Data released on Friday revealed that, as the central bank sold dollars in an attempt to support the faltering naira currency, Nigeria’s foreign exchange reserves
Category: Africa
British American Tobacco agrees to the largest ever fine of $110m for violating Nigeria’s anti-competition laws.
British American Tobacco (BAT) was fined $110 million by Nigeria’s competition commission on Wednesday, the watchdog said, in response to claims that it had abused
Nigerian banks given the nod to facilitate $56.7b crypto transactions.
In its most recent circular, Nigeria’s central bank said that it has lifted the prohibition on cryptocurrency transactions, citing the need to regulate these activities
The EU’s deforestation law is set to reshape the global commodities market and impoverish African farmers.
Coffee importers in the EU are beginning to reduce their purchases from small farmers in Africa and other regions in anticipation of a historic EU
Nigeria’s cost of living crisis worsens as inflation reaches an 18-year high.
The largest economy in Africa saw a deteriorating cost-of-living issue in November when Nigeria’s annual inflation increased for the eleventh consecutive month to the highest
The World Bank and its partners will provide over $2 billion in funding for clean energy projects, enabling 17.5 million Nigerians to access power.
The International Development Association said on Friday that the World Bank’s fund for impoverished nations intends to lend $750 million for sustainable energy projects in
Nigeria can achieve growth by stabilizing the macroeconomic framework, inflation, and forex, says the World Bank.
The World Bank stated on Wednesday that to promote economic growth, Nigeria still needs to stabilize its foreign exchange market and control inflation after removing
The UN says one billion Africans are facing an unprecedented food crisis due to war and climate change.
In a study released on Thursday alongside the African Union Commission, United Nations agencies stated that at least three-fourths of Africans cannot afford a decent
Nigeria’s Central Bank directs banks to recapitalize as inflation and the free fall of the naira rattle the economy.
The Central Bank of Nigeria, led by its new governor, Olayemi Cardoso, announced on Friday that it will tighten policy during the next two quarters
Germany to invest 4 billion euros in African renewable energy initiatives utilizing local raw materials.
In an announcement on Monday, German Chancellor Olaf Scholz stated that African nations ought to gain more from their abundance of raw resources, pledging the
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