CBN hikes MPR by 50 basis points to 26.75%
Post AMUGE
July 23, 2024
Business a.m. The Central Bank of Nigeria (CBN) has once again hiked its monetary policy rate (MPR), marking the 11th consecutive increase since May 2022. The MPR, which serves as a benchmark for determining interest rates in the country, was raised by 50 basis points to 26.75 percent, representing a steady increase in the cost […]
Hawkish MPC rate expectation, but Afrinvest, Uwaleke, Yusuf vote ‘HOLD’
Post AMUGEJuly 22, 2024
CBN conventional inflation tool failing Aggressive rate hike taking toll on production Monetary policy instrument overstretched But 25bps to 100 bps rise in MPR seen PHILLIP ISAKPA IN LONDON, UK HOLD! HOLD! HOLD! This is the vote and the call by two leading Nigerian analysts and one investment banking firm to members of the […]
IMF lowers Nigeria’s 2024 economic outlook to 3.1% amid weak Q1 performance
Post AMUGEJuly 17, 2024
The International Monetary Fund (IMF) has revised its previous prediction for Nigeria’s economic growth in 2024, lowering the forecast from an initial estimate of 3.3 percent to 3.1 percent. This downward adjustment, according to the IMF, was driven by the weaker economic growth recorded in the first quarter of the year, signaling a potential slowdown […]
Nigeria’s economic hardship worsens as inflation soars to 34.19% in June
Post AMUGEJuly 15, 2024
Onome Amuge Nigeria’s headline inflation rate continued its upward trend for the 18th consecutive month in June 2024, climbing to 34.19 percent from 33.95 percent recorded in May, as the cost of living in Africa’s most populous country continues to soar amid widespread economic hardship. The National Bureau of Statistics (NBS) disclosed the latest inflation […]
Corruption persists in Nigeria as public officials receive N721bn in bribes-Report
Post AMUGEJuly 12, 2024
Business a.m. A recent anti-corruption survey conducted by the National Bureau of Statistics (NBS) and the United Nations Office on Drugs and Crime (UNODC) has revealed that bribery continues to be rampant in Nigeria, as Nigerian public officials were found to have received nothing less than N721bn as bribes in 2023. According to the data […]
Price pressure takes toll on Nigerian private sector as PMI slips to 7-month low
Post AMUGEJuly 2, 2024
Business a.m. The Stanbic IBTC Purchasing Managers Index (PMI) plunged to a seven-month low in June, indicating a slowdown in the Nigerian economy driven by weaker demand and price pressures. The monthly survey, which is used as a leading indicator of the state of the economy, revealed that the headline figure dropped to 50.1 points […]
Nigerians seek refuge in personal loans as inflation nightmares linger
Post AMUGEJuly 1, 2024
CYNTHIA EZEKWE IN LAGOS As the cost of living continues to soar, an increasing number of Nigerians are seeking out credit facilities from financial institutions to finance their daily expenses, a move that has become a widespread coping mechanism in the face of rising economic pressures. The Central Bank of Nigeria (CBN), in its recently […]
Nigeria welcomes $24 billion in FX inflows in Q1’24-CBN
Post AMUGEJune 27, 2024
Business a.m. Nigeria’s economic inflows from foreign sources soared to $24 billion during the first quarter of 2024, according to a recent statement from Olayemi Cardoso, Nigeria’s central bank governor. Cardoso, in an interview with Bloomberg TV, stated that the measures taken by the Central Bank of Nigeria (CBN) have had a positive impact on […]
Nigerian households borrow more as personal loans jump 14.3% amid stinging inflation
Post AMUGEJune 25, 2024
Business a.m. Recent data from the Central Bank of Nigeria (CBN) has revealed that everyday Nigerians are turning to credit facilities from financial institutions to finance their day-to-day expenses, a move that has become increasingly common in the face of a cost of living crisis. An analysis of the CBN’s most recent monthly economic report, […]
Nigeria’s debt jumps 25% to N121.67 trn in Q1’24-DMO
Post AMUGEJune 21, 2024
Nigeria’s total public debt rose to N121.67 trillion or about $91.46 billion, increasing by N24.33 trillion or 24.99 percent in the first quarter ended March 31, 2024, according to the Debt Management Office (DMO). According to the DMO, domestic debt stood at N65.65 trillion or $46.29 billion while external debt was N56.02 trillion or $42.12 […]