Tag: Black Market

Naira: “Tinubu will shock currency speculators” – Presidency

Aminu Imam

The Presidency has revealed that President Ahmed Bola Tinubu’s administration is working on policies that will strengthen the nation’s currency, the Naira. Special Adviser to the President on Economic Matters, Dr. Tope Fasua, disclosed this during the “Cowries to Cash” lecture and lunch yesterday, in Abuja. There has been a steady rise in the value of the Naira in the past few days and Fasua said the trend is expected to continue as a result of policies being implemented by the government. While positing that the fall in the value…

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Nigeria’s economy teeters on the verge of recession

Ishaku Yohanna

Recession knocks on the door of Nigeria with pain and misery starring the people in the face as foreign-currency shortage is squeezing life out of Africa’s biggest economy as in 2015. According to Bloomberg Banks won’t honor card payments, foreign investors can’t get their money out and manufacturers are unable to import vital raw materials as output hurtles toward a second contraction in four years. Also, BusinessDay said its investigations show that emerging GDP data for Q2 point to an inevitable economic contraction of frightening proportions. And as was the…

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