At its recent meeting, the committee increased the Monetary Policy Rate (MPR) by 50 basis points from 26.75% to 27.25%, while also raising the Cash Reserve Ratio (CRR) for Deposit Money Banks from 45% to 50%, and for Merchant Banks from 14% to 16%. The Liquidity Ratio (LR) remains unchanged at 30%, and the Asymmetric Corridor at +500/-100 basis points around the MPR.



The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to raise key interest rates in a bid to tackle inflationary pressures and boost investor confidence.



Olayemi Cardoso, Governor of the CBN and chair of the MPC, explained the rationale behind the adjustments during a press briefing. &#8220;To attract investments into the economy, efforts must be sustained to achieve a positive real interest rate,&#8221; Cardoso stated. &#8220;This would enhance the economy&#8217;s competitiveness for international capital, thereby improving the exchange rate.&#8221;



Cardoso noted that while inflation showed signs of moderation in recent months, with Nigeria’s annual inflation rate falling to a six-month low of 32.15% in August, down from 33.40% in July, core inflation remains elevated due to rising energy prices.



He also pointed to the anticipated benefits of the Dangote Refinery, which recently began shipping gasoline.



Nigeria’s state-owned energy company, Nigerian National Petroleum Corporation (NNPC), commenced gasoline shipments from the Dangote Refinery in mid-September under a crude-for-gasoline swap agreement. The refinery, located on the outskirts of Lagos, is set to receive 385,000 barrels of crude per day from the NNPC beginning in October. The swap, conducted in local currency, is expected to stabilize transportation costs and ease foreign exchange pressures, according to officials.



The 650,000-barrels-per-day Dangote Refinery is expected to produce enough gasoline to meet Nigeria’s domestic demand, reducing the need for costly fuel imports.



&#8220;The committee expressed optimism that the lifting of refined petroleum products from Dangote refinery will moderate transportation costs and significantly support the easing of food price pressures in the short to medium term. This is also expected to moderate foreign exchange demand for importation of refined petroleum products, with a positive spillover on external reserve and improvement in the overall balance of payment position.,&#8221; Cardoso said.

General Economy As Nigeria Faces Rising Debt In 2020

CBN Increases Rates To Combat Inflation, Eyes Boost From Dangote Refinery

As the Central Bank of Nigeria (CBN) prepares for its first Monetary Policy Committee (MPC) meeting on February 26 and 27 under the leadership of its new Governor Yemi Cardoso, he shed light on the reasons behind the postponements, citing the need for thorough groundwork to ensure the MPC&#8217;s effectiveness.



Cardoso revealed in an interview about the MPC with Arise News on Monday that “transmission was questionable”, referring to the impact of previous rate hikes on inflation figures.



The CBN&#8217;s rate hike spree since May 2022, moving from 13.0% to 18.75% during the last MPC meeting in July, has reportedly stirred debates on its efficacy, especially in light of the persistent rise in inflation rates, moving from 17.71% to 28.92% in December, the highest in 27 years.



He explained: “I didn’t want a situation where we start back on that same trajectory. It is for that same reason that we took our time to ensure that we put ourselves in a position where the MPC will be impactful and where it will complement the activities of the fiscal side.”



The MPC has twice postponed its 293rd meeting, initially set for September 25 and 26, since the nomination of Cardoso in the same month. The meeting, intended to address various issues, including the decision on interest rates, was rescheduled for the second time on November 20. While acting as CBN governor from June to September, Folashodun Shonubi oversaw two interest rate increases at the bank.



With the enactment of the new CBN Act (2007) by the National Assembly, the reconstituted MPC “meets bi-monthly, except in the event of an emergency”. The two-day meeting only occurred in January, March, May, and July 24 and 25 last year.



A tentative calendar of MPC meetings for this year posted on the CBN&#8217;s X (formerly Twitter) account indicates that the meetings have been scheduled for February, March, May, July, September, and November.



Emphasizing the importance of aligning monetary policy with fiscal measures, Cardoso underscored the goal of stabilizing prices and controlling inflation. He affirmed that the focus of the CBN under him was to stabilize prices and control inflation.



