-
CBN Devalues Naira To Adopt Single Exchange Rate System
The Central Bank of Nigeria (CBN) has devalued the naira by 7.6% against the dollar in order to migrate toward a single exchange-rate system for the local currency. The apex bank replaced the fixed rate of N379/$1 used for official transactions with the more flexible Nafex, also known as the investors and exporters exchange rate,…
-
Banks Credit To Economy Hits N23.53tn
Latest figures by the Central Bank of Nigeria has shown that Banks’ credit to the economy rose to N23.53tn as of the end of March 2021. CBN disclosed in its communiqué at the end of the Monetary Policy Committee that the figure rose from N22.68tn as of the end of 2020. Part of the report…
-
Crypto: Nigeria Soon To Launch CryptoCurrency
The governor of the Central Bank of Nigeria, Godwin Emefiele, has announced the apex bank is in talks with the government to launch Nigeria’s digital currency. Emefiele disclosed this during the 279th monetary policy rate (MPR) meeting held on Tuesday, May 26 in Abuja. The news was a response to questions relating to the crackdown on…
-
Petrol Price Highest In Plateau, Kano, Abia In April
The National Bureau of Statistics has published that the highest average price of petrol in April 2021 was recorded in Plateau, Kano and Abia states. In its ‘Premium Motor Spirit (Petrol) Price Watch for April 2021’, the bureau gave the price per litre of the product as N178.14 in Plateau, N177 in Kano and N175.92…
-
Q1: 12 Nigerian Banks Lend Customers N690bn
Data collected from an unaudited financial statement of a combined loan portfolio of 12 commercial banks in Nigeria has shown a rise by N690 billion in the first three months of this year. The loans and advances to their customers grew to N17.75 trillion as of March 31, 2021 from N17.06 trillion at the end…
-
Crypto Crash Abates As Bitcoin Bounces Back To $42,000
On Wednesday, May 19, 2020, the flagship cryptocurrency, bitcoin, fell to more than three-month lows, dropping to about $30,000 at one point for a pullback of more than 30%. Bitcoin crash wiped out more than $500 billion in value from the coin’s peak market value, erasing all the gains it clocked up following Tesla Inc.’s…
-
32 MDAs Failed To Account For N1.2trn
The Fiscal Responsibility Commission has said over 30 ministries, departments and agencies of the Federal Government are withholding about N1.2trn. The commission said this is according to audit reports of some MDAs and unaudited accounts of others. The FRC also said MDAs have remitted operating surpluses of about N2.15tn since inception of the commission in…
-
W/Bank To Invest $150bn In Africa
The President of World Bank Group, David Malpass, said that the bank has made plans to invest $150 billion in Africa within the next five years. This investment is targeted towards promoting development on the continent. Malpass disclosed this at the Summit on Financing African Economies, held in Paris, France, saying that about $200 billion…
-
Nigeria’s New National Carrier To Take Off First Quarter Of 2022
The Federal Government has announced that its new national carrier, Nigeria Air, will commence operations by the first quarter of 2022. The Minister of Aviation, Hadi Sirika, disclosed this on Wednesday, May 19, 2021, while addressing State House correspondents after the Federal Executive Council (FEC) meeting. He explained that the private sector-run airline would resume…
-
Money Supply Rises By 22.5% To N38trn
Money supply in the economy jumped by 22.5 per cent Year-on-Year to N38 trillion in the first quarter of the year. This increase is due to the demand for cash by the public to meet the rising prices of goods and services. Reflecting the rising trend in prices of goods and services, the annual inflation…