...news, reports, issues... about Lagos
The naira sustained gains against the US currency at the official foreign exchange (FX) market, despite a drop in dollar supply by market players on Monday. The summary of the FX transactions published by the FMDQ Securities Exchange revealed that the naira appreciated by 0.56 percent as the dollar was quoted at N1,136.04 on Monday, stronger than N1,142.38 quoted […]
While the naira has appreciated against the dollar in recent weeks to become the world’s best-performing currency, food inflation in the country jumped to a historic high last month. Naira’s appreciation, driven by a series of measures taken by the Central Bank of Nigeria including the clearing of foreign exchange backlogs, has yet to reflect on the cost […]
Nigeria, Ethiopia, Malawi, Sierra Leone, and Zimbabwe are the sub-Saharan African (SSA) countries that recorded the fastest rise in food inflation in February this year, according to a new report by the World Bank. The latest edition of the Africa Pulse report, a biannual survey of African economies, said food inflation and the weakening of […]
AS the Nigerian National Petroleum Company, NNPC Limited, moves to end petrol scarcity in Lagos and its environs, Dangote Refinery and oil marketers have intensified efforts at taking final decisions on pricing and delivery of petrol to filling stations nationwide. Dangote Refinery, which can refine 650,000 barrels per day, bpd of crude oil, intends to commence production […]
The prices of gadgets have begun to fall on the back of the naira’s recent gains against the dollar and other major currencies, according to a market survey by BusinessDay. Nigeria’s currency has rallied in recent weeks after falling to record lows in January and February. It closed at N1,255.07/$ on Thursday at the Nigerian […]
Motorists in some parts of Lagos faced a resurgence of petrol queues on Thursday as the Nigerian National Petroleum Company Ltd (NNPC) struggled to meet national demand due to a backlog of unpaid subsidies. The NNPC Ltd, which is the sole importer of petrol into the country, has been reliant on government subsidies to keep […]
The naira began the new month on a bullish note, appreciating to N1,278.58 against the United States dollar from N1,309.39 per dollar recorded last week Thursday. This indicates an increase of N30.81 at the close of trading activity. According to data from FMDQ Securities, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market […]
The impact of currency weakness on the Nigerian private sector was evident again in March as goods selling prices rose. However, the Stanbic IBTC Bank Purchasing Manager Index (PMI) remained unchanged at 51.0 in March, the joint-lowest in four months. The report stated that purchase costs rose at the sharpest rate on record, meaning companies […]
The cost of basic food items that meet the minimum nutrient requirements has almost doubled within a year, new official data show, putting healthy diets beyond the reach of more Nigerians. The latest ‘Cost of Healthy Diet’ report, produced by the National Bureau of Statistics (NBS) and the Global Alliance for Improved Nutrition, shows that the national […]
The era where people take in young relatives, raising them along with their children is gradually coming to an end.The limited purchasing power of every Nigerian at the moment fuels that. It has reduced living standards and Nigerians are becoming conscious of how they spend their money.As a result, Nigerians have been sourcing ways to cut the cost […]