Cardoso pointed to International Monetary Fund (IMF) forecasts indicating a significant decrease in inflation in the coming year. &#8220;That is as a result of the tightening that we are doing,&#8221; he explained, hinting at a shift in strategy to tackle the nation&#8217;s economic challenges.



Amidst the anticipation surrounding the upcoming meeting, investors like Moses Adeolubodun are closely monitoring developments.



Speaking with FORBES AFRICA, Adeolubodun considers these delays as &#8220;a reflection of the CBN&#8217;s commitment to meticulous preparation&#8221;.



He adds: &#8220;The postponements, while unexpected, highlight the importance of thorough groundwork. In an increasingly complex economic landscape, it&#8217;s crucial for the MPC to be armed with comprehensive insights and strategies.&#8221;



He explains the need for the MPC to be fully equipped to navigate evolving economic challenges, ensuring its decisions resonate effectively in the market. &#8220;I think that Cardoso is prioritizing the MPC&#8217;s efficacy. This approach instills confidence among investors and reinforces the CBN&#8217;s commitment to prudent monetary policies.&#8221;



Nigeria, like many emerging economies, faces a myriad of economic variables, from inflationary pressures to currency fluctuations. Adeolubodun acknowledges the delicate balancing act required of the MPC in such circumstances. &#8220;The MPC&#8217;s decisions have far-reaching implications. They influence investor sentiment, shape monetary conditions, and ultimately impact economic growth.&#8221;



As the revised MPC meeting approaches, Adeolubodun remains cautiously optimistic. &#8220;While delays may raise eyebrows, they also signify a dedication to ensuring informed decision-making. Investors will be eagerly awaiting the outcomes, eager for insights into the CBN&#8217;s stance on key monetary issues.&#8221;

Central Bank of Nigeria headquarters in Abuja.

Expectations High As Central Bank Of Nigeria Prepares For Twice-Postponed Policy Meeting This Month

Nigeria has eased its stringent stance on cryptocurrency transactions, introducing guidelines to govern operations after two years.



The Central Bank of Nigeria (CBN) recently released comprehensive guidelines to govern the operations of bank accounts for Virtual Assets Service Providers (VASPs), signaling the end of a two-year ban on cryptocurrency transactions. This information is detailed in a circular titled Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers, issued by Haruna B. Mustafa, Director of the Financial Policy and Regulation Department at the CBN.



While the ban lasted, Nigerians defied the odds with the volume of crypto transactions in Nigeria growing 9% year-over-year to $56.7 billion between July 2022 and June 2023, according to New York-based blockchain research firm Chainalysis in a September report. Nigeria is also reported to have the highest peer-to-peer (P2P) exchange volume, according to the 2023 Geography of Cryptocurrency Report. A recent study from KuCoin found that 35% of Nigerians aged between 18 and 60 are investing or trading bitcoin or other cryptocurrencies.



In February 2021, the CBN initially imposed restrictions on banks and financial institutions, preventing them from engaging with cryptocurrency service providers reportedly due to concerns related to money laundering and terrorism financing risks.



In the latest circular, the CBN acknowledges global trends indicating the need to regulate the activities of VASPs, including cryptocurrencies and crypto assets. &#8220;Following this development, the Financial Action Task Force (FATF) in 2018 also updated its Recommendation 15 to require VASPS to be regulated to prevent misuse of virtual assets for ML/TF/PF.&#8221;



&#8220;Furthermore, Section 30 of the Money Laundering (Prevention and Prohibition) Act, 2022 recognizes VASPs as part of the definition of a financial institution. In addition, the Securities and Exchange Commission (SEC) in May 2022 issued Rules on Issuance, Offering and Custody of Digital Assets and VASPS to provide a regulatory framework for their operations in Nigeria,&#8221; adds the CBN.



In response to these developments, the CBN explained that it issued the new guidelines to provide clear directives to financial institutions under its regulatory purview regarding their banking relationships with VASPs in Nigeria.



The guidelines supersede previous circulars. However, it emphasizes that &#8220;banks and other financial institutions are still prohibited from holding, trading, and/or transacting in virtual currencies on their own account&#8221;.



