Connect with us

Economy

Nigeria’s inflation hits 29.90% in January 2024

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Nigeria’s inflation rate for January 2024 rose to 29.90% from 28.92% recorded in the previous month according to the latest National Bureau of Statistics (NBS) inflation report. 

The increase shows that the inflation rate in the country is yet to slow down.  

The NBS report notes: 

“In January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%. Looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98% points when compared to the December 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 8.08% points higher compared to the rate recorded in January 2023, which was 21.82%.” 

Advertisement

“This shows that the headline inflation rate (year-on-year basis) increased in January 2024 when compared to the same month in the preceding year (i.e., January 2023). Furthermore, on a month-on-month basis, the headline inflation rate in January 2024 was 2.64%, which was 0.35% higher than the rate recorded in December 2023 (2.29%). 

“This means that in January 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in December 2023.”

Continue Reading
Advertisement

Economy

Naira records first fall against US dollar, cancels three-day gain

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The naira on Thursday recorded its first depreciation against the United States dollar at the official foreign exchange market this week.

The Central Bank of Nigeria’s data showed that the Naira weakened on Thursday to N1,353.66 per dollar, down from N1,348.95.

This means that on a day-to-day basis the N4.71 dropped against the dollar.

The decline almost erased Naira’s N5.51 per dollar gain at the official exchange in the last three days.

However, at the black market, the Naira appreciated further by N5 to N1440 on Thursday per dollar, up from N1445 the previous day, owing to the apex bank’s latest intervention to Bureau De Change operators.

The development comes as Nigeria’s foreign debt grew further to $47.53 as of February 10, 2026, according to the apex bank data.

Continue Reading

Economy

See Black Market Dollar To Naira Exchange Rate Today 13th February 2026

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Black Market Dollar-to-Naira Exchange Rate for 13th February 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.

The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 13th February 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1440 and buy at ₦1420 on Friday 13th February, 2026, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1440
Buying Rate ₦1420
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1357
Lowest Rate ₦1350
Disclaimer:NEWSRAIN NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates (black market rates) are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

Continue Reading

Economy

Central Bank Sends Strong Warning Against Naira Abuse

Published

on

By

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Central Bank of Nigeria (CBN) has issued a strong warning against the mutilation and abuse of the Naira, urging Nigerians to respect the national currency and desist from practices such as spraying, counterfeiting, defacing, and hawking banknotes.

The call was made on Thursday during the CBN Special Day at the 47th Kaduna International Trade Fair, where Mrs Sidi Hakama, Deputy Director of Corporate Communications and Investor Relations, reaffirmed the bank’s commitment to ensuring a steady supply of clean currency notes in appropriate denominations.

She was represented at the event by Abbas Ahmed, a Deputy Director at the CBN Headquarters, Abuja.

Hakama said, “The Naira is a crucial symbol of our national identity. Please respect it keep it clean. Do not spray, counterfeit, mutilate, or hawk the Naira.”

She assured the stakeholders of the apex bank’s dedication to maintaining economic stability and strengthening structural reforms.

The event, organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), was themed ‘From Reforms to Results: Economic Transformation through Sustained Local Content Development’.

The theme, Hakama said, aligned with the CBN’s domestic reform agenda focused on sustainable growth, financial inclusion, and resilience against external shocks.

According to her, under the leadership of CBN Governor, Mr Olayemi Cardoso, the bank had introduced wide-ranging reforms aimed at repositioning Nigeria’s economy.

She said, “These include the unification of the foreign exchange rate, ongoing bank recapitalisation to support the vision of a $1 trillion economy by 2030.

“There was also the introduction of the Non Resident Bank Verification Number (BVN) to connect Nigerians in the diaspora, and the B Match system for foreign exchange trading.”

Other key initiatives highlighted included the Nigerian Payments System Vision 2028, a 75 per cent Cash Reserve Ratio on non Treasury Single Account public-sector deposits to enhance liquidity management, and regulatory clarity in emerging areas such as stablecoins and virtual assets.

According to the CBN, these reforms have improved transparency, strengthened monetary policy transmission, and reinforced macroeconomic stability, particularly following the discontinuation of deficit monetisation.

Hakama disclosed that Nigeria now ranks among Africa’s most advanced digital payments markets, with leading fintech applications recording between 10 and 50 million downloads and more than 12 million contactless cards currently in circulation.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News