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Domestic Flight Movement Drops By 215%
The domestic flight movement witnessed a significant decline of 215 percent in the first quarter of 2022, (Q1’22) to 23,599 from 74,537 recorded in the corresponding period of 2021. The number of cancelled flights across the country’s airports also declined to 14,130 in Q1’22, about 192.5 per cent from 41,328 flights cancelled in Q1’21. According…
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Withdrawals From Pension Savings Rise 17%
Cash withdrawals by workers from their pension contributions jumped by 17.5 percent to N6.65 billion in the second quarter of 2022, Q2 ’22. This is an increase from N5.66 billion recorded in the corresponding period of 2021. According to the report released by the National Pension Commission, PenCom, the number of sacked workers that withdrew…
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Nigeria’s Diaspora Remittances Rise By 20.3%
Data from the Central Bank of Nigeria has shown that Nigeria’s diaspora remittances rose in the first quarter of the year, Q1’22, by 20.3 percent, Year-on-Year. This is an increase to $5.16 billion from $4.29 billion in the same period of last year, Q1’21. CBN’s data shows that remittances from Nigerians working abroad have been…
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CBN Injects $7.6bn To Naira In Five Months
The Central Bank of Nigeria, in its banking regulator’s monthly economic reports on foreign exchange market developments, has said that it injected $7.6 billion into the economy to stabilise the value of the naira in five months. According to the reports, the CBN intervened in the markets with $1.65bn, $1.39bn and $1.82bn in January, February…
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How Commercial Banks Performed In H1’ 2022
With over six months gone in the year, 2022, commercial banks in Nigeria have begun to disclose their profit before tax for the first half of the year. Profit before tax (PBT) is a measure of a company’s profitability that looks at the profits made before any tax is paid. It matches all the company’s…
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Passport Issuance Rises By 38%
Data from the Nigeria Immigration Service has shown that the number of passports issued rose by 38 percent between 2020 and 2021. This is an increase from 767,164 to 1,059,607 passports issued in 2020 and 2021 respectively. According to NIS, the passport types ranged from standard, official, diplomatic, emergency travel certificates and refugee passports or…
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Inflation Rate Hits 20.5% In August 2022
Nigeria’s inflation rate has risen by 0.92 basis points to 20.52 percent in August 2022, from 19.6 percent in July. This is the highest record since October 2005 and it represents the seventh consecutive monthly rise in Headline inflation since February. Also, Food inflation rose to 23.12 percent in August 2022, representing a 1.1 percentage-point…
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Nigeria’s FIRS Grows VAT by 20%
The Federal Inland Revenue Service has grown its proceeds of Value of Added Tax by 20 percent to N1.2tn in the first six months of 2022. According to different reports by the National Bureau of Statistics, the total sum generated through VAT stood at N1.008tn in the first two quarters of 2021. NBS data also…
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African Airlines Record Increase In Passenger Traffic
According to the International Air Transport Association report, African airlines have recorded an 84 percent increase in traffic in the continent. The report said, “Domestic passenger markets are recovering faster (now at 86.9 percent of July 2019 levels) than international markets (which has reached 67.9 percent of July 2019 levels).” Domestic travel represents a 62.3…
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Currency In Circulation Falls By N107.08bn
Latest figures on currency from the Central Bank of Nigeria has revealed that currency in circulation fell by N107.08billion in July 2022. This is a drop from N3.35trillion in April to N3.24trillion in July 2022. According to the CBN, the CIC which stood at N3.33tn in May fell to N3.25tn in June. Currency in circulation…