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Net Forex Inflow Falls By 47%
Recent monthly economic reports of the Central Bank of Nigeria have shown that Net foreign exchange, forex, and inflow to the economy fell 47 per cent, year-on-year. This is a drop to $25.05 billion in 10 months to the end of October last year. The decline was driven by a 27 per cent fall in…
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Nigeria’s Trade Surplus Rises By 69%
Data from the Central Bank of Nigeria has shown that the country’s trade surplus rose year-on-year (YoY) by 69 per cent. This is an increase to $11.58 billion in the first ten months of 2022 (January to October), from $6.85 billion in the corresponding period of 2021. CBN said this in its Economic Report for…
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Mobile Subscriptions Grow By 23 million
The latest industry statistics from the Nigerian Communication Commission have shown that the number of mobile subscriptions in Nigeria grew by 23.48 million from January to November 2022. This translates to a total number of 218.61 million mobile subscriptions in the country. MTN remains the largest contributor to mobile subscriptions with 86.44 million subscriptions, followed…
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Nigerian Banks’ Stocks Fall By N141bn
According to data available on the Nigerian Exchange Limited, banking sector performance ended the year out of the loop as five banks saw their value downed by 5.5 per cent This is coming despite the Nigerian capital market closing the year on a bullish trend. The drop is from N2.57 trillion in 2021 to N2.43…
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Oil Production Hits 1.2mbpd In December
The Nigerian Upstream Petroleum Regulatory Commission has said that crude oil production in Nigeria rose to 1.235 million barrels per day in December 2022. This is the highest output since March when the country produced 1.237mbpd. Figures obtained from the commission showed that oil production increased from 1.185mbpd in November to 1.235mbpd in December. Crude…
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Insurance Industry Total Assets Hit N2.3tn In Q3
The National Insurance Commission has disclosed that the total assets of Nigeria’s insurance industry stood at N2.3 trillion at the end of the third quarter of 2022. This was contained in a report in ‘Statistics department quarterly synopsis of the insurance market third quarter, 2022’. The commission stated, “The industry recorded a total asset of…
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NGX Retail Transactions Rise By 10.7%
Data from the Nigerian Exchange has shown that retail transactions in Nigerian Exchange increased by 10.69 per cent. This is an increase to N26.62 billion in the month of November according to the data from the country’s local bourse. The data showed that retail transactions added N26.62bn in the month from N24.05bn in October 2022.…
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Nigeria’s Inflation Hits 21.47% In November
The National Bureau of Statistics has disclosed that Nigeria’s inflation rate rose for the 10th consecutive month to 21.47 per cent in November 2022. This is the highest in 17 years. It was 21.09 per cent in October. In its Consumer Price Index, CPI report for November, NBS, indicated that new pressure on inflation is…
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Nigeria’s Oil Output Rises By 17%
According to the December 2022 Monthly Oil Market Report, MOMR, of the Organisation of Petroleum Exporting Countries Nigeria’s oil production increased month-on-month, MoM, to 1.186 million barrels per day in November 2022. This is up about 17 per cent from 1.014 mb/d in October 2022. This is the second consecutive MoM rise in output following…
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Banks’ Earnings Rise To N621bn
Nigerian banks have generated N620.89 billion in the third quarter of this year, Q3’22 from fees and commission income. This represents 21.5 per cent higher than the N510.99 billion they made under the same income line in the corresponding period of 2021. The banks include Zenith Bank Plc, Access Bank Plc, First Bank, Stanbic IBTC…