editedThe Naira extended depreciation against the dollar at the official foreign exchange market on Tuesday ahead of the Central Bank of Nigeria’s interest rate decision. The apex bank data showed that the naira dropped slightly to N1,373.87 per dollar on Tuesday, down from N1,373.70 traded on Monday. This means that on a day-to-day basis the…
The Kano State government has recorded a loss of N44billion on its foreign debts in 2023, which is primarily attributed to the naira’s depreciation against the United States dollar. According to the 2023 audited report, the government reports N44,074,983,000 for “Loss from Exchange on Foreign Debts.” In 2022, the state recorded N2,690,039,000. The…
The Chairman of the Ogun State chapter of the Manufacturers Association of Nigeria (MAN), George Onafowokan, has expressed deep concern over the ongoing crisis in Nigeria’s manufacturing sector, attributing significant losses to the government’s decision to float the naira in 2023. Speaking at the 39th Annual General Meeting of MAN in Ogun State, held under…
