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
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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
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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
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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
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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
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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,
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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
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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
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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
MoreFMDQ Exchange, the platform that tracks the official foreign exchange (Forex) rate between the Naira and the Dollar has disclosed that the forex rate fell to N463.25/$1 on Thursday, 6 April 2023.
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