Tag: US dollar

featured News

Naira-for-crude policy still in effect, FG tells Dangote, others

The Federal Government has emphasized that its naira-for-crude initiative with local refineries is not a temporary solution but a strategic policy aimed at promoting sustainable domestic refining. The Nigerian government has confirmed that the naira-for-crude initiative remains in effect, overriding the decision made by the NNPC under former CEO Mele Kyari to terminate it. During […]

Naira devaluation worsens Nigeria's debt woes
Economy

Naira devaluation worsens Nigeria’s debt woes

Nigeria’s foreign debt has significantly increased as a result of the naira’s depreciation. NewsNowNigeria reported that, the depreciation of the Nigerian naira versus the US dollar has resulted in a N28 trillion increase in Nigeria’s external debt. Nigeria’s overall debt at the end of the third quarter of 2023 was N87.38 trillion, according to the […]