The Central Bank of Nigeria has retained the Monetary Policy Rate at eleven-point five percent. The Monetary Policy Committee of the CBN also agreed to maintained other measurement indicators of the economy at the same points. CBN Governor Godwin Emefiele made the announcement during a media briefing in Abuja at the end of the meeting of the…
The International Monetary Fund says Nigeria will likely depend on overdrafts from the Central Bank of Nigeria to fund its proposed two point five-five trillion-naira petrol subsidy bill. The IMF made this known in its report which was prepared by a staff team of the fund as background documentation for its regular discussion with Nigeria. The report…
The National Bureau of Statistics says Nigeria recorded an annual Gross Domestic Product growth of three point four per cent in 2021, representing the strongest growth in seven years. The GDP growth exceeded the World Bank and International Monetary Fund 2021 projections of two point five per cent and two point seven per cent for the country.…
President Muhammadu Buhari has directed that those who suffered damages from the bad petrol in circulation should be compensated. This was announced in a statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu. Shehu said President Buhari wants the providers of substandard fuel to be held accountable for the damage they…
The Central Bank of Nigeria believes that the reason for the continued high cost of food in the market is due to the activities between the farms and markets. CBN Governor, Godwin Emefiele, said such activities include transportation of produce from the farms to the markets, as well as hoarding by traders who buy produce in large…
The Central Bank of Nigeria has retained the Monetary Policy Rate at eleven-point five percent, with other measurement indicators also remaining the same. The Monetary Policy Committee of the CBN also left the Cash Reserve Ratio at twenty-seven-point five percent, while the Liquidity Ratio is at thirty percent. CBN Governor, Godwin Emefiele made the announcement during a…