A lot of Nigerians have wondered about the possibility of the government reinstating the fuel subsidy to N400/litre and pegging the exchange rate to N600/$ has stirred discussions, especially among those unfamiliar with economic intricacies. Let’s unravel these complex scenarios step by step and assess their feasibility. Fuel Subsidy at N400/litre: A Costly Endeavor Examining…
The recent adjustment in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN) has left many wondering about its implications. Let’s delve into the numbers to demystify the effects on interest rates, borrowing, and the broader economic landscape. MPR Rate: Unraveling the Numbers In essence, the MPR rate dictates the benchmark interest…
Showmax increased its market share in Africa to 39 per cent. This was way higher than Netflix which claimed 33.5 per cent of the African market share. Showmax, an online subscription video-on-demand (SVOD) service, has overtaken Netflix as Africa’s largest streaming platform. This was revealed in a report by Omdia Research. According to the report,…
In a shocking turn of events, a Washington DC man, John Cheeks, is taking legal action against Powerball and the DC Lottery after being initially told he won a staggering $340 million jackpot. This unexpected saga unfolds as Cheeks was told his winning numbers were published in error, setting the stage for a legal battle…
Binance, one of the world’s leading cryptocurrency exchanges, has recently implemented a price cap on Tether (USDT) tokens in its peer-to-peer (P2P) platform operating in Nigeria. This move aims to align with local regulations and foster collaboration with Nigerian authorities. However, the imposition of this cap has not been without consequences, as some traders sought…
Ethiopia has made history by becoming the first country in the world to prohibit the import of petrol and diesel cars. The Ethiopian Ministry of Transport and Logistics recently declared that only electric vehicles (EVs) would be permitted entry into the country. This groundbreaking decision, aimed at conserving foreign exchange resources, is part of Ethiopia’s…
The year is 2024, and Bitcoin, the cryptocurrency king, has just reclaimed its $50,000 throne. For the first time since November 2021, investors have been swept up in a wave of optimism, pushing the digital asset’s price above this key psychological barrier. This comeback isn’t a mere blip – it’s a 25% surge since January,…
Naira Tightrope: CBN’s New Move Shakes Up Nigeria’s Oil Sector The Central Bank of Nigeria (CBN) has thrown a curveball at international oil companies (IOCs) operating in the country, announcing a new policy that restricts the immediate repatriation of their foreign exchange proceeds. This move, effective February 14th, 2024, limits IOCs to repatriating only 50%…
Nigeria’s Crude Oil Production Dips Slightly in January 2024 In January 2024, Nigeria experienced a marginal decline in crude oil production, dropping to 1.42 million barrels per day (bpd), as reported by the Organisation of Petroleum Exporting Countries (OPEC). According to OPEC’s Monthly Oil Report for February 2024, released on Tuesday, the country’s oil output…
In the fiscal year 2024, only 11 out of Nigeria’s 36 states are projected to generate sufficient income to cover the salaries of their workers, according to a recent analysis conducted by the Foundation for Investigative Journalism (FIJ). The analysis, which compared the 2024 personnel costs and revenue estimates across all states, revealed that Kaduna,…