Economy

Hardship: Nigeria experiencing deepening economic crisis – IMF

Published

7 months ago

February 13, 2024

The International Monetary Fund, IMF, has warned that Nigeria is experiencing a deepening economic crisis.

IMF expressed concern that the stagnant per-capita growth, widespread poverty, and severe food insecurity have further intensified the persistent cost-of-living crisis in Nigeria.

This was contained in its recently published report titled ‘Review of Nigeria’s Post Financing Assessment by the IMF Executive Board.’

In line with the report, the inadequate collection of revenue has impeded the delivery of services and the allocation of resources towards public investment.

According to the report, the observed inflation rate for October stood at 27 percent compared to the same period last year (with food inflation at 32 percent).

The growth was attributed to the removal of fuel subsidies, the depreciation of the exchange rate, and the negative impact on agricultural production in the country.

The report read in part, “Nigeria faces a difficult external environment and wide-ranging domestic challenges. External financing (market and official) is scarce, and global food prices have surged, reflecting the repercussions of conflict and geo-economic fragmentation.

“Per-capita growth in Nigeria has stalled, poverty and food insecurity are high, exacerbating the cost-of-living crisis. Low reserves and very limited fiscal space constrain the authorities’ option space. Against this backdrop, the authorities’ focus on restoring macroeconomic stability and creating conditions for sustained, high and inclusive growth is appropriate.”

In the midst of Nigeria’s ongoing economic challenges, the report highlighted that on January 12, 2024, the Executive Board of the International Monetary Fund completed an evaluation of post financing and approved the Staff Appraisal without delay.

Additionally, it emphasized that Nigeria possesses sufficient capability to repay its debts to the IMF.

Economy

CBN sells $20,000 to BDCs at 1,580

Published

20 hours ago

September 7, 2024

Kayode Sanni-Arewa

The Central Bank of Nigeria has announced the sale of dollars to Bureau De Change operators.

This was disclosed by the apex bank in a statement signed by the Acting Director of Trade and Exchange Department, Dr W. J Kanya, on Friday.

The latest intervention of the central bank comes days after the Nigerian naira has been taking a beating at both the official and parallel market where it has depreciated to about 1,670/$ on Friday.

The circular partly read, “This is to inform the Bureau De Change Operators and the general public that we are providing more liquidity into the market.

“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$. This is to meet the demand for invisible transactions.”

The bank said the BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.

Eligible BDCs interested in this transaction were advised to make the Naira payment to the CBN.

Economy

SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 6th September 2024

Published

2 days ago

September 6, 2024

Naijablitznews

By Mario Deepromoter

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1635 and sell at N1645 on Friday 6th September 2024, according to sources at Bureau De Change (BDC).

Black market dollar to Naira exchange rate on Friday 6th September 2024 can be accessed below.

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. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.

How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):

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
Buying Rate N1645
Selling Rate N1635
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1625
Selling Rate N1630
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Economy

NNPC Announces Date To Start Lifting Petrol From Dangote Refinery

Published

2 days ago

September 6, 2024

Admin

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has revealed that it will start lifting petrol from the Dangote Refinery from September 15th.

This is coming a few hours after the Refinery debunked reports claiming that the NNPCL had started the lifting of its petrol and selling for N897 per litre.

Speaking on TVC News’ “Journalists’ Hangout” show on Thursday, the Executive Vice President of Downstream, NNPC Ltd., Mr. Adedapo Segun explained that the corporation is awaiting the September 15 deadline provided by the Refinery to start lifting petrol.

Segun also said that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA), 2021.

He revealed that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.”

He said Section 205 of the PIA, which established NNPC Ltd., stipulated that petroleum prices were determined by unrestricted free market forces.

According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”

Segun, who said no right-thinking individual would be comfortable with the current fuel scarcity, added that the NNPC Ltd. has nearly a thousand filling stations nationwide and was collaborating with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.”

He assured Nigerians: “We are also engaging relevant authorities to ensure products diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations recalibrate and begin operations.”