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eNaira Transactions Rise To N4bn
The Governor, Central Bank of Nigeria, Godwin Emefiele, has revealed that the value of transactions on the eNaira has risen to N4 billion since its launch on October 25, 2021. This then shows an increase of 2,027.66 per cent from the last year’s transaction value of N188 million. This was disclosed at the grand finale…
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Nigerians’ Expenditure On Utility Bills Hits N1.69tn
According to data from the Nigeria Inter-Bank Settlement System, Nigerians have spent N1.69 trillion electronically on utility bills in the first seven months of 2022 The utility bills include payments like power, Pay TV subscriptions, and other everyday utilities in households. This is a 32.06 per cent increase from the N1.28tn that was electronically spent…
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Nigeria Accumulates $1.3bn Debt In One Year
According to the World Bank Fiscal Year 2022 audited financial statements, Nigeria was rated fourth on the International Development Association borrowers’ list with $13bn IDA debt stock as of June 30, 2022. The country moved up from fifth position on the list with $11.7bn IDA debt stock as of June 30, 2021. This implies that…
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Why The UK Plans To Cut Import Taxes On Goods From Africa
The UK’s Department for International Trade has revealed plans to cut taxes by around 99% of goods imported from some African countries in a new trading scheme. The Developing Countries Trading Scheme, implemented in January 2023, would focus on boosting trade links between the UK and lower-income nations across the globe. The Department for International…
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FAAC Allocation Rises By 18%
The federal, state and local governments have shared N802.407bn as federation allocation for the month of June, 2022 representing 18 percent increase from N681bn shared in May. The sharing decision was reached at Federation Account Allocation Committee (FAAC)’s meeting, according to a statement sent to by the Director of Press/Information, Federal Ministry of Finance, Mrs…
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Nigeria Spends $2.35bn On Phone Importation
According to data from the International Trade Centre, Nigeria spent $2.35bn on telephone importation in three years. The ITC, an international body that focuses on trade, saidThe nation spent $807.95 million on importation of phone sets in 2019, $765.57 million in 2020 and $772.25 million in 2021. The body explained that the imported telephone sets…
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FG borrows N2.45tn from CBN
Through Ways and Means Advances, the Federal Government’s total borrowing from the Central Bank of Nigeria has risen from N17.46 trillion in December 2021 to N19.91 trillion in June 2022. According to data from the CBN, this shows that the Federal Government borrowed N2.45tn from the apex bank within six months. According to the Debt…
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Banking Sector Credit To Govt Rises By 35% In H1’22
According to the Money and Credit Statistics for June 2022 released by the Central Bank of Nigeria, the banking sector credit to the government rose by 35 percent in the first half of 2022 (H1 ’22). CBN said that credit to the government rose to N17.9 trillion at the end of June 2022 from N13.3…
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External Reserves Grow To $39.3bn
According to the central bank of Nigeria, the country’s external reserves have gained $923 million in the past four weeks, reversing the several months of downward trend. It had declined steadily to $38.421 billion on June 6th, 2022 from $40.52 billion at the end of December 2021, translating to N2.1 billion or 5.1 per cent…
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Banks Borrow N595.34bn From CBN In Two Months
The Central Bank of Nigeria has said that commercial banks borrowed N595.34 billion between January and February 2022. The data, according to the apex bank’s monthly economic report showed that while N333.59bn was borrowed through the Standing Lending Facility in January, the amount reduced to N255.75bn in February. The CBN said increased liquidity in the…