Domestic Economic Review

  • Bola Ahmed Tinubu was sworn in as the 16th President of the Federal Republic of Nigeria along with his vice president, Kashim Shettima on May 29th, 2023. Also, the 10th Senate administration was inaugurated on June 13th, 2023.

  • The new Government announced the removal of fuel subsidy in a bid to free up more resources to develop other key sectors in the economy.

  • Consequently, the Central Bank of Nigeria (CBN) unified all segments of the foreign exchange (forex) market into the Investors and Exporters (I&E) window. This policy implies that all forex transactions e.g. FORM A (PTA, BTA, School fees, medical, etc.), and invisible trade transactions are to be done via the I&E window at the official exchange determined by market forces. These transactions will continue to be processed via deposit money banks.

  • Following the fusion of all the forex segments, the CBN has directed that the Naira 4 Dollar Scheme and the RT200 programme which hitherto had incentivized remittances will stop effective June 30th, 2023.

  • Inflation rate in Nigeria rose to 22.41% for the month of May 2023 higher than the 22.22% reported for April 2023.

  • In response to suggestions that the biometric verification number (BVN) issued in Nigeria has an expiry date, the CBN has issued a statement stating that BVN has no expiry date. Once a customer’s biometrics have been captured and enrolled, the BVN remains for life.