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Here Is Why India Is Holding On To $3.47 Million Worth Of Tanzanian Gold
In a single contraband bust, Indian authorities have sized 6KG of gold worth $3.942 million at the Mumbai International Airport. They seized 53KG worth of gold from 4 Indians on their way back from Tanzania, while the remaining 8KG gold was confiscated from 3 travellers from Dubai. The suspects were confirmed to be smugglers from…
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Excess Crude Account Falls By 89%
According to a statement by the Ministry of Finance, Budget and National Planning, Nigeria’s excess crude account has declined by 89 per cent in the last eight years, moving from $4.1 billion in November 2014 to $472,513 in the same period of 2022. The ECA’s balance as of November 23, 2022, stood at $472,513.64. The…
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Nigeria’s Three Tier-government Share N736.782bn In October
The Federation Account Allocation Committee, FAAC, has shared a total of N736.782bn to the three tiers of government as the allocation for the month of October 2022. According to the Ministry of Finance, Budget and National Planning’s statement, from this stated amount, inclusive of gross statutory revenue, value added tax, exchange gain and augmentation from…
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Bitcoin Investment In Nigeria Rises By 5%
Despite the cryptocurrency losing $562.93bn of its market value in 2022, Nigerians’ investment in Bitcoin grew by over five per cent. The market cap of BTC has dropped from $875.94bn as of December 2021 to $313.01bn as of November 20, 2020. Also, prices have fallen from $46,306.45 to $16,291.83 within the time under review. However,…
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Gas Price Increases By 87% In One Year
The National Bureau of Statistics has said that the price of a 5-kilogramme cooking gas between 2021 and 2022 increased by 86.62 per cent This was contained in the NBS Cooking Gas Price Watch. “On a year-on-year basis, the September 2022 price of N4,474.48 for 5kg of gas was an 86.62 per cent increase over…
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Insurance Claims Payment Hits N174.8bn
The volume of gross claims paid out to insurance policyholders has recovered, hitting N174.8 billion in the first half of this year, H1’22. This is up by 7.7 percent against the N162.3 billion recorded in the preceding half, H2’21. This major indicator of soundness in the insurance sector had recorded a 6.9 percent decline from…
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Nigerian Banks’ Assets Rise By N10tn
The latest figures from the Central Bank of Nigeria have revealed that the Nigerian banks’ assets gained N10 trillion between August 2021 and August 2022 to hit N66.76trillion. The CBN disclosed in the personal statement of a member of the Monetary Policy Committee, Kingsley Obiora, that the banking sector remained resilient amid economic challenges. It…
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Nigeria’s Inflation Hit 21.09% In October
According to the National Bureau of Statistics, Nigeria’s inflation rate has risen to a new record high of 21.09 per cent in October 2022. The increase is not unconnected to the price of fuel, scarcity of foreign exchange, and disruption in the food supply chain. This is 0.32 per cent higher than the 20.77 per…
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Nigerians Consumption Expenditure Rises To N57tn
According to the ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach)’ by the National Bureau of Statistics, Nigerians’ consumption expenditure rose to N57.08 trillion in the first half of 2022. This is a 14.39 percent increase from the N49.89 trillion that was spent in the corresponding period of 2021. NBS defined household final consumption…
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CBN Commits $16.9bn To FX Market In H1’22
The Central Bank of Nigeria, CBN, has disbursed about $16.9 billion in its foreign exchange market interventions and statutory obligations in the first half of 2022, H1’22. This is about 4.0 percent drop against $17.6 billion sold in the corresponding period of 2021, H1’21. Details of the transactions show the amount covers the inter-bank window…