Category: Economy
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NBS announces rise in food prices across Nigeria
The National Bureau of Statistics (NBS) says prices of beef, rice, beans, onion, tomato, and other food items increased in January 2024.
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BREAKING: CBN raises MPR by 400 bps from 18.75% to 22.75%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 400 basis points (bps) from 18.75% to 22.75%.
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Presidency says efforts on to ramp up food supply
The Federal Ministry of Agriculture and Food Security is in the final stages of releasing 42,000 metric tonnes of assorted food items to support the vulnerable populations across the country.
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CBN amends formula for fixing FX rates for Customs Duty on importation
The Central Bank of Nigeria (CBN) has reviewed the formula for fixing foreign exchange rates for Customs duty on importation.
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UPDATED: FG moves to ban cooking gas export
The Federal Government says it is interacting with the critical sectors to halt exportation of Liquefied Petroleum Gas (LPG), also known as cooking gas in view of its rising cost.
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Petrol price stood at N668.30 in January – NBS
National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N257.12 in January 2023 to N668.30 in January 2024.
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Inflation: CBN increases PVS limit from 2.5% to 15%,
The Central Bank of Nigeria (CBN) has announced an upward review of the Price Verification System (PVS) from 2.5 per cent to 15 per cent. According to a circular by Dr Hassan Mahmud, Director, Trade and Exchange Department of the CBN, this is in a bid to check
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Nigeria’s inflation rate hits 29.90% in January – NBS
The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 29.90 per cent in January 2024 from 28.92 per cent recorded in December 2023.
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88.4m people wallow in abject poverty in Nigeria – Official
Mr Temitope Fadeshemi, Permanent Secretary, Federal Ministry of Agriculture and Food Security says 88.4 million people in Nigeria are living in extreme poverty.
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Inflation will decline to 21% in 2024, says Cardoso
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria’s inflationary pressure will drop from 28.92 per cent to 21.4 per cent in 2024. Cardoso said this in Abuja on Tuesday when he addressed the House of Representatives.