Tags : CBN

Banks’ Credit To Economy Up By 2.2%

Findings from the Money and Credit data of the Central Bank of Nigeria has shown that commercial banks’ credit to the economy rose by 2.17 percent to N61.2 trillion in August from N59.9 trillion in July, even as currency-in-circulation. This increased by 0.9 percent to N3.24 trillion in August,  from N3.21 trillion in July 2022.   […]Read More

FG, States, LGs Share N673.137bn For August

The Federation Account Allocation Committee, has said that N673.137 billion was shared among the three tiers of government as federation allocation for August 2022. In a statement issued by the Director Information and Press, Mr Phil Abiamuwe-Mowete, he revealed that the Federal Government received the larger share of N259.641 billion, the states received N222.949 billion, […]Read More

Customers Pay N45.9b As Account Maintenance Fees

Findings from the fees and commission data has shown that customers of leading commercial   banks in Nigeria paid N45.9 billion as account maintenance fees in the first half of the year (H1’22).  This represents a 26 per cent year-on-year (YoY) rise when compared to N36.29 billion paid in the corresponding period of 2021. The […]Read More

Nigeria Spends N6.16tn On Debt Servicing

According to the 2023-2025 Medium Term Expenditure Framework & Fiscal Strategy Paper, debt service gulped N6.16trllion in 16 months. In 2021, the Federal Government spent N4.22trllion on debt service, and further N1.94trllion between January and April 2022. A breakdown shows that domestic debt service cost N2.05trllion, while foreign debt service gulped N946.29billion in 2021. There […]Read More

Banks Deposits Rise By 24%

The total deposits in the banks rose by 24.17 percent from N33.85 trillion as of the end of June 2021 to N42.03 trillion in the corresponding period of 2022. This was disclosed by the Deputy Governor, Financial Systems Stability Directorate, Aishah Ahmad, at the last MPC meeting. According to Ahmad, “Key industry aggregates also continued […]Read More

Nigeria’s Diaspora Remittances Rise By 20.3% 

Data from the Central Bank of Nigeria has shown that Nigeria’s diaspora remittances rose in the first quarter of the year, Q1’22, by 20.3 percent, Year-on-Year. This is an increase to $5.16 billion from $4.29 billion in the same period of last year, Q1’21. CBN’s data shows that remittances from Nigerians working abroad have been […]Read More

CBN Injects $7.6bn To Naira In Five Months

The Central Bank of Nigeria, in its banking regulator’s monthly economic reports on foreign exchange market developments, has said that it injected $7.6 billion into the economy to stabilise the value of the naira in five months. According to the reports, the CBN intervened in the markets with $1.65bn, $1.39bn and $1.82bn in January, February […]Read More

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How Commercial Banks Performed In H1’ 2022

With over six months gone in the year, 2022, commercial banks in Nigeria have begun to disclose their profit before tax for the first half of the year. Profit before tax (PBT) is a measure of a company’s profitability that looks at the profits made before any tax is paid.… You must be registered to […]Read More

Currency In Circulation Falls By N107.08bn

Latest figures on currency from the Central Bank of Nigeria has revealed that currency in circulation fell by N107.08billion in July 2022. This is a drop from N3.35trillion in April to N3.24trillion in July 2022. According to the CBN, the CIC which stood at N3.33tn in May fell to N3.25tn in June. Currency in circulation […]Read More

FX Monthly Inflow Falls By 17% 

According to figures obtained from the Central Bank of Nigeria, aggregate foreign exchange inflow into the country fell by 17.3 per cent to $5.42bn in May 2022. The latest figures on foreign exchange flow showed that $5.42bn was recorded in May, down from $6.56bn recorded in April. The report stated, “The economy recorded a net […]Read More