Central bank introduced capital controls and restrictions on some imports in a bid to prop up the naira
“There are importers looking for dollars at all costs to keep their businesses going”
“The situation is worsening...People are buying dollars that they need in the next one year”
After posting slowest growth in 16 years, Nigeria flirts with economic disaster as naira controls stay
Buhari will spend rest of the week in Kenya, and attend a memorial service for soldiers who were killed in an Al-Shabaab attack in Somalia
It was a bigger reduction than forecast by seven 20 economists surveyed, while the rest predicted the rate would stay unchanged.
“We are seriously concerned that such a drastic…decision could be taken…without any form of consultation of the [Central Bank of Nigeria]”
South Africa, Nigeria and Kenya - three of the four biggest economies in sub- Saharan Africa - will this week decide on interest rates.
Buhari’s tight stance on Nigeria currency ‘has echoes’ of his rule as military leader, disappointed analysts say
President’s backing tightens country’s central bank’s grip on naira, but few investors are seemingly impressed.
The arrangement has at time been heavily questioned, but for now CFA franc countries remain stable.
Half of the 20 countries that have lost the most reserves as a proportion of the total in the past year are from Africa.
On February 7, jubilant crowds witnessed former Nigerian central bank governor Sanusi installed as the emir of Kano. It doesn't get more colourful.