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Currency In Circulation Falls By N65.74bn In Four Months
The Central Bank of Nigeria’s latest figure has said the currency in circulation fell by an N65.74billion. This was a drop to N2.741 trillion at the end of June from N2.81 trillion in March, According to the CBN, the currency in circulation, which stood at N2.796tn at the end of April, fell to N2.791tn in…
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Customs Generates N1tr In 6 Months
The Nigeria Customs Service has generated N1.003 trillion in revenue in the first six months of 2021. NCS has also seized 2,333 goods worth N4.4 billion in Duty Paid Value in the period under review. The spokesman of NCS, Deputy Comptroller Joseph Attah, said, “The service generated the sum of N1.003trn from January to June…
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’25m Nigerians Unconnected To Telecoms Services’
The Nigerian Communications Commission has said 25 million, out of the 200 million Nigerians, are still not connected to telecoms services. This is coming about 20 years after the liberalisation of the telecoms sector. The NCC said it has brought down the figure of underserved and unserved from 217 access gap clusters to 114. The…
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Nigerians Trade N92.25m Bitcoin On Paxful
Despite the ban on cryptocurrency trading, Nigerians traded bitcoin volumes of over N92.25 million ($225K) on Paxful– a cryptocurrency trading platform– from March to June 2021. According to a source in Paxful, reported by the Punch Newspaper, from November 2020 to February 2021, trading volumes from Nigeria was about N73.8 million. The source said, “From…
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‘FG Losing N2bn Monthly Over Import Fraud’
The Transparency Network Group has said the federal government may be losing at least N2 billion monthly due to wrong declaration, under the declaration of goods by importers and other fraudulent practices at the port. According to a statement issued in Abuja, the civil society noted that returning the Standards Organization of Nigeria to the…
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Insurance Sector Contracted By 2.08% In Q1
Latest data by the National Bureau of Statistics has shown that the insurance sector contracted by 2.08 percent in the first quarter of 2021. The figures, which were contained in its report on Gross Domestic Product for the first quarter, said the sector accounted for 12.45 per cent of the financial sector during the period…
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PenCom Recovers N608m Pension Liabilities From Defaulters
The National Pension Commission says it has recovered N608.5 million from employers who deducted monthly pensions of their workers. However, it mentioned that these employers did not remit to their retirement savings accounts with their respective pension fund administrators. According to the 2021 first quarter report released by the commission, the amount consists of N162.3…
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Manufacturing Sector Grew Slightly In April
The Central Bank of Nigeria has disclosed in its Monetary Policy Committee report that the manufacturing sector recorded marginal growth as the Purchasing Managers’ Index rose to 49.0 index points in April from 48.8 index points in March 2021. It said, “The committee noted the marginal growth in the Manufacturing Purchasing Managers’ Index to 49.0…
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CBN To Provide N60bn for Mass Metering
The Central Bank of Nigeria (CBN) will provide N60 billion for the first phase of its national mass metering programme, the federal government has said. The fund will be provided for the supply of one million electricity meters meant for free distribution to unmetered power users across the country. This was contained in a document…
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Nigeria Might Lose $34bn In Annual Export Earnings
Nigeria risks losing $34.3 billion in its annual export earnings, a new study by Standard Chartered has said. The study said the loss is inevitable if the country does not cut carbon emissions in line with the net-zero plans of the biggest multinational companies operating in the country. The study, titled ‘Carbon Dated’, was…