Nigeria

CBN Says Nigerian Economy Contracted In November

CBN Says Nigerian Economy Contracted In November   The manufacturing and non-manufacturing Purchasing Manager’s Indices for November 2021 remained below the 50 index points at 47.3 and 47.5 index points. PMI readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show a deterioration. The Deputy Governor, Financial Systems Stability Directorate, CBN, […]

Crypto Currencies’ Volatility Poses Financial Stability Risks For Nigeria – IMF

Crypto Currencies’ Volatility Poses Financial Stability Risks For Nigeria – IMF   The International Monetary Fund says crypto currencies’ high volatility and valuation, as well as their increasing co-movement with equity markets will soon pose risks to financial stability in countries with widespread crypto adoption. The IMF disclosed this in a blogpost titled, ‘Crypto Prices […]

Higher Oil Prices’ll Drive Nigeria’s Economy By 2.5% In 2022 – W/Bank

Higher Oil Prices’ll Drive Nigeria’s Economy By 2.5% In 2022 – W/Bank   The World Bank has projected a 2.5 per cent economic growth for Nigeria in 2022, and 2.8 per cent in 2023. This 2022 forecast is a slight upward review from the estimated 2.4 per cent growth in 2021. According to the bank, […]

Nigeria’s Crude Oil Earnings Hit N12.4trn In 11 Months

Nigeria’s Crude Oil Earnings Hit N12.4trn In 11 Months   Nigeria produced a total of 440.774 million barrels of crude oil valued at about N12.4tn between January and November 2021, an analysis of the latest oil production data released by the Federal Government showed. A document on Crude Oil and Condensate Production for 2021, obtained […]

Nigeria’s Inflation Rate May Be Among World’s Highest In 2022 – W/Bank

Nigeria’s Inflation Rate May Be Among World’s Highest In 2022 – W/Bank   The World Bank has said Nigeria may have one of the highest inflation rates globally in 2022, with increasing prices diminishing the welfare of Nigerian households. According to the World Bank, Nigeria is projected to have one of the highest inflation rates […]

Twitter Loses N499.32bn in Nigeria as Ban Hits 200 Days

Twitter Loses N499.32bn in Nigeria as Ban Hits 200 Days   Twitter has lost N499.32bn in Nigeria since its suspension by government on June 4, 2021. On June 4, the Federal Government announced the suspension of Twitter after the social media platform deleted a tweet by the President, Major-General Muhammadu Buhari (retd.). Telecommunication companies had […]

Nigeria’s Commodity Terms Of Trade Declines As Exports Fall By 2.3%

Nigeria’s Commodity Terms Of Trade Declines As Exports Fall By 2.3%   Nigeria’s all commodity terms of trade (ToT) fell by 2.85 percent in the third quarter of 2021 (Q3’21) even as commodity exports declined by 2.3 percent during the period. This represents the third consecutive quarterly and highest decline in commodity ToT this year. […]