Prices of staple foods in Nigeria have witnessed a sharp increase in recent weeks including cassava flakes (garri), which recorded a more than 50 percent increase in the Enugu metropolis due to economic hardship in the country. Reports from the market show that the current price of a bag of the produce is N29,000 as against N18,500 sold in January while a cup of garri, which was N120 in January, now sells for N150 while a...

Two top executives at Binance, the world’s largest cryptocurrency trading platform, have been detained in Nigeria, Financial Times reported on Wednesday. Citing people familiar with the matter, the report says the executives flew into Nigeria following the government’s decision to ban several crypto platforms but were detained by the National Security Adviser, Nuhu Ribadu with their passports seized. With the naira’s continuous devaluation against the dollar and other foreign currencies, the Nigerian government is going...

The Central Bank of Nigeria, CBN, has raised its benchmark lending rate to 22.75 per cent as a proactive measure to control inflation. Olayemi Cardoso, the CBN governor, announced this on Tuesday at the end of the bank’s Monetary Policy Committee (MPC) meeting that began Monday. The new rate is 400 basis points from the previous rate of 18.75 per cent, maintained since the MPC’s last convening on July 24 and 25, 2023. “Previous policy...