The International Monetary Fund (IMF) has issued a stark warning to President Bola Tinubu, urging him to take decisive action to remove implicit fuel and electricity subsidies in Nigeria. In a recent report, the IMF highlighted the substantial impact of these subsidies, estimating that they would consume three percent of the nation’s Gross Domestic Product … Read more
The International Monetary Fund (IMF) has said the silent reintroduction of fuel subsidy by the President Bola Tinubu administration is expected to gulp almost half of its projected oil revenue this year. According to the IMF, the implicit subsidy will cost Africa’s largest crude producer an estimated N8.43tn ($5.9bn) of its projected N17.7tn of oil … Read more
The Naira on Thursday resumed its downward trend against the United States dollar, depreciating to N1,309/$ at the official market and N1,420 at the parallel market. The new rate which indicates a depreciation of N90 or 6.8 per cent from N1,330 quoted by currency traders on Wednesday followed renewed dollar demand pressure in the foreign … Read more
The First Bank Board of Directors has named Segun Alebiosu, Executive Director and Chief Risk Officer, as the bank’s acting Managing Director and Chief Executive, succeeding Adesola Kazeem Adeduntan, who quit abruptly. He is anticipated to take the role on an interim basis until cleared by the Central Bank of Nigeria (CBN). In a released … Read more
The Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, said on Wednesday that the apex bank is not defending the Naira with the nation’s foreign reserves. Cardoso was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market … Read more
The International Monetary Fund (IMF) has reduced its forecast for Nigeria’s economic growth to 3 percent in 2024 down from a 3.1 percent projected in October 2023. This is contained in the Washington-based institution’s World Economic Outlook (WEO) update for January 2024. The outlook, released on Tuesday, is titled, ‘Moderating Inflation and Steady Growth Open … Read more