Business

13 States Show Inflation Slowdown, Bayelsa, Delta, Edo Missing As CBN Policy Takes Effect

Published

1 year ago

June 22, 2024

Nigeria’s monthly inflation rate has slowed for the third consecutive month, indicating the effectiveness of the Central Bank of Nigeria’s monetary policy tightening measures.

The CBN highlighted this in a statement shared with Journalists on Saturday.

According to the National Bureau of Statistics, the headline month-on-month inflation rate decreased to 2.14 per cent in May, down from 2.29 per cent in April and 3.02 per cent in March. Food inflation also fell for the third consecutive month to 2.28 per cent in May.

The Deputy Governor of the Economic Policy Directorate at the CBN, Muhammad Abdullahi stated, “Slowly but surely, the inflation tide is turning. We will continue to work diligently with coordinated policy measures to ensure that the worst of the inflationary cycle is behind us in the nearest future.”

The CBN’s efforts to combat inflation have been ongoing since February, and the monthly numbers indicate a positive trend. While year-on-year inflation continues to rise, the monthly rates show a slowdown in price increases for essential goods.

The CBN Governor, Olayemi Cardoso has made tackling inflation a top priority to achieve sustainable economic growth and improve the standard of living for Nigerians.

The decline in inflation rates is a nationwide trend, with 13 states, including Abuja, Akwa Ibom, and Rivers, experiencing a slowdown in year-on-year inflation in May.

Abdullahi noted that, “This development is a promising sign that the CBN’s policies are having the desired effect, and Nigerians may soon experience relief from the high cost of living that has persisted since the COVID-19 pandemic.”

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

7 hours ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

8 hours ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 week ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.