Connect with us

Economy

Nigeria’s Economy Grew by 2.27% in 2019 – NBS

Published

on

The National Bureau of Statistics on Monday released the Gross Domestic Product report for the 2019 fiscal year with the economy growing by 2.27 per cent in 2019.

The annual GDP growth rate of 2.27 per cent, according to the NBS, represents an increase of 360 basis points over the growth rate of 1.91 per cent recorded in 2018.

The report said that during the fourth quarter of 2019, Nigeria’s GDP grew by 2.55 per cent (year-on-year) in real terms.

Compared to the fourth quarter of 2018 which recorded a growth rate of 2.38 per cent, it said this represents an increase of 0.17 percentage points and an increase of 0.27 percentage points when compared with the third quarter of 2019.

The strong fourth quarter 2019 growth rate, the NBS noted, also represented the highest quarterly growth performance since the 2016 recession.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Naira Gains Against Dollar, Trades at N1,603/$1

Published

on

By

The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

Continue Reading

Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

Published

on

By

By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters

Continue Reading

Economy

Senate Summons CBN Governor over Naira Free Fall

Published

on

By

The Senate, on Wednesday, summoned Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, over the free fall of the Naira and hyper inflation.

The summons was through its Committee on Banking, Insurance and other Financial Institutions headed by Senatorial Adetokunbo Abiru.

The governor and his team were asked to appear on Tuesday next week to explain the state of the economy and the free flow of the Naira at the forex market.

The committee, at a meeting on Wednesday, expressed concern over the endless depreciation of Naira that saw it rise to N1,520 to a US dollar as of Wednesday.

Speaking with journalists after the meeting held behind closed door at the National Assembly, Senator Abiru said the state of the economy, especially the inflation index, is of great concern to the lawmakers.

He said: “We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy.

“We are all living witnesses of what is going on.

“Underlining the major issue of the economy is the way the inflation index has been and of course it is a major concern to us.

“We have deliberated among ourselves. Critical issues were addressed and we believe that the next line of action is to summon the governor of the Central Bank on Tuesday at 3 O’clock to brief us properly on the state of the economy.

“That we have resolved, and will communicate to the governor of the Central Bank after which we will have further communication with members of the press.”

Continue Reading

Trending