The directive concludes with a firm call to action, stating, &#8220;Accordingly, all banks and other financial institutions are hereby required to immediately comply with the provisions of the Guidelines.&#8221;



Nigerian analyst, Kolawole Oyebola, expresses his views on the CBN&#8217;s decision, highlighting the positive implications for the burgeoning cryptocurrency market in the country. Oyebola commends the regulatory clarity provided by the comprehensive guidelines, stating that it will instill confidence among investors and industry players.



&#8220;This move by the CBN is a welcomed and long-awaited step in the right direction. The comprehensive guidelines not only signal a pragmatic approach to regulating the cryptocurrency space but also demonstrate the recognition of the importance of digital assets in the evolving global financial landscape,&#8221; Oyebola tells FORBES AFRICA.



The CBN&#8217;s ban, during its implementation period, had raised concerns within the cryptocurrency community and sparked debates about the future of digital currencies in Nigeria. Analysts had been vocal about the need for a balanced regulatory framework that encourages innovation while addressing potential risks associated with cryptocurrencies.



&#8220;Now that the ban has been lifted, we can anticipate increased interest and participation in the cryptocurrency market. The guidelines provide a roadmap for both VASPs and investors, promoting transparency and accountability,&#8221; Oyebola adds.



Already, pan-African cryptocurrency trading platform, Yellow Card, is exploring opportunities to capitalize on its first-mover advantage by pursuing licensing.



While Oyebola opines that challenges may persist, noting the need for continuous dialogue between regulators and industry stakeholders, he remains optimistic about the future of cryptocurrency in Nigeria.



&#8220;The CBN&#8217;s decision to lift the ban and introduce comprehensive guidelines reflects a proactive stance that could pave the way for a more robust and inclusive digital financial ecosystem in the country.&#8221;

Cryptocurrency Mining In Africa As Poor Sheperdherder Proves A Point

Nigeria Resumes Cryptocurrency Transactions With New Guidelines For VASPs

Analysts express concerns over the second postponement of the Central Bank of Nigeria&#8217;s (CBN) Monetary Policy Committee (MPC) meeting, crucial for interest rates, leading to uncertainties in the market.



While investors began the week on a negative note, resulting in a 0.15% decrease in Nigeria&#8217;s equities market, it closed with a 0.07% gain on Thursday. This was propelled by bargain activities in small to mid-cap stocks.



On Monday, Stanbic IBTC Holdings, CWG, and Caverton Offshore Support Group witnessed profit-taking, leading to share price declines. Stanbic IBTC Holdings saw a 7.08% drop, CWG lost 3.14%, and Caverton was down by 2.78%. However, on Thursday, Beta Glass led market advancers, rising by 10%, while Multiverse, Mecure Industries, and Nigerian Enamelware also experienced significant gains.



At the close of Thursday&#8217;s session, the Nigerian Exchange Limited (NGX)-All-Share Index (ASI) increased to 71,052.85 points from 71,008.7 recorded on Monday. Market capitalization reached ₦39.074 trillion ($40.85 billion), bringing the year’s return to 38.63% from 38.55%. In 6,579 deals, investors exchanged 563,707,721 shares worth ₦3.442 billion ($3.59 million).



“For this week, we expect a couple of factors to impact investors’ sentiment. Specifically, we anticipate a downturn in market momentum driven by concerns around the inconsistency of the Monetary Policy Committee (MPC), [as it further postponed its next meeting scheduled to hold during the week].



“Also, we foresee profit-taking activities across tickers that have realized significant gains. However, we do not rule out the possibility of bargain-hunting activities during the week as investors strategically take positions on stocks with attractive entry points.



“Overall, we expect the market to trade on a mixed note with a prevailing bearish sentiment. Thus, we expect the NGX-ASI to close in the red zone this week,” Meristem research analysts reportedly said in their stock recommendation for Monday.



The devaluation of the Naira in June has had a significant impact on Nigerian businesses, particularly foreign-owned subsidiaries trading on the Nigerian Exchange.



Companies with foreign parent groups, importing a substantial portion of their inventories, experienced unrealized FX losses due to the devaluation.



The MPC of the Central Bank of Nigeria (CBN) has twice postponed its 293rd meeting, initially set for September 25 and 26, since the nomination of the new governor, Yemi Cardoso, in the same month.



