Naira falls against dollar despite CBN’s intervention

The Naira on Friday suffered marginal loss against the dollar at the parallel market in spite of CBN’s intervention at the foreign exchange market. The Naira lost one point to exchange at N366, weaker than N365 traded on Thursday, while the pound sterling and the Euro closed at N468 and N412, respectively. At the Bureau […]

External reserve drops by $50m as .as Naira rises to N383/$

By Babajide Komolafe The nation’s external reserve on Monday dropped by $50 million, the first time in six weeks. Since March 28th, the external reserve has been on the upward trend rising from $30.3 billion to $30.983 billion Friday last week. Data posted by the CBN on its website show that the rising trend was […]

60 Entrants make Longlist for 1 Million Naira Recession Essay Prize

60 Entrants make Longlist for 1 Million Naira Recession Essay Prize Lagos-based international Graduate School, CIAPS (The Centre for International Advanced and Professional Studies) has announced a the first set of results for its 2016 Public Interest Essay Competition aimed at studying the Nigerian Recession and finding solutions to it. According to a statement on […]

Presidency says economy coming out of recession

The Presidency on Tuesday reacted to the review of the economy by the National Bureau of Statistics (NBS), saying the report indicated that the economy was coming out of recession. “There are now indications that the Nigerian economy is well on its way out of recession considering the 2016 overall and last quarter Gross Domestic […]

Naira further regains strength at N425 to a dollar in parallel market

The naira continued to regain strength and appreciate in value in the parallel market on Tuesday as it was sold for N425 to a dollar.However, it was N450 to a dollar at the close of transactions on Monday. A survey carried out by the News Agency of Nigeria (NAN) on Tuesday at the Bureau De […]

As the Dollar Sells for N500…

As the Dollar Sells for N500… An objective evaluation and analysis of Nigeria’s economic collapse points directly to President Muhammadu Buhari and his unprecedented inaction and monumental blunder in failing to appoint his ministers and form a government until 6 months after he was sworn into office. Furthermore, the delay in having a budget passed […]

Press Release: Nigerian Recession: Centre announces Essay Prize for Solutions Nigerian Recession

Nigerian Recession: Centre announces Essay Prize for Solutions Nigerian Recession Lagos-based international Graduate School, CIAPS (The Centre for International Advanced and Professional Studies) has announced a Public Interest Essay Competition aimed at studying the Nigerian Recession and finding solutions to it. The competition themed “Nigerian Recession: Diagnosis & Prognosis” which has a total of one […]

Nigeria, others can borrow at zero interest –IMF

— 9th October 2016 From Amechi Ogbonna, Washington DC, USA The Executive Board of the International Monetary Fund (IMF), has approved a modification in the mechanism governing interest rate, setting of Poverty Reduction and Growth Trust (PRGT) facilities and set the interest rates to zero on all its concessional loans under the PRGT for Nigeria […]

Recession hit Lagos night clubs as big spenders evade recreation

The manager of Rumours Nightclub, Tobi Ashiru, has complained about the slow pace of business and the near absence of big spenders at the leisure facility. Ashiru told newsmen on Tuesday in Lagos that the lull had made most club owners to explore more creative approaches to boost their businesses. “One of the biggest challenges […]

How Nigeria slipped into economic recession, by experts – Recession may continue until 2020

How Nigeria slipped into economic recession, by experts By Roseline Okere Vice Chancellor, Federal University Oye-Ekiti. Kayode SoremekunVice Chancellor, Federal University Oye-Ekiti. Kayode Soremekun   •Warn govt against excessive borrowing • Classify country as a rental economy. Running an oil-dependent economy, lack of sustainable developmental strategies, and mismanagement of Nigeria’s petroleum revenues have been identified […]

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