Federal Government has outlined its strategic plan to counter the challenges posed by excess liquidity in the financial system, curb inflation and stabilise the economy. The disclosure was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a press briefing at the ongoing Spring Meetings of the International Monetary Fund (IMF) and …

The International Monetary Fund (IMF) has projected a 23 per cent inflation rate for Nigeria in 2025 and a further drop to 18 per cent in 2026. In its Global Economic Outlook released yesterday at the ongoing IMF/World Bank Spring Meetings in Washington D.C, Division Chief, IMF Research Department, Daniel Leigh, said Nigeria is moving in the right direction with economic reforms …

The cut in diesel price by the Dangote Refinery will reduce inflation, President of Dangote Group, Alhaji Aliko Dangote, said yesterday. He believes with the cost of diesel dropping to N1,200 from N1,650, the inflation rate will further drop. In February, the headline inflation rate increased to 31.70 per cent relative to the January 2024 rate, which was 29.90 per …

The World Bank, yesterday, said that Nigeria’s inflation rate will remain high at 24.8 per cent year-on-year (YoY), in 2024. The World Bank’s projection, however, is lower than February 2024 inflation, which stood at 31.7 per cent. The World Bank also reaffirmed its projection of 3.3 per cent economic growth for the country in 2024 and reduced its projection for …