Central Bank of Nigeria Recovers N1.9 trillion Following Naira Redesign.

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The United Nations has said the Nigerian economy will grow to three percent in 2023 because of robust commodities trade and dynamic consumer goods and services markets. It stated that price levels that rose significantly in Africa because of a global pickup in inflation in 2022 are projected to moderate in 2023.

“Given higher interest rates, weaker currencies against the dollar and lower capital inflows, a number of African countries will face challenges in servicing and rolling over a large volume of debt, especially in 2024, when principal repayment of about $11bn on Eurobonds will be due.

With 17 African countries set for presidential and parliamentary elections, the UN added that rising popular dissatisfaction in many countries, driven by worsening socioeconomic conditions, including subdued wage growth, the escalating cost of living, and food security concerns, could prove challenging for incumbent or new administrations.

Earlier in January, the World Bank revealed that the Nigerian economy would grow at 2.9 per cent in its Global Economic Prospects report.


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