Economy Today

Multiple Exchange Rate Systems in Nigeria and its Implication on the Economy

By Biyi Adeniran A multiple exchange rate regime is any exchange rate regime that applies two or more exchange rates to the same currency In a dual exchange rate system, there are both fixed and floating exchange rates in the market. The fixed rate is only applied to certain segments of the market, such as […]

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Economy Today

Nigeria’s Exchange Rate Regime And WTO Members’ Complaint

Biyi Adeniran In the recent visit of Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, she stated that the global body is concerned about Nigeria’s multiple exchange rate regime and its impact on international trade. She said that the “WTO is concerned about foreign exchange, the way we manage it, the way […]

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Economy Today

Appraisal On How To End Insecurity, Unemployment As Espoused By Tinubu

Biyi Adeniran Asiwaju Bola Ahmed Tinubu (BAT), National Leader of the All Progressives Congress (APC), at the opening of the 2021 Sardauna Memorial Lecture, offered the panacea to the current state of insecurity and youth unemployment in the country to be massive spending by government. The confusion created as to conclude that Asiwaju differed with Governor […]

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Economy Today

Implications of N2.11 Trillions Spent On Petrol Import On Nigerian Economy

National Bureau of Statistics reported that the amount spent on the importation of Premium Motor Spirit (petrol) in Year 2020 amounted to N2.11tn. This amount showed an increase of 17.54 per cent as against N1.71tn spent on petrol imports in 2019. Fuel consumption and imports slowed down in Q2 2020 as a result of the […]

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Economy Today

Unemployment Rate in Nigeria and Its Consequences

Biyi Adeniran According to National Bureau of Statistics (NBS) report on International Unemployment Rate with the International Labour Organization’s (ILO) standard of 1-hour work per week, Nigeria’s recent unemployment rate is 33.3 per cent. This made Nigeria to be ranked as the 41st country with the highest unemployment rate out of 181 countries of the […]

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Economy Today

Boosting Remittances With Central Bank of Nigeria ‘Naira-for-Dollar’ Policy

Boosting Remittances with Central Bank of Nigeria (CBN) ‘Naira-for-Dollar’ Policy Biyi Adeniran Central Bank of Nigeria (CBN) ‘Naira-for-Dollar’ Policy took effect on Monday, March 8, 2021. This Policy will allow all recipients of diaspora remittances through CBN-licensed International Money Transfer Operators (IMTOs) get paid N5 for every $1 received as remittance inflow. The intention of […]

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Nigerian Economy And The High Inflation Rate

Consumer Price Index (CPI), which measures inflation, increased by 16.47 per cent, (Year-on-Year) in January 2021 as reported by The National Bureau of Statistics (NBS). This was 0.71 per cent points higher than the 15.75 per cent recorded in December 2020. Nigeria’s inflation rate at 16.47 per cent in January 2021 makes it the highest […]

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Economy Today

The Ban On Cryptocurrencies By The CBN: Where Do We Go From Here?

It is no longer news that the Central Bank of Nigeria (CBN) had written the letter dated 5 February 2021 directing that all banks, non-bank financial institutions and other financial institutions should identify persons and/or entities transacting in or operating Cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately. This led […]

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