The Central Bank of Nigeria’s (CBN) customer due diligence regulation is set to boost enrolment for Bank Verification Number (BVN) and financial inclusion in Africa’s most populous country. BVN is a fundamental prerequisite for individuals to own an account, whether new or existing. It serves as a unique identifier that utilises human characteristics to enhance …
The recent hike in petrol prices and surging food prices are set to dampen the Sallah celebration – Eid-el Kabir for Muslim faithful across the country as Nigerians battle the rising cost of living. Since last year, consumers in Africa’s biggest economy have been grappling with the challenge of managing their finances amidst increasing expenses …
The World Bank has said that the accelerating inflation in Africa’s biggest economy has pushed an additional four million Nigerians into poverty in the first five months of 2023. In its latest Nigeria Development Update report for June 2023, the Bank said the loss of purchasing power from high inflation has increased poverty in the …
Federation Accounts Allocation Committee (FAAC) A top-level committee representing the entire federation and chaired by Anambra state governor Charles Soludo will hold its second meeting late Tuesday to advance Nigeria’s quest to add a massive N4trn to the cash available monthly for sharing by the three tiers of government on the back of the fuel …
A new report issued Tuesday by the World Bank says Nigeria’s new administration has initiated critical reforms to address macroeconomic imbalances and that it offers the continent’s most populous nation the window of opportunity to impact the lives of millions and establish a solid foundation for sustainable and inclusive growth. According to the report, “the …
… says debt to GDP ratio may hit 46% …FG hints on possible additional borrowings World Bank The World Bank has projected that Nigeria will save N3.9 trillion in 2023 following subsidy removal and FX unification move, saying it will also stop the country from falling off a fiscal cliff. This was made known by …
The unification of Nigeria’s foreign exchange rates is expected to bring many positive results, including lowering the pressure on foreign reserves. “A key benefit of the policy is the elimination of losses resulting from the arbitrage spread, which could help alleviate pressure on the gross official reserves,” FBNQuest, a Lagos-based investment firm, said in a …
It’s 2016 all over again in Nigeria. Africa’s biggest economy is once again torn between achieving low-interest rates or attracting foreign inflows to support the naira in a battle that could make or mar its latest currency reform. New president Bola Tinubu has set out to reduce interest rates which he deems to be too …
The recent fuel price hike owing to subsidy removal is pilling more pressure on school operators. Many school owners can no longer fuel their buses and put on generators to make classrooms comfortable for students as the cost of fueling vehicles and generators has tripled. The price of fuel in Africa’s biggest economy was raised …
As the cost of living continues to worsen in Nigeria, many individuals and families find themselves grappling with the challenge of managing their finances amidst increasing expenses. From soaring food prices to rising utility bills, the burden on households seems to grow heavier each day. According to the National Bureau of Statistics, Nigeria’s headline inflation …