Tag: Economy

Nigeria’s Inflation Rate Drops, Says NBS

The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measured inflation for July dropped to 11.14 per cent (year-on-year) from 11. 23 per cent recorded in June.

Perspective | The Nigeria-China currency swap deal: The untold story. (1)

Many Nigerians thought that with the currency swap, Dollar will fall, but unfortunately, as at today, 29.05.2018, Naira depreciated against the dollar with almost 1.23%. Prior till date, Naira-Dollar ratio has stabilised at N360:$1. But as at today, Dollar is being exchanged at N366 per a dollar. As at last weekend, the Stock Market has been on the low, ending at a negative point of 2.8%.

CBN, China sign currency swap agreement

The Central Bank of Nigeria (CBN)  says  on Thursday  that it has signed the bilateral Currency swap agreement with the the Peoples Bank of China (PBoC).

A statement by the apex Acting Director of Communications, Mr Isaac Okorafor noted that the Governor Mr. Godwin Emefiele, led CBN officials while PBoC Governor, Dr. Yi Gang, led Chinese team at the official signing ceremony in Beijing, China.

It said  the agreement was signed on April 27th adding that it was an outcome of over  two years of painstaking negotiations by both Central Banks.