Tag: recession
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JUST IN: CBN retains MPR at 13.5%, says Covid-19 pandemic may lead Nigeria into recession
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has held the Monetary Policy Rate (MPR) constant at 13.5%. This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting. Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain…
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Emefiele reacts to Yari’s recession alarm
The Central Bank of Nigeria (CBN) on Tuesday dismissed the alarm raised by Govenor of Zamfara State and chairman of the Nigeria Governors Forum (NGF) Abdulaziz Yari that the economy might relapse into recession. Recall that Yari had on Monday during the opening of a three-day retreat for returning governors and governors-elect in Abuja warned…
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Nigeria likely to experience another recession soon – Yari warns
Zamfara State Governor Abdulaziz Yari has warned of an impending recession by the mid-2020. Besides, Yari pointed out that the governors have unanimously agreed that borrowing cannot be a reliable solution to the country’s economic problems. Yari, who is the Chairman of the Nigeria Governors’ Forum (NGF) spoke yesterday at the opening of a three-day…
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2019 Budget: Saraki counters Buhari, says recovery from recession fragile
The President of the Senate, Dr. Bukola Saraki has described Nigeria’s recovery from economic as fragile, stressing that the fundamentals underlying the recovery remain weak, and if unchecked, can lead to dire consequences. In a speech he delivered at the budget presentation by President Muhammadu Buhari to the National Assembly on Wednesday, Saraki observed that…
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Nigeria’ll soon be delivered from oppression, recession – Oyedepo
The President and founder of the Living Faith Church Worldwide, popularly known as Winners Chapel, Bishop David Oyedepo, has said Nigeria and the whole of Africa shall be delivered from the grip of economic hardship and oppression. Oyedepo made this declaration on Tuesday while delivering his message at the Faith Tabernacle during the opening session…
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How forex ban on rice, other items lifted Nigeria out of recession – Emefiele
The Central Bank of Nigeria on Wednesday said that its decision to restrict foreign exchange for importation of 41 items and other complementary policies were effective in bringing the country’s economy out of recession. It said the policy was well thought out as it assisted greatly in boosting the country’s foreign exchange reserves, which…
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Nigeria out of economic recession, now at recovery stage – NBS clarifies
The National Bureau of Statistics (NBS) on Monday restated that the country was out of recession. The Head of Public Affairs and International Relations Unit, Mr Sunday Ichedi, said this in a statement in Abuja. Ichedi was reacting to a recent interview the Statistician-General of the Federation Chief Executive Officer of the NBS, Dr Yemi…
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How oil exports, controlled imports aided Nigeria’s exit from recession – NBS
The National Bureau of Statistics (NBS) on Monday said Nigeria’s recovery from economic recession slowly began in the second quarter of 2017 (Q2 2017) mainly because of oil exports and controlled imports. The bureau disclosed this in a report published on its website titled, Nigerian Gross Domestic Product Report (Expenditure and Income Approach) 2017. Recall…
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Recession: CBN resisted pressure to float the Naira
Mr Isaac Okoroafor, the acting Director, Corporate Communications, Central Bank of Nigeria (CBN) says the apex bank resisted suggestions to float the Naira when the country was battling with economic recession. Okoroafor spoke at the Capital Chapter Congress/Dinner of the Nigerian Institute of Public Relations (NIPR), FCT chapter, on Wednesday in Abuja. Delivering a lecture…
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Nigeria came out of recession within two quarters- Lai Mohammed
Alhaji Lai Mohammed, the Minister of Information and Culture, is in the U.S at the moment. The Minister has been speaking on the achievements of President Muhammadu Buhari’s administration. President Buhari is due in the US at the weekend for a meeting with President Donald Trump on 30 April in Washington D.C Mohammed,…