CBN reports highest FX reserves in years – see the latest figure
Nigeria’s foreign exchange reserves have climbed to $41 billion as of August 19, the highest level since December 2021, according to CBN data.
Business and Economy
China presses Afghanistan to join Belt and Road, eyes mining projects
China is pressing Afghanistan to join its Belt and Road Initiative while preparing to launch mining projects, urging the Taliban to tighten security cooperation.
Retailers weigh costs and consumers as levies hit hardest in decades
Retailers are raising prices, shifting supply chains, and bracing for profit losses as President Trump’s sweeping tariffs drive record customs revenue.
July data shows continued rise in UK inflation
UK inflation rose to 3.8% in July, driven by food and travel costs, undermining hopes for further rate cuts and prompting further government intervention.
Nigerians kick against salary increase for political leaders amid hunger
Nigerians have responded with fierce opposition to a proposed pay rise for President Tinubu, his vice and other political officeholders, decrying the plan amidst grinding inflation, widespread poverty, and stalled wage and welfare improvements.
Tinubu scraps 5% telecom levy in new tax law – NCC
President Tinubu has scrapped the 5% telecom levy, a move expected to reduce consumer costs and support growth in Nigeria’s telecom sector.
FG to give cash transfer to 2.2m poor households — Minister
In the next few days to come, before the end of August, we are going to reach out to 2.2 million households
Naira edges lower at N1,533.67/$ in early week session
Despite ongoing Central Bank of Nigeria (CBN) interventions and improved forex inflows, analysts warn that external shocks and a stronger U.S. dollar could pressure the naira.
Businesses and households still squeezed as inflation rate drops for fourth month
Former Finance Minister Ngozi Okonjo-Iweala also remarked during a recent visit that the economy was stabilising.
BudgIT raises alarm as states’ fiscal surplus jumps from N2.8trn to N7.1trn
BudgIT reports states’ fiscal surplus rose from N2.8trn in 2023 to N7.1trn in 2024.