With the rising cost of living in Nigeria, fueled by inflation and economic downturn, housing has become an increasing burden for tenants nationwide. The sharp rise in rent has forced some families to relocate to rural areas where housing is more affordable, while others continue to struggle to make ends meet in the cities. Urban residents face escalating rental costs, largely driven by the removal of petroleum subsidies and the…

• Valentine’s Day: Supermarkets, vendors expect high sales By Damilola Olufemi Despite the economic downturn, Nigerian couples are determined to make this Valentine’s Day a memorable one. From supermarket shopping sprees to surprise packages, event planning, and romantic getaways, lovers are finding creative ways to celebrate their relationships. For Emmanuel and his girlfriend, Ada, who live in the Kurumashi area of Kaduna State, Valentine’s Day is all about appreciation and…

The Bank of England’s predictions follow its decision on Thursday to cut its main interest rate for the third time in six months. The bank now predicts that the British economy will only grow by 0.75% this year, down from its previous forecast of 1.5% just three months ago. In a statement, the bank’s nine-member Monetary Policy Committee (MPC) lowered its main interest rate by a quarter of a percentage…

The Central Bank of Nigeria (CBN) has announced new regulations that will allow Bureau de Change (BDC) operators to purchase up to $25,000 weekly from a single Authorised Dealer Bank (ADB). This move aims to meet the retail foreign exchange demand for eligible invisible transactions, such as Business and Personal Travel Allowance (BTA/PTA), overseas school fees, and medical expenses. The guidelines were outlined in a circular issued on February 5,…

The leaders of Mexico and Canada each said they had struck agreements to pause tariffs for 30 days, but levies on products from China were still set to take effect just after midnight. Here are the latest developments. President Trump and the leaders of Mexico and Canada struck last-minute deals on Monday to postpone the imposition of hefty tariffs on goods exported to the United States, averting at least temporarily…

As Nigeria battles rising inflation rates, which reached a near 30-year high of 34.8% in December 2024, the Financial Reporting Council (FRC) has reassured Nigerians that the country has not entered a hyperinflationary economy. In a statement signed by its Executive Secretary, Dr. Rabiu Olowo, the FRC clarified that the application of International Accounting Standards (IAS) 29, which governs financial reporting in hyperinflationary economies, is unnecessary for the 2024 financial…

LAGOS, Jan 23 – Nigeria’s Central Bank Governor, Olayemi Cardoso, has announced an optimistic economic outlook for 2025, projecting a GDP growth of 4.17%. Speaking at a conference on Thursday, Jan 23, 2025; Cardoso attributed the anticipated expansion to ongoing reforms and stabilizing inflation in Africa’s most populous nation. Reforms implemented by President Bola Tinubu’s administration in 2023, including the removal of petrol subsidies and the devaluation of the naira…