The meeting, intended to address various issues, including the decision on interest rates, was rescheduled for the second time on Monday, shifting to an unspecified date. This meeting would have signified the inaugural rates meeting under Cardoso. While acting as CBN governor from June to September, Folashodun Shonubi oversaw two interest rate increases at the bank.



With the enactment of the new CBN Act (2007) by the National Assembly, the reconstituted MPC &#8220;meets bi-monthly, except in the event of an emergency&#8221;. The two-day meeting occurred in January, March, May, and July 24 and 25. According to the Act, the meeting was supposed to take place in September and November, raising concerns about efforts to stabilize the nation&#8217;s currency, which has plummeted about 42% this year, contributing to inflation which worsened in October.



Nigerian analyst Kolawole Oyebola weighs in on the situation, attributing the negative sentiment to global economic concerns and regional factors impacting investor confidence.



Oyebola notes that the early-week downturn was a reflection of the cautious approach adopted by investors amid geopolitical tensions and fluctuating commodity prices. &#8220;The market experienced a slight dip on Monday as investors reacted to external pressures, exhibiting a typical risk-averse behavior,&#8221; Oyebola tells FORBES AFRICA.



&#8220;The mid-week recovery suggests that investors reevaluated their positions, with a focus on the underlying strength of the Nigerian economy,&#8221; Oyebola explains. He highlights positive indicators, including increased trading volumes and strategic investments in key sectors.



While uncertainties persist, Oyebola expresses optimism about the market&#8217;s ability to navigate challenges. &#8220;Investors are becoming more discerning, and we&#8217;re witnessing a more mature approach to risk management,&#8221; he remarks.



The analyst urges stakeholders to closely monitor global economic developments, emphasizing the interconnected nature of financial markets. &#8220;I encourage investors to adopt a balanced and informed strategy to navigate the evolving landscape.&#8221;

Nigerian Equities Overcome Early Week Slump, Close With Gains On Thursday

The Central Bank of Nigeria&#8217;s (CBN) May economic report, recently released, reveals a surge in foreign exchange inflow, reaching $6.03 billion, marking a significant 29.1% increase from the previous month. The data indicates robust economic performance with net inflows of $3.59 billion, showcasing a positive trend in the nation&#8217;s foreign exchange activity.



Despite the overall surge, the CBN experienced a decrease of 27.9% in foreign exchange inflows through the Bank, dropping to $1.70 billion from $2.36 billion in April. This shift resulted in a net outflow of $0.33 billion, contrasting with the net outflow of $0.03 billion in the preceding month.



The CBN report highlights a remarkable 87.2% increase in autonomous inflow, reaching $4.33 billion, demonstrating the resilience of external sources contributing to the country&#8217;s foreign exchange strength. While autonomous outflow also saw an uptick to $0.41 billion, the net inflow rose to $3.92 billion, surpassing the April figure of $2.05 billion. This positive trajectory indicates diverse channels contributing to Nigeria&#8217;s foreign exchange resilience.



Analyzing the intricacies of these fluctuations, economist Kelvin Emmanuel provides insights into the dynamics of Nigeria&#8217;s foreign exchange landscape, pointing out that the CBN report reveals a stark reality of disjointed FX markets in the country.



Emmanuel emphasizes that the autonomous FX flows, measuring inflows into Nigeria from sources outside registered government channels, have failed to bring about convergence in the parallel and Investors&#8217; and Exporters&#8217; (I&amp;E) markets.



&#8220;The real effective exchange rate (REER) does not accurately reflect the willing buyer, willing seller rate, contributing to the existing disparities in the FX markets,&#8221; says Emmanuel.



One key factor highlighted by the economist is the behavior of companies importing USD into Nigeria through autonomous sources. Rather than immediately discharging these funds into the I&amp;E markets, these companies prefer to retain their USD for internal FX operations. Emmanuel attributes this tendency to the substantial black-market premium, currently standing at 32.5%.



The economist stresses that addressing the challenges in the FX markets requires the CBN to take decisive actions. &#8220;Clearing outstanding FX forwards and reducing the incentive to divert funds from parallel markets to official markets is crucial,&#8221; states Emmanuel.



He further emphasizes that as long as companies find it more lucrative to hoard funds due to prevailing market conditions, the issue of disjointed FX markets is likely to persist.



