Nigeria is facing renewed economic pressure as exceptionally high interest rates combine with renewed weakness in the naira, raising concerns over borrowing costs, business activity and household purchasing power. The Central Bank of Nigeria has maintained its benchmark Monetary Policy Rate at 26.5 per cent, following its July 20–21 Monetary Policy Committee meeting. The decision…
The Economic Community of West African States (ECOWAS) has reaffirmed its commitment to launching the long-awaited ECO single currency in 2027, describing the initiative as a major step towards deeper regional economic integration, stronger intra-African trade, and sustainable economic growth. The decision was announced in the final communiqué issued after the 69th Ordinary Session of…
The Nigerian naira started the new trading week on a stable note, maintaining its recent gains against the U.S. dollar as confidence in the foreign exchange market continued to improve. According to data from the Nigerian Foreign Exchange Market (NFEM), the naira traded at ₦1,379.22/$1 at the official window, reflecting continued stability after weeks of…
