Why IMF rejects Naira exchange rate policy, insists on devaluation

The International Monetary Fund (IMF) has given Nigeria a hard knock over its policy of guiding the naira to appreciate in value through weekly pumping of dollars to the inter-bank market. To the IMF, the local currency is being overvalued by 10 to 20 per cent, according to its mission chief for Nigeria, Gene Leon….

EU offers Nigeria advise on how to escape recession

The European Union, EU, has advised the Federal Government on a number of steps to take to tackle the current economic recession in the country.   The EU stated this through its Head of Trade and Economics Section, Fillipo Amato, on Monday, adding that the devaluation of the Naira should be the first point of…

IMF gives Nigeria tougher terms before any help

The International Monetary Fund (IMF) has handed down harsher conditions for Nigeria to meet before being bailed out of its present economic recession. This was disclosed by an official of the Debt Management Office (DMO), who said the earlier condition of devaluation of the local currency, the naira, has given way for other terms, including…

Nigerian Economy: Moody’s predicts further rise in inflation

Moody’s, the global rating agency, has predicted a further rise in the already historic high in the nation’s inflationary rate to 18 per cent. According to a Global Credit Research report released by the rating agency in Dubai, Moody’s said the depreciation implies a material loss in purchasing power given import-price inflation, adding that it…

Moody’s says CBN naira devaluation will help the economy

Moody’s, one of the big-three credit rating agencies in the world, says the Central Bank of Nigeria (CBN) devaluation of the naira is a positive step in building the economy. The post Moody’s says CBN naira devaluation will help the economy appeared first on TheCable.

FirstNation airlines suspends flight operations

Lagos – FirstNation Airlines on Thursday announced the suspension of flight operations in the country to enable it to maintain its aircrafts. A statement signed by the Head of Commercials of the airlines, Serah Awogbade in Lagos, said that the maintenance of the A319 fleet would be completed on or before Sept. 15. The statement…

NCAA: why airlines ‘re suspending operations

•First Nation blames 70% naira devaluation for woes •Aero workers protest The Nigerian Civil Aviation Authority (NCAA) yesterday said domestic airlines are not folding up but merely suspending their operations. The suspension, the airline industry regulator said, was to enable the carriers undertake operational overhaul and strengthen their overall operational outlay. Its Director-General,  Captain Muhtar Usman…

Why we suspended operations – FirstNation Airlines

First Nation Airways FirstNation Airlines on Thursday announced the suspension of flight operations in the country to enable it to maintain its aircraft. A statement signed by the Head of Commercials of the airlines, Serah Awogbade in Lagos, said that the maintenance of the A319 fleet would be completed on or before Sept. 15. The…

‘Why we are not operating flights’

First Nation Airways on Thursday said it is not currently operating flights because of its Airbus 319 fleet is undergoing maintenance. The airline said its current operational challenges are attributable to the over 70 per cent devaluation of the Naira. According to a statement by the Head of Commercial, Serah Awogbade  said the aircraft maintenance will…

Forex: Cement price skyrockets nationwide

Price of cement has risen nationwide. A bag which hitherto sold for about N1, 600, now sells for N2,200 and above. 2nd Vice President, Nigeria Institute of Building (NIOB), Mr. Kunle Awobodu attributed the increase to the cost of production and the devaluation of the naira. He noted that the cost of construction would increase,…

Dangote’s net worth down by $5.4bn due to Nigeria’s economic crisis

Aliko Dangote Richest man in Africa and Chairman, Dangote Group, Alhaji Aliko Dangote has lost $5.4 billlion in its fortune since this year, according to data obtained, Wednesday, from Bloomberg Billionaires Index. Using an average exchange rate of N250 to a dollar, Dangote’s $5.4 billion loss translates to about N1.35 trillion. The Bloomberg Billionaires Index…

Economic Crises! DANGOTE HAS BECOME POORER!

Aliko Dangote has suffered a $5.4 billion loss which translates to about N1.35 trillion. Nigeria’s current economy crisis has taken a toll on Africa’s richest man, Aliko Dangote, resulting in the Nigerian billionaire losing $5.4 billion in fortune since this year. Dangote’s wealth loss has been attributed to the slump in commodities prices and the…