However, financial expert and doctor of business administration, Iheakanwah Felix Arinzeh, expresses optimism to FORBES AFRICA about the findings, attributing the surge to various factors contributing to the nation&#8217;s economic resilience. &#8220;The increase in FX inflow can be attributed to factors such as increased oil production and exports, improved investor sentiment, and effective CBN interventions,&#8221; Arinzeh notes.



Arinzeh sees the surge in the share of autonomous inflows in the total FX influx as a positive indicator, signaling strong demand for Nigerian assets from foreign investors.



He emphasizes the significance of autonomous inflows, stemming from private sources like foreign direct investment and export proceeds. He highlights their resilience to fluctuations in oil prices, a crucial factor given Nigeria&#8217;s heavy reliance on oil as a primary source of foreign exchange earnings.



The surge in FX inflow is anticipated to yield several positive impacts on the Nigerian economy. These include improvements in the country&#8217;s balance of payments, bolstering foreign reserves, providing support for the naira, and enhancing the affordability of imports. However, Arinzeh cautions that the increase in FX inflow remains relatively fragile. He stresses the need for sustained efforts by the Nigerian government and the CBN to implement policies that support economic growth and maintain FX liquidity.

Naira Value Plunges on Street Amid ‘Stampede’ for Dollars

Central Bank of Nigeria Report Reveals Surge In Foreign Exchange Inflow To $10.7 Billion In Two Months

The political atmosphere in Nigeria leading up to the February polls is tense. Challenging the status quo are new and younger contenders promising hope and change.



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As the 2019 elections draw close in February in Africa’s most populous country, Atiku Abubakar has emerged the presidential candidate of the People’s Democratic Party (PDP) while President Muhammadu Buhari has been affirmed for the ruling All Progressive Congress (APC) ticket. 



Abubakar, a former vice president of Nigeria, has begun his campaign against president Buhari by highlighting the popular frustration of Nigerians over the rise in unemployment and poverty (two of the biggest voter concerns) on Buhari’s watch,as well as growing insecurity in central Nigeria. 



Nigeria was recently voted the world’s poverty capital by the Brookings Institution. Consequently, the handling of the economy has already emerged as a major issue at the start of the election cycle.



In 2016, the country entered its first recession in 25 years due to a slump in oil prices and attacks in the Niger Delta oil-producing region. Although emerging out of recession in 2017, growth still remains tardy and inflation is just above the central bank’s single-digit target range. 



Investor sentiment in the country is also low especially with leading telco giant MTN Nigeria being ordered by the Central Bank of Nigeria (CBN) to return $8.1 billion to the country claiming it was illegally repatriated from Nigeria.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1024" height="683" src="https://www.forbesafrica.com/wp-content/uploads/2018/12/GettyImages-460291600-1024x683.jpg" alt="" class="wp-image-38074" srcset="https://cms.forbesafrica.com/wp-content/uploads/2018/12/GettyImages-460291600-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2018/12/GettyImages-460291600-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2018/12/GettyImages-460291600-600x400.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2018/12/GettyImages-460291600-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2018/12/GettyImages-460291600.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption> Atiku Abubakar.  Picture: Pius Utomi/ AFP/Getty Images</figcaption></figure>



“If the fine is found to be unjustly imposed, it would have a negative implication on the image of Nigeria as a destination for foreign investors. Investors only invest in environments that have laws that protect them. If people are punished when they have not done anything wrong, that destroys investor confidence,” says Bismarck Rewane, CEO of Financial Derivatives, an economic think tank in Lagos.



This will be the fourth attempt by Abubakar to win a presidential election mirroring Buhari’s 2015 elections win. He defected from the ruling APC party and re-joined PDP to win the presidential ticket. In a speech in London, Abubakar unveiled his plans to offer a matching grant of $250 million each to the 36 states of the federation to challenge them to enhance their internally generated revenue (IGR).



Meanwhile,just as the election was shaping up to be a contest between two male political veterans, Obiageli Ezekwesili, a woman with a strong track record in economic leadership has announced her presidential candidacy for the Allied Congress Party of Nigeria (ACPN). 



