The World Bank has said Nigeria was losing around N10 trillion in foregone revenue to fuel subsidy and multiple exchanges as of 2022 before the implementation of President Tinubu’s reforms.
Zimbabwe's new currency, the ZiG, has experienced a depreciation of over 40% after the country's central bank made...
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the country now records about $2.35 billion as net inflow into the Central Bank foreign reserves.
The federal, state, and local governments collectively gained approximately N2.74 trillion in revenue from exchange gains during the first six months of 2024.
Naira falls as increased demand pressures the local currency, while the U.S. dollar index maintains its bullish trend.
Naira has experienced substantial fluctuations making it difficult for businesses to predict costs and revenues accurately, complicating financial planning and budgeting processes.
A few days ago, I found myself pondering over the perplexing question: "How did the Naira transform into a cryptocurrency?"
Tinubu has expressed his commitment to sustaining the removal of fuel subsidy and the unification of Nigeria's exchange rates, as these measures are expected to contribute to the creation of a more competitive economy in the country.
The currencies are Cayman Island’s dollar, British pound, Jordanian dinar, Omani rial, Bahraini dinar and Kuwaiti dinar
Senator Datti Baba-Ahmed has stated that Nigeria has 11 different exchange rates, which are not sustainable.
The BDC operators have attributed the widening exchange rate disparity to acute scarcity of dollars due to the continued suspension of forex sales to BDCs.
The Naira crashed again to an over 3-year low against the dollar, closing at N500/$1 at the parallel market.
