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
What are the monetary and forex issues before the new CBN Governor ? 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 … Read more
Nigerian currency crashed to a new record low at the black market at the close of business on Wednesday, September 20, 2023, exchanging at N983 to a dollar. According to rates compiled by InfomediaNG team in some streets of Lagos, especially at Ikeja, USD buy and sell closed at $/N975 and $/N983 respectively. A day … 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
The pressure on the Naira remains unsolved as it crashed yet again to $/N970 against the US dollar at the unofficial market on Tuesday, September 19, 2023. It is the latest record low for the Nigerian currency after it exchanged for $/N965 at the parallel market a day earlier. Some of the operators of the … Read more
In 2021, exports from Italy to the rest of the world were valued at $597 Billion USD, making the country ranked No. 7 in terms of exports among 226 countries. Italy also imported goods and services worth $570 Billion USD , according to The Observatory Economic Complexity (OEC). But this article focuses on Italy’s top … Read more
The core reasons why a country might redenominate are to fight high inflation, to simplify accounting, for political reasons, to boost investor’s confidence, to enhance pegging, and to show that a form of monetary reform. In 2007, Ghana redenominated its currency due to inflation. In 2009, the Zimbabwean Dollar was rebased due to hyperinflation. It … Read more
Meaning of multiple exchange rate systems Multiple exchange rate systems refer to systems where a country maintains more than one official exchange rate for its currency. How it works In a multiple exchange rate setup, the apex bank may set different rates for different types of transactions or for different types of goods and services. … Read more
What is the Unification of Exchange Rates? Unification of exchange rate refers to the process through which a country that has multiple exchange rates for its currency consolidates them into a single rate. Unifying the exchange rate seeks to simplify and streamline foreign exchange systems, and it has economic, financial, and sometimes political implications. Nigeria, for … Read more