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The Central Bank of Nigeria has decided to increase the minimum capital requirement for lenders to bolster the country’s economy.…
The situation involving Binance in Nigeria has turned sour due to several events. For a few years, the Binance marketplace…
In a significant move by Moody’s Investors Service, Nigeria’s credit rating has been upgraded from stable to positive. The devaluation…
South Africa is set to topple Nigeria and Egypt as Africa’s biggest economy in 2024. This is according to forecasts from the International Monetary Fund. According to IMF’s World Economic Outlook, South Africa’s gross domestic product will reach $401 billion per current price in 2024. On the other hand, Nigeria’s GDP will reach $395 billion, with Egypt’s GDP reaching $358 billion.
South Africa, the continent’s most industrialised nation, is expected to maintain the top spot as Africa’s biggest economy for only one year. In 2025, the country will again lag behind Nigeria and fall to third place behind Egypt a year later. This is according to the IMF’s World Economic Outlook, a report released last week.
In his inaugural address on May 29, President Bola Tinubu stated his plans to revive Nigeria’s ailing economy. After being sworn in as Nigeria’s 16th President, Tinubu expressed his immediate objective to achieve higher GDP of not less than 6 per cent annually and a significant reduction in the unemployment rate.
The Central Bank of Nigeria (CBN) has announced that it would redesign the country’s N200, N500 and N1, 000. The change would be done to reduce the amount of money in circulation and control inflation, according to the CBN Governor, Godwin Emefiele.
The CBN highlighted concerns of “illicit” funds in circulation, which it said bandits and kidnappers had been exploiting in perpetrating their crimes.
The regulator said as much as 85 per cent of currency in circulation were outside the vaults of the country’s banks, encouraging criminality, currency hoarding and reducing the efficacy of the central bank’s monetary policies.