Central Bank Says No Expiration Date for Old Naira Notes

BusinessNewsNigeriaCentral Bank Says No Expiration Date for Old Naira Notes

By Ezinwanne Onwuka (Senior Reporter)October 25, 2024

The Central Bank of Nigeria, CBN)l, has dismissed reports suggesting that the old naira notes will cease to be legal tender by 31 December 2024. In a statement issued on Thursday via its official social media accounts, the CBN’s acting Director of Corporate Communications, Sidi Ali Hakama, reaffirmed that both the old and redesigned N200, N500, and N1,000 notes will remain legal tender indefinitely as mandated by the Supreme Court on 29 November 2023. The...

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Fuel Price Hike: Tinubu Introduces CNG at N200 as Alternative

EconomyNewsNigeriaFuel Price Hike: Tinubu Introduces CNG at N200 as Alternative

By Ezinwanne Onwuka (Senior Reporter)October 24, 2024

“Nigeria’s motorists can buy petrol at N1,000 per litre or equivalent gas per Standard Cubic Meter at N200..” President Bola Ahmed Tinubu has disclosed that Nigerian motorists can now purchase petrol at N1,000 per litre. However, he added that the equivalent of a litre of petrol—measured as one Standard Cubic Meter of Compressed Natural Gas, CNG—is available at N200. Tinubu made this statement during a meeting with executives of the Nigerian Independent Petroleum Company, NIPCO,...

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Nigeria’s Growth Outlook Dims as IMF Cuts 2024 GDP Forecast to 2.9%

EconomyNewsNigeriaNigeria’s Growth Outlook Dims as IMF Cuts 2024 GDP Forecast to 2.9%

By Ezinwanne Onwuka (Senior Reporter)October 24, 2024

The International Monetary Fund, IMF, has revised Nigeria’s 2024 economic growth forecast downward to 2.9 per cent from the earlier projection of 3.1 per cent in July. The downgrade, contained in the IMF’s latest World Economic Outlook, WEO, report, attributes the adjustment to disruptions in oil production, severe flooding, and persistent inflation. The report notes that flooding, coupled with ongoing security and maintenance challenges in the oil sector, has significantly affected economic activities. “Over the...

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Reps Demand Reversal of Petrol Price Hike as Talks with Labour Stall

NewsNigeriaPoliticsReps Demand Reversal of Petrol Price Hike as Talks with Labour Stall

By Ezinwanne Onwuka (Senior Reporter)October 18, 2024

The House of Representatives has called on the federal government to reverse the recent hike in petrol and cooking gas prices. This resolution was reached during plenary on Wednesday following the adoption of a motion co-sponsored by Kingsley Chinda, Aliyu Madaki, and 109 other lawmakers. On 9th October, the Nigerian National Petroleum Company, NNPC, Limited increased the price of petrol across its retail outlets, a move that has sparked public outcry. While presenting the motion,...

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World Bank: Naira Among Worst-Performing Currencies in 2024

EconomyNewsNigeriaWorld Bank: Naira Among Worst-Performing Currencies in 2024

By Ezinwanne Onwuka (Senior Reporter)October 17, 2024

The Nigerian naira has been ranked among the worst-performing currencies in sub-Saharan Africa for 2024, according to the World Bank’s latest Africa’s Pulse report. The report revealed that the naira depreciated by 43 per cent as of August 2024, placing it alongside the Ethiopian birr and South Sudanese pound. “By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region,” the World Bank said. The report...

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Nigeria’s Inflation Rises to 32.7% Amid Soaring Food Prices and Fuel Costs

EconomyNewsNigeriaNigeria’s Inflation Rises to 32.7% Amid Soaring Food Prices and Fuel Costs

By Ezinwanne Onwuka (Senior Reporter)October 17, 2024

Nigeria’s inflation rate surged to 32.7 per cent in September 2024, reversing the decline recorded in July and August, according to the latest Consumer Price Index, CPI, report from the National Bureau of Statistics, NBS. The new figure represents an increase from 32.15 per cent recorded in August, deepening economic challenges already impacting citizens amid ongoing fuel price hikes. “This means that in September 2024, the rate of increase in the average price level is...

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World Bank Grants Nigeria $500 Million to Boost Post-COVID Recovery

BusinessEconomyNewsNigeriaWorld Bank Grants Nigeria $500 Million to Boost Post-COVID Recovery

By Ezinwanne Onwuka (Senior Reporter)October 15, 2024

…Vice President Gill Urges Government to Sustain Reforms Despite Hardships The World Bank has announced a $500 million grant to support Nigeria’s recovery from the economic impacts of the COVID-19 pandemic through the Nigeria Community Action for Resilience and Economic Stimulus, NG-CARES, programme. Launched in 2021, NG-CARES was designed to assist vulnerable households and micro-small enterprises affected by the pandemic. Dr Lire Ersado, the World Bank Task Team Leader for NG-CARES, disclosed the new funding...

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Battling the Storm: How Ordinary Citizens of Anambra Are Coping with Economic Hardship

EconomyNewsNigeriaBattling the Storm: How Ordinary Citizens of Anambra Are Coping with Economic Hardship

PilotnewsOctober 14, 2024

As the economic challenges in Nigeria deepen, the people of Anambra State, like many others across the country, are feeling the weight of skyrocketing prices, job losses, and a strained economy. The ripple effect of inflation, increased fuel prices, and a depreciating naira is forcing ordinary citizens to make hard choices in their day-to-day lives. From small-scale traders in Onitsha to farmers in rural communities, the struggle to meet basic needs is reshaping daily existence...

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NLC President Reacts To Latest Hike In Pump Price Of Fuel

NewsNigeriaPoliticsNLC President Reacts To Latest Hike In Pump Price Of Fuel

Hassan Umar Shallpella (Regional Correspondent)October 10, 2024

Joe Ajaero, President of the Nigeria Labour Congress, NLC has criticized the Federal Government over the latest increment in the pump price of fuel. Ajaero who stated this in his reaction on Wednesday lamented that the latest wave of increase has grossly altered the calculations of Nigerians when they were reluctantly coming to terms with their new realities. “It will further deepen poverty as production capacities dip, more jobs lost with multidimensional negative effects. “In...

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NNPC, Dangote Refinery Finalise Agreement on Crude Supply and Payment in Local Currency

NewsNigeriaOil & GasNNPC, Dangote Refinery Finalise Agreement on Crude Supply and Payment in Local Currency

By Ezinwanne Onwuka (Senior Reporter)October 8, 2024

The Dangote Oil Refinery is set to receive up to 400,000 barrels of Nigerian crude daily over the next two months, marking a significant shift in the country’s oil market. This move is expected to transform Nigeria’s import and export markets as the refinery ramps up its local feedstock processing. According to reports, the refinery, located outside Lagos, will take delivery of about 24 million barrels of Nigerian crude in October and November 2024. The...

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