Naira slips to N1,329.15 per dollar as official FX market turnover surges 174%, while reserves hit $54.607bn and the parallel-market rate strengthens to N1,370.
Naira slips to N1,329.15 per dollar as official FX market turnover surges 174%, while reserves hit $54.607bn and the parallel-market rate strengthens to N1,370.
Nigeria’s VAT rose to N2.42 trillion in Q1 2026, driven by manufacturing and ICT, despite declines in the education and public administration sectors.
The US dollar hits a 12-month high, pressuring the Nigerian naira as the IMF claims it is undervalued. Fed's hawkish stance fuels investor demand for US assets.
The Federal Government rules out new taxes on telecom services and fuel despite IMF recommendations, affirming a focus on economic growth and a VAT waiver on fuels.
IMF reveals Nigeria's naira is undervalued by 25.6%, proposing a fair rate of N1,130/dollar amid ongoing forex reforms and urges CBN to maintain rate flexibility.
The CBN's new regulations limit market share for banks and fintechs in Nigeria's digital payments, enhancing competition and reshaping the PoS ecosystem.
Food inflation in May 2026 eased to 16.96% year-on-year and 2.98% month-on-month, with Adamawa, Kwara, and Rivers recording the highest increases nationwide.
Food inflation in Nigeria has surged to 16.96% in May, impacting household incomes and living costs, with Adamawa seeing the highest rate at 29.62%.
NBS reports Nigeria inflation rises to 15.93% in May 2026, driven by food and core pressures, with Yobe, Anambra and Sokoto highest among states surveyed.
The naira slightly depreciates to N1,363.83/dollar amid limited dollar liquidity, while foreign portfolio investors dominate inflows, pushing up Nigeria's reserves
Economy
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