The Somalian currency (SOS) is now stronger than the Naira. 1 SOS can buy N2.8, meaning 50,000 SOS is equivalent to 140,000 naira at the time of publication, just as a foreign exchange crisis envelops Africa’s biggest economy amid acute inflation. SOS gained 157.67 percent against the Nigerian currency from February 1, 2023, to February … Read more
The imposition of excise tax on foreign exchange transactions outside the official market is one of the recommendations of the Presidential Fiscal Policy and Tax Reforms Committee which submitted its recommendations Wednesday in Abuja. In a report titled “Quick Wins”, the committee head and a tax expert, Taiwo Oyedele led his members to submit its … Read more
Just a few minutes after the Naira slid to $/N1,220 against the US Dollar at the parallel market on Monday, October 23, President Bola Tinubu has assured Nigerians that he is not relenting in making sure that foreign exchange liquidity improves. On Monday, Naira experienced its worst value against the USD in history closing at … Read more
A financial analyst Kalu Aja has proffered solutions to the lingering FOREX crisis in Nigeria, saying it is possible for the country to achieve a $/N500 exchange rate. At the time of publication, the US dollar was exchanging at N1,165, EURO at N1,168, while British Pound was N1,350 at the parallel market. At the I … Read more
The dollar closed at $/N782.68 Thursday, October 19, 2023, according to data from the FMDQ website, while it closed at N1,160 to a dollar at the parallel market, that’s a gap of N377.32 between the Naira and the US Dollar. It’s time for Nigeria to make a bold move: to either devalue or defend the … Read more
Will a crate of eggs reduce to N700 from N2,700 (the current price) as Nigeria’s apex bank lifted the FOREX restriction on 43 items? On Thursday, October 12, 2023, the Central Bank of Nigeria (CBN) in a statement said it has lifted the ban on 43 items that were initially banned from accessing Forex at … Read more
Has Tinubu returned fuel subsidy? In the month of August 2023, President Bola Tinubu-led government paid $220 million or N169,556,200,000 (at N770.71/$ rate) as subsidy payment to fix petrol price at N617 per litre, a document by Federal Account Allocation Committee (FAAC), has revealed. What does this mean? Technically, it means that fuel subsidy is back through … Read more
For the first time in the history of Nigeria, the Naira may cross over N1,000 to the US dollar by the end of September, if the pressure on the Nigerian currency continues the way it has been for the past four days. On September 18, $/N closed at N965 while € and £ closed at … Read more
From dollar-denominated debt obligations, reckless minting of Naira to limited reserves to defend the naira, and persistent depreciation of the Nigerian currency are some of the economic issues ahead of Olayemi Cardoso, the new governor of the Central Bank of Nigeria. He needs to speedily address these issues to gain the confidence of local and … Read more
How much did Nigeria spend on subsidy payments under Buhari? Nigeria spent about N16.9 trillion or $36.6 billion as a subsidy on the importation of 132.24 billion litres of Petrol into Nigeria under the Muhammadu Buhari-led government between June 2015 to June 2023. The exchange rate is based on May 16, 2023, at $/461. The exchange … Read more