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Foreign Trade Drops By N1.24tn
According to the ‘Foreign Trade in Goods Statistics (Q3 2022) released by the National Bureau of Statistics, Nigeria’s total merchandise trade fell by N1.24trillion. This is from N12.84trillion in the second quarter of 2022 to N11.59trillion in the third quarter of 2022. This drop was influenced by the decline in crude oil exports, which fell…
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Nigeria’s Trade Balance Falls To 86%
Data from the National Bureau of Statistics, NBS, Foreign Trade in Goods Statistics report for the third quarter of 2022 has shown that Nigeria has recorded a negative trade balance quarter-on-quarter, QoQ, as export declined by 19.8 per cent to N5.93 trillion in Q3’22. This is from N7.4 trillion in Q2’22, while the import bill…
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Interbank Lending Drops 2.55%
Central Bank of Nigeria has said that the Interbank (bank-to-bank) lending transactions in the money market declined to N25.4 trillion in the first half of the year, H1’22. This is about 2.5 per cent Year-on-Year, YoY, from N26.1 trillion in the corresponding period of 2021, H’21. CBN disclosed this in its Financial Market Half Year…
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CBN Injects $11.24bn To Economy In Seven Months
Date from the Central Bank of Nigeria has shown that the apex bank injected $11.24 billion into the economy to stabilise the value of the naira from January 2022 to July. This was contained in the banking regulator’s monthly economic reports on foreign exchange market developments. In the first five months of the year, CBN…
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Forex Flows Falls By 36%
Data from the Central Bank of Nigeria has shown that the foreign exchange flows through the economy fell year-on-year (YoY) by 36 per cent to $17.4 billion as of July 2022. The increase was from $27.3 billion in the corresponding period of last year. CBN’s monthly Economic Report for the month showed that aggregate foreign…
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FG Borrows N24tn From CBN
The Central Bank of Nigeria has disclosed that the Federal Government has borrowed N6.31trillion through Ways and Means Advances in 10 months. This has pushed the Federal Government’s borrowing from the CBN from N17.46 trillion in December 2021 to N23.77 trillion in October 2022. Ways and Means Advances is a loan facility through which the…
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Telecoms GDP Increases By 10%
According to the National Bureau of Statistics, the contributions of telecommunications to the nation’s real Gross Domestic Product increased by 10.52 per cent year-on-year. This increase was to N7.28 trillion in the first nine months of 2022. In the corresponding period of 2021, the sector contributed N6.58 trillion to real GDP. NBS said that the…
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Nigerians Pay N2tn Indirect Taxes In Nine Months
According to the National Bureau of Statistics, the tax burden on Nigerians in the first nine months of 2022 increased by N285.13 billion. Nigerians paid N2.01 trillion as indirect taxes in the period under review, a 16.57 per cent increase from the N1.72 trillion paid in the corresponding period of 2021. This data is calculated…
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Credit To Economy Rises By 33%
According to data in the Central Bank of Nigeria Money and Credit Statistics for October 2022, Banks’ credit to the economy rose year-on-year (YoY) by 33 per cent to N63.47 trillion. This is an increase from N47.5 trillion same period last year. CBN said that the government recorded the highest YoY growth (75 percent) in…
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CBN raises MPR to 16.5%
The Central Bank of Nigeria has raised its Monetary Policy Rate by 100 basis points to 16.5%. This is an increase from 15.5% since May 2022. The MPR follows a continued rise in the inflation rate which hit 21.09% in October. Governor of the Central Bank of Nigeria Godwin Emefiele, who made this known at…