Naira To Sustain Depreciation In 2024 – Analysis Reveals
A grim forecast by Bloomberg L.P. has surfaced, signaling a continued slump of the Naira throughout 2024.
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8 Firms Hit By Naira Devaluation: N918.1bn Currency Revaluation Loss
In a blow to major corporations, the decline in the naira’s value has led eight Nigerian firms to declare N918.1 billion in currency revaluation losses. The naira’s slide, exacerbated by the market-driven valuation initiated by the Central Bank of Nigeria, has sent
40% Depreciation Pushes Nigeria’s Naira Among Worst Currencies In Africa
A World Bank report released this October has ranked the Naira among the worst-performing currencies in Africa, as the Nigerian currency lost 40 per cent of its value following the devaluation carried out by the Central Bank of Nigeria (CBN) on
Experts Urge Focus On Local Industries As Naira Fall Persists
In recent times, Nigeria has been grappling with the continuous devaluation of its currency, the Naira, against major foreign currencies. This persistent depreciation has raised concerns among economic experts and policymakers about the state of the Nigerian economy, its dependence on imports,
Vessel Scarcity, Four Other Reasons Gas Prices Will Rise In Nigeria From Next Week
The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, has listed five reasons the prices of cooking gas will rise from next week. Oladapo said market forces are influencing the prices at a period gas business has been
Naira Devaluation Costs Aliko Dangote’s Sugar, Cement Companies N184.80bn
The naira devaluation by the Central Bank of Nigeria (CBN) had an adverse effect on Aliko Dangote’s companies; Dangote Cement and Dangote Sugar. Prime Business Africa learnt that Dangote Cement and Dangote Sugar lost a combined N184.80 billion to naira devaluation in
Airtel Africa Loses $471 million To CBN’s Naira Devaluation
Airtel Africa has disclosed that the company suffered a foreign exchange loss of $471 million in the second quarter (Q2) of 2023. Despite the loss, the chief executive officer of Airtel Africa, Olusegun Ogunsanya, welcomed the naira devaluation by the Central Bank
CBN Says Subsidy Removal, Naira Devaluation Will Fuel Inflation Rate
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) said the removal of subsidy on Premium Motor Spirit (PMS) and the naira devaluation will fuel the inflation rate. Members of the MPC stated that the continued hike in food
IATA Increases International Flight Tickets In Nigeria By Over 20%
International airline operators have increased the cost of tickets due to the naira devaluation, as the International Air Transport Association (IATA) adopted the N702/$1 exchange rate for ticket pricing in Nigeria. Prime Business Africa had reported that the Central Bank of Nigeria
Aliko Dangote, Abdulsamad Rabiu Lose $5.85 billion To Naira Devaluation
Africa’s richest man, Aliko Dangote, and Nigerian billionaire, Abdulsamad Rabiu, lost $5.85 billion from their total net worth on Thursday, as the naira devaluation bites the businessmen. Dangote lost $3.12 billion and Rabiu’s fortune dropped by $2.73 billion, data obtained from Bloomberg Billionaire Index
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CBN’s Android POS Directive Could Upend Nigeria’s ₦8 Trillion Payment Industry — Here’s Why Fintechs, Agents, and Banks Should Be Worried
The Central Bank of Nigeria (CBN) has quietly set the
Naira Firms Across FX Markets, Trades at ₦1,470.52 to Dollar
The naira continued to show resilience in foreign exchange markets
Investors Brush Off US Government Shutdown, Weak Hiring
All three major US indexes closed at record highs, with
US Nonfarm Payrolls Report Delayed on Government Shutdown
Gold remained close to record highs on Thursday, supported by
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