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CBN’s Forex Intervention Drops by $930m
The Central Bank of Nigeria’s foreign exchange intervention in the economy declined by $930m in the third quarter of 2021 to $4.03bn from $4.96bn in Q2. The CBN disclosed this in its report on the supply of forex for the third quarter of 2021. Its intervention in the Investors & Exporters, SMEs and the invisible…
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Nigeria’s Debt To Five Countries Hits $4.26bn
Nigeria’s debt to China, France, Japan, India and Germany has risen to $4.26bn as of June 30, 2021 from $3.85bn at the end of 2019. Data obtained from the Debt Management Office showed that the country spent $402.74m in the 18-month period servicing bilateral loans, even as it borrowed $400m. As of December 31, 2019,…
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Banks’ Credit Rises 33% To N35trn
Banks’ credit to the private sector of the economy rose by 33.7 percent to N35.3 trillion in November 2021 Year-on-Year. This is an increase from N26.4 trillion in the corresponding period of 2020. Data from the Central Bank of Nigeria show that net domestic credit also rose YoY by 36 percent to N48.3 trillion in…
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External reserves gained $5.12bn in 2021
According to the data obtained from the Central Bank of Nigeria, the country’s external reserves rose by $5.12bn in 2021. CBN revealed that the reserves, which ended December 2020 at $35.37bn, rose to $40.53bn as of December 30, 2021. The data showed that the external reserves, which fluctuated during the period under review, received boosts…
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Tax Revenue Rises 30% To N2.85trn
Revenue into the Federation Account from Value Added Tax, VAT, and Company Income Tax, CIT, rose by 30.1 per cent, year-on-year, YoY, to N2.85 trillion in nine months ended September 30th, 2021 (9mths-21) from N2.19 trillion in the corresponding period of last year (9mths-2020). Findings in the VAT and CIT data for Q3 ‘2021 released…
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Nigeria Imports N13.7tn Manufactured Goods In Nine Months
Data from the National Bureau of Statistics showed that Manufactured goods valued at N13.7tn were imported into Nigeria from January to September this year. The country exported N757bn worth of manufactured goods in the nine-month period, accounting for 0.06 per cent of the total trade of N14.3tn. Manufactured goods imported into the country included antibiotics,…
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Foreign Investments Fall By N11.48bn In Six Months
Between January to June 2021, Nigeria’s foreign investment inflows dropped by N11.48 billion. According to the Central Bank of Nigeria (CBN) ‘Financial markets department 2021 half-year activity report’, the report revealed that foreign inflows amounted to N105.24 billion, while the outflow was N116.72 billion at the end of June 2021, reflecting a net outflow of…
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PoS Transactions Hit N13.67tn In Three Years
According to data obtained from the Nigeria Inter-Bank Settlement System Plc portal, the Point of Sale for transactions has risen to N13.67tn in three years. The data showed that the aggregate PoS transactions between January 2019 and November 2021 was N13.67tn. However, the total transactions with cheque within the same period was N10.67tn. In its…
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Nigeria’s Domestic Debts Hit N4.2tn In Q3 2021
The domestic debt owed by state governments and the Federal Capital Territory Administration rose to N4.2tn at the end of the third quarter of 2021. According to the latest data from the Debt Management Office, this is an increase from N4.12tn in Q2 of the year under review. The N4.2tn debt represents 23.04 per cent…
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Chinese Loan Hits $3.59bn On 15 Projects
According to an analysis of the external debt stock data from the Debt Management Office, Nigeria’s debt to China increased from $3.26bn as of September 30, 2020, to $3.59bn as of September 30, 2021. This shows an increase of $330m in one year. Although the Federal Government has been mostly secretive about the terms of…