Tag
NAIRA DEVALUATION
News and stories about Naira Devaluation
Nigeria’s export earnings hit a record high of N77.4 trillion in 2024, but this headline figure hides a deeper concern: export performance in dollar terms has plunged by nearly 48% over the last decade.
Business confidence in Nigeria has declined sharply due to the impact of naira devaluation and the removal of fuel subsidies, a new report by Standard Bank’s Africa Trade Barometer has revealed.
Abdul Samad Rabiu, chairman of BUA Cement, has stated that the price of cement should be around N10,000 per bag, considering the significant devaluation of the naira.
Agro-based companies listed on the Nigerian Exchange have reported yet another period of profitability growth in the first half of 2024.
Aliko Dangote, Africa's richest man, lost $651 million due to naira devaluation and sell-offs in Dangote Cement, affecting his wealth.
Nigeria's proposed windfall tax on foreign-currency revaluation gains of Nigerian banks could generate up to 0.3% of the country's Gross Domestic Product (GDP) in 2024, offering a temporary fiscal boost amid ongoing economic challenges.
A significant factor contributing to the exodus of multinational companies is the declining purchasing power of Nigerian consumers
Nigeria’s total trade with the United Kingdom has plummeted by 25% in the first quarter of 2024 despite the higher value realised from naira devaluation.
Advocates of weaker currencies, love to sing the praises of a floundering local currency.
The value of Nigeria’s crude oil export earnings increased by 50.2% in the first quarter of 2024 to N15.4 trillion, according to data from the Nigeria Bureau of Statistics (NBS).
Data from the National Bureau of Statistics reveal Nigeria recorded N117.4 billion as import cost for motorcycles in the first quarter of 2024
In the realm of corporate strategy, the pursuit of cost optimization stands as a pivotal endeavor, particularly in industries susceptible to fluctuating economic conditions.