Exchange Rate

The total borrowing of the country as of 31 December is 21.6 per cent of the GDP. So, if we were not looking at adding the other category of loans that I mentioned, we don’t even need to increase that at this time As of 2019, the debt to GDP ratio was 19.2 per cent so only two per cent was added.

The federal government has described as a welcome development, the rising price of crude oil in the global market, saying, “this is a good omen for Nigeria”.

Foreign investors’ low patronage of the Nigerian stock market has been attributed to scarcity of foreign exchange (FX) as well as concerns about the coronavirus pandemic.

On Wednesday, the Debt Management Office released the federal government’s Medium-Term Debt Management Strategy on its website, seeking to increase total public debt as a percentage of gross domestic product from 25 percent to a maximum of 40 percent.

Manufacturers and industrialists on Wednesday appealed to the Federal Government and the Central Bank of Nigeria for a review of the available foreign exchange (FX) policies in the country.

Analysts yesterday forecasted a faster economic recovery for Nigeria as crude oil prices, at $60 per barrel, hit a new high since February 2020.

The International Monetary Fund (IMF) says that Nigeria’s outlook remains challenging and charged the federal government to urgently undertake policy adjustments.

The Central Bank of Nigeria (CBN) has opened investigations into bank accounts of companies involved in the trading of cryptocurrencies with the intention of blocking those with suspicious transactions and fraud.

The Economic and Financial Crimes Commission (EFCC) has taken into custody two suspects linked with the SAR3.1million (Saudi Arabian Riyal) seized at the Nnamdi Azikiwe International Airport, Abuja, on Monday.

The Nigerian Economic Summit Group has predicted a growth rate of 2.9 per cent for the Nigerian economy in 2021, higher than the 1.5 per cent growth rate suggested by the International Monetary Fund.

The managing director of Financial Derivatives Company, Bismarck Rewane, has projected that the naira will depreciate to N420 against the dollar on the official window by the end of 2021.

The Central Bank of Nigeria, CBN, yesterday warned the Federal Government (FG) against imposing another total lockdown of the country, saying such a move would be catastrophic to Nigerians and the economy.

The Lagos Chamber of Commerce and Industry (LCCI) has projected a return to positive growth path for the Nigerian economy in the second quarter of 2021.

The Central Bank of Nigeria (CBN) has directed banks to deny exporters with unrepatriated export proceeds from accessing all banking services by January 31.

Naira strengthened against the U.S. dollar on Thursday at the Investors & Exporters (I&E) window of the foreign exchange market, data from the FMDQ Security Exchange where currencies are officially traded showed.

The Nigerian government spent N1.85 trillion on food imports in 2020 after it closed the country’s land borders, the chairman of the presidential economic advisory council, Doyin Salami, has said.

The dollar dropped on Tuesday as investors prepared for U.S. Treasury Secretary nominee Janet Yellen to talk up the need for major fiscal stimulus and commit to a market-determined exchange rate when she testifies later in the day.

Fitch Ratings has predicted that Nigeria’s external reserves would rise to $42 billion in 2021, higher than the $35.374 billion it stood at the end of 2020. This is according to figures obtained from the website of the Central Bank of Nigeria (CBN).

Minister of Power, Engr. Sale Mamman, has directed the Nigeria Electricity Regulatory Commission, NERC, to suspend the recent hike in electricity tariff with immediate effect.

The NLC also accused the Federal Government of deceit and insensitivity to the plight of Nigerians at this period the Coronavirus pandemic has caused havoc to the people, adding that if the action of the government was not resisted, exploitation in the country would have no end.

NERC in an order (NERC/225/2020) signed by its Chairman, Sanusi Garba and Commissioner Legal, Licensing and Compliance, Dafe Akpeneye, on December 31, 2020, said the new tariff order took effect January 1, 2021 and will exist until a new order is made.

There are indications that the Central Bank of Nigeria (CBN) may have affected an adjustment in the foreign exchange rate that officially devalues the Naira at the Nigeria Autonomous Foreign Exchange (NAFEX) window from N392/$1 to N410.25/$1 on December 31, 2020.