Ezekwesili,who is the co-founder of the #bringbackourgirls movement, is perhaps the most prominent woman to challenge for the top job. 



Her campaign for the return of the 276 Chibok girls kidnapped in northern Nigeriain 2014 by Boko Haram sparked worldwide support and led to the return of more than 100 girls to their families. 



Ezekwesili also served as the country’s education minister and Vice-President of the World Bank. In a speech to her party, Ezekwesili said the two men she faces represent a “mediocre political class that bumbles from one crisis to another”. Her campaign strategy is to position herself as the candidate bringing hope back to Nigeria by challenging the status quo.



Also as part of her strategy, Ezekwesili, 55, is trying to appeal to Nigeria’s youth by highlighting the lack of understanding of technological advances happening in the country by her challengers, Buhari, 75, and Abubakar, 71. 



However, in spite of her immense appeal, perhaps the youth might just need a candidate of their own who understands their needs and can speak for a nation where more than 50% are under the age of 30.



They may just have their wish. A welcome development to this election is the reduction of the age by which Nigerians can contest the election for public office. 



The bill, popularly referred to as the Not-Too-Young-To-Run Bill, reduces the age qualification for president from 40 to 35; governor from 35 to 30; senator from 35 to 30; House of Representatives membership from 30 to 25 and State House of Assembly membership from 30 to 25.



Bukunyi Olateru-Olagbegi, a 27-year-old entrepreneur and an up-and-coming political leader, has taken advantage of this new window to register his own political party, Modern Democratic Party. The party is putting education at the top of its agenda and calling for the youth of Nigeria to stand together and have a unified voice.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="828" height="596" src="https://www.forbesafrica.com/wp-content/uploads/2018/12/bukunyi.png" alt="" class="wp-image-38073" srcset="https://cms.forbesafrica.com/wp-content/uploads/2018/12/bukunyi.png 828w, https://cms.forbesafrica.com/wp-content/uploads/2018/12/bukunyi-300x216.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2018/12/bukunyi-600x432.png 600w, https://cms.forbesafrica.com/wp-content/uploads/2018/12/bukunyi-768x553.png 768w" sizes="auto, (max-width: 828px) 100vw, 828px" /><figcaption> Bukunyi Olateru-Olagbegi. Picture: Supplied</figcaption></figure>



“We offer hope. Ours is a generation that is young, bold and open to possibilities. We believe that if hope can be returned to the heart of the common man/woman, they may once again start to believe in things becoming better. Right now, a lot of parties sing the word ‘hope’ and yet their internal democracy itself is hopeless,” he says.



“The masses are not blind. They see the internal wrangling in these political parties on the pages of newspapers. How then can they truly believe in a message of hope by these same people? Our youthfulness and firm grasp of the complexities and blistering pace of the world we live in today, easily make us,in our opinion, fit to lead. We understand the power of flexibility and we understand what ‘change’ really means. The world needs the youth right now, and we are finally ready to step up.”



He says his party is committed to building a structure capable of winning elections across all political spheres and levels with a resolution to put a spotlight on the downtrodden in society, a society that, according to Olateru-Olagbeji, is in critical need of deliverance from bad leadership.



“As a party, we hope to correct the present for the sake of the future; we hope to harness the mental and resources of my generation with fresh ideas and innovation because this generation is not tied to the prejudices and biases of the ones before us, we don’t see tribe, religion and even gender; we are united in our hunger for success. We hope to inspire a generation of young Nigerians and Africans to work at building our nation and continent, community by community, till we become the leading and ruling party,” he says.



The political atmosphere leading up to February is extremely tense. 



No matter who is contending for the top job, one thing is certain,Nigerians need a new economy, one that provides them with opportunities for growth and prosperity, and they need that, yesterday.

Tag: Central Bank of Nigeria

FORBES AFRICA SOCIAL MEDIA

CBN Increases Rates To Combat Inflation, Eyes Boost From Dangote Refinery

Expectations High As Central Bank Of Nigeria Prepares For Twice-Postponed Policy Meeting This Month

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Central Bank of Nigeria Report Reveals Surge In Foreign Exchange Inflow To $10.7 Billion In Two Months

Twists And Turns Of Nigeria’s Election Campaign Trail