• ICAN advises FG on savings, says 18.3% inflation not good for Nigeria

    ICAN advises FG on savings, says 18.3% inflation not good for Nigeria

    The Institute of Chartered Accountants of Nigeria (ICAN), has admonished the Federal Government on the need to revive the culture of saving at least a 0.5 per cent of the gross income from oil operations.

    This appeal was part of the recommendations of its 46 Annual Accountants’ Conference Communiqué given to newsmen by the 52nd President of the institute, Deacon Titus Seotan, in Lagos.

    Seotan said it was never too late to start saving, as it would help to protect the local […]

  • Rising cost of food items, Nigerians express worry

    Rising cost of food items, Nigerians express worry

    Nigerians are lamenting the continuous increase in the prices of foodstuffs in markets with residents of Lagos State, saying the prices of some items have gone up by as much as 50 per cent.

    At Ile-Epo Market located in the Agbado area, along Lagos-Abeokuta Expressway, which is renowned for the availability of yam, beans, rice, potatoes, among others, in large quantities, traders and buyers lamented that the food items have become too expensive for most people to buy.

    At the market, it […]

  • Naira pressure may push Sept inflation to 18.4% – FSDH

    Naira pressure may push Sept inflation to 18.4% – FSDH

    According to reports, the continued pressure on the value of the naira could result in September inflation hitting 18.14 per cent from the 17.61 per cent recorded in August, analysts at First Security Discount House (FSDH) have predicted.

    The experts, in a note, said: “We expect the September 2016 inflation rate (year-on-year) to increase further to 18.14 per cent from 17.61 per cent recorded in the month of August 2016. Most of the divisions, which contribute to the headline inflation are […]

  • New Economic Policy May Increase Inflation, Forex Turbulence – APPOCV

    New Economic Policy May Increase Inflation, Forex Turbulence – APPOCV

    The Association of Professionals for Promotion of Civic Values (APPOCV), has said the recent economic policy introduced by the Central Bank of Nigeria (CBN), might lead to steep rise in headline inflation rate, turbulent foreign exchange market and sharp depreciation in the Naira value at the parallel market.

    APPOCV made this submission in a statement made available to Newsmen yesterday, signed by its president, Dr Kunle Ashimi.

    It would be recalled that the CBN, recently reviewed its policy on the economy which […]

  • Naira drops against dollar as inflation hits 17.6%

    Naira drops against dollar as inflation hits 17.6%

    It was gathered that the Naira on Friday depreciated in most major segments of the foreign exchange market just as inflation hits 17.6 percent.

    The Nigerian currency fell by N2.24 to exchange at N308.69 to the dollar at the interbank market, from N306.93 recorded on Thursday.

    At the Bureau De Change it closed at N420 to the dollar, N550 to the Pound Sterling and N465 against the Euro.

    At the parallel market, naira lost N2 to close at N425 against the dollar from […]

  • Inflation: Ondo begins food distribution programme, targets 100,000 women

    Inflation: Ondo begins food distribution programme, targets 100,000 women

    The Ondo state Government on Tuesday kicked off with a food palliative programme (Eto Igbe-Ayo) targeted at 100,000 women resident in the state, even as the Governor, Dr. Olusegun Mimiko, mentioned that the programme is blind to political affiliations.

    Speaking at the flag off in Ikare, North Senatorial District, where about 5,000 women received food items, Mimiko said the Ikare event was the first phase of the programme designed to draw beneficiaries from the 18 local government areas of the state.

    The […]

  • Inflation Hits Highest Point Since Obasanjo’s Presidency – NBS Report

    Inflation Hits Highest Point Since Obasanjo’s Presidency – NBS Report

    Inflation in Nigeria seems to be on a record-breaking high as the Nigerian masses gnash teeth in pain.

    The consumer price index (CPI) measuring inflation in the Nigerian economy rose to its highest point since former President Olusegun Obasanjo’s days as the first citizen of Nigeria.

    The inflation report released by the National Bureau of Statistics (NBS) shows that inflation for the month of June spiked to its highest point since October 2005 — 11 years.

    Inflation rose from 15.6 percent in May […]