Nigeria’s money supply hikes to all-time high of N93.72trn in January 

Business a.m The latest figures from the Central Bank of Nigeria (CBN) has indicated that the country’s broad money supply has reached a historic high of N93.72 trillion as of January 2024. This represents a significant increase of N40.48 trillion, or 76 per cent, from the figure of N53.14 trillion recorded in January 2023.  A […]

Poor management in last 8 years cause of Nigeria’s woes — Agusto

Agusto & Co. sees 400 MfBs in Nigeria on recapitalisation failure

Business a.m Rating agency Agusto & Co. has issued a stinging rebuke of the management of Nigeria’s economy over the past eight years, citing poor management as the root cause of many of the country’s economic woes. In its monthly newsletter for January titled, “2024: A year of reckoning, turning points and balancing acts”, Agusto […]

IMF sees slower growth for Nigeria in 2024

IMF bullish on global, Nigeria growth, FBNQuest analysts bearish

Business a.m The International Monetary Fund (IMF) has revised its forecast for Nigeria’s economic growth in 2024 downwards from 3.1 per cent to 3.0 per cent, a 0.1 per cent decline from its previous estimate. The revised forecast was published in the IMF’s latest World Economic Outlook report for 2024 and 2025. The IMF’s  quarterly […]

S&P forecasts further naira depreciation in 2024  amid economic headwinds

Onome Amuge As the New year dawns, Standard and Poor’s (S&P) Global Ratings have issued a bleak outlook for the naira, warning that a depreciation in the Nigerian currency is on the horizon. S&P, in its Nigerian Banking Outlook 2024, noted that the dismal forecast is driven by the country’s stagnant foreign exchange (FX) reserves, […]

Nigeria’s inflation rises in 12th consecutive month to 28.92% in December

March 2023 Inflation - Inflation rises for the third consecutive time this year

Business a.m Nigeria’s inflation rate rose for the twelfth consecutive month , with the headline inflation rate rising to 28.92 per cent in December 2023 from 28.20 per cent in November 2023,according to the latest consumer price index (CPI) report published by the Nigerian Bureau of Statistics (NBS).   Looking at the movement, the December […]

ATM usage plunges to 40% amid naira scarcity – KPMG

KPMG

Business a.m A new report by KPMG has found that the scarcity of cash in circulation has led to a significant decline in the weekly usage of Automated Teller Machines (ATMs).  According to the report, “In Pursuit of Value,” which surveyed customers of Nigerian and Ghanaian banks, ATM usage dropped significantly during the year 2023. […]

After tumultuous 2023 analysts see mixed 2024 Nigeria outlook 

 The year 2023 was not a kind one for the Nigerian economy. Turbulence across various sectors, ranging from energy to agriculture, has derailed the country’s economic projections and benchmarks.  Economic indicators have been erratic, with inflation rising and the value of the local currency, the naira, plummeting. The cost of living has spiralled out of […]