Economic Boost: Naira Appreciates by 0.6% at Official Exchange Market

On Monday, the Naira appreciated in the official market, trading at N1,607.15 to the dollar. Data from the FMDQ Exchange, the platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicated that the Naira gained N9.93. This marks a 0.61% increase compared to the previous trading day on August 2, when the Naira... Read More

Corruption Costs: Nigerians Bribe Officials N721 Billion

A recent survey by the National Bureau of Statistics (NBS) revealed that Nigerians paid N721 billion in cash bribes to public officials in 2023. The report, titled “Corruption in Nigeria: Patterns and Trends,” highlighted that over 95% of these bribes were monetary. The study also noted a decline in Nigerians’ confidence in the government’s... Read More

Rising Food Costs: Why Prices Will Continue to Climb

Mrs. Hannatu Ajiji, an official at the Tomatoes/Pepper Market along Bauchi Ring Road in Jos, Plateau State, explains the fluctuating prices of food items. “We don’t tell people about prices of tomatoes and pepper again because they may fluctuate at any time. Sometimes, we sell at a particular price in the morning and by... Read More

Investigation Uncovers Job Threat for 40,000 Due to Port Operation Slump Amid Economic Crisis

The maritime sector in Nigeria is facing a severe crisis due to a significant drop in vessel calls at the nation’s ports. This downturn has had a domino effect on various businesses, exacerbating the ongoing forex crisis and inflation that are plaguing the economy. Impact on Maritime Sector Stakeholders The drastic reduction in vessel... Read More