Tinubu’s Unified Exchange Rate, Fuel Subsidy Removal: Implications
In a surprise move, President Tinubu announced that he would remove fuel subsidies and unify the exchange rate. This is a major policy shift that has a significant impact on the Nigerian economy. The removal of fuel subsidies which took effect after he was sworn in led to an increase in the price of […]
CBN Adjusts Naira: Dollar Exchange Rate to ₦380 for $1
The Central Bank of Nigeria has revised the Naira-Dollar exchange rate for one of its forex windows. A dollar is now being sold for ₦380 at the Investors and Exporters (I & E) window of the country’s foreign exchange markets. The new regime replaces the previously existing rate of ₦360/$1. Read more about Business In […]
U.S. Reveals Application Fee Exchange Rate
After publishing on its website, it appears that the American consulate has been creaming off each visa application for every Nigerian travelling to the states, according to Guardian Nigeria. It should be recollected that the Federal government had pegged the exchange rate at ₦305.25 to a dollar, yet the American Consulate in Nigeria exchanged ₦400 to […]
European Central Bank Under Pressure to Loosen Eurozone Monetary Policy
The European Central Bank (ECB) President Mario Draghi takes the spotlight this week as the market’s attention turns to Friday’s Consumer Price Index data release for the 18-member Eurozone state. Volatility is expected in the market around Friday’s announcement, especially because January’s reading of 0.7% shocked the market confounding expectations for a rise to 0.9%. […]