African Export-Import Bank (Afreximbank) Africa’s trade volumes slowed sharply by 2.7 percent in 2022 from 10 percent in 2021, following global output deceleration occasioned by challenging environment, according to a new trade report by Afreximbank. But the general price increases more than offset the losses in volumes, giving impetus to the value of global trade …
Since the removal of the peg on the exchange rate by the Central Bank of Nigeria (CBN), the naira has been wobbling against the dollar at the Investors’ & Exporters’ (I&E) FX Window. The CBN, on June 14, 2023, collapsed all segments of foreign exchange markets into the I&E window. After trading on Monday, the …
Since the removal of the peg on foreign exchange (FX) by Nigeria’s Central Bank, naira on the Investors’ & Exporters’ FX Window (I&E FX Window) has been swindling reflecting mostly a devaluation. The Central Bank of Nigeria (CBN) on June 14, 2023 collapsed all segments of foreign exchange markets into the I&E forex window. After …
For instance, the CBN has devalued the naira against the dollar to push towards a single foreign exchange system for the local currency. In May, the apex bank adopted the Investors and Exporter’s (I&E) exchange window, which has averaged N410.25/$1 as against the formerly fixed rate of N379/$1. The foreign exchange market is expected to …
With a roadmap in place, the Policy Advisory Council of the new administration of President Bola Tinubu has put forward an ambitious proposal to propel Nigeria’s economy to $1 trillion within the next eight years. According to the recently released Policy Advisory Council Report, dated May 2023, the Federal Government aims to achieve this economic …
Douala, Cameroon|| Nigeria has an opportunity to profit from the multi-billion dollar sorghum market as global beer makers are canvassing the increased use of sorghum for brewing. According to VLB Berlin, a German-based educational institution in the global brew industry, European brewers are looking for more sustainable, affordable, and versatile brewing ingredients and sorghum is …
Bismarck Rewane, CEO of the Financial Directive Company and economic adviser to former President Muhammadu Buhari, has called for the need to reform the institutions of government in Nigeria. His advice comes in the wake of some key monetary policy changes taken by President Bola Tinubu to not only reform the sector but also help …
…recommends steps to sustain long term positive momentum Yemi Kale, partner and chief economist, KPMG The federal government’s decision to remove petrol subsidy and also unify the country’s exchange rate will result in a spike in the rate of inflation for June and July 2023, as an immediate consequence of both policies. Yemi Kale, partner …
…hits 22.41 Nigeria’s annual inflation rate rose for the fifth straight month to 22.41 percent in May 2023 from 22.22 percent in the previous month, according to the latest inflation report released on Thursday. The report published by the National Bureau Statistics (NBS) said the food inflation rate quickened to 24.82 percent in May from …
With the unification of the foreign exchange (FX) market, foreign investors of all categories can now come in with their money to invest in Nigeria, said Ayodele Akinwunmi, relationship manager, of corporate banking at FSDH Merchant Bank Limited. He said exporters will now earn more money on their exports. Government can now speak with Nigerians …