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How FAAC Distributed N9.079tn In 2021
A compiled data of the Federation Account Allocation Committee disbursement has revealed that a total of N9.079 trillion was shared by all three tiers of government in 2021. According to the National Bureau of Statistics, the distribution was made to the Federal Government, States’ government and Local governments from revenue generated by agencies from tax,…
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CBN Introduces Initiative To Generate $200bn
The Central Bank of Nigeria has introduced a new initiative to generate $200 billion from non-oil exports and increase foreign reserves. The initiative ‘Race to $200 billion in FX Repatriation (RT200FX) Programme’ will stimulate non-oil exports with a $200 billion FX income target in the next three to five years, according to the apex bank.…
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External Reserves Drop To $39.98bn
Figures from the Central Bank of Nigeria have revealed that the external reserves have fallen below the $40bn mark to the lowest point in over three months . The reserves dropped to $39.82bn on February 2, 2022 from $40.53bn as of December 30, 2021. According to CBN data, the country’s external reserves had jumped from…
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PMI Dips In January 2022
The Stanbic IBTC Purchasing Power Index has dropped to 53.7 per cent in January 2022 from 56.4 in December 2021. The drop, which reflected a four-month low, was attributed to the cost pressures that remained sharp in January, but purchase price inflation eased notably from December’s previous peak. The survey report from Stanbic IBTC shows…
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Nigeria’s Foreign Exchange Reserve Losses: What You Should Know
New figures made available by the Central Bank of Nigeria (CBN) has revealed that the West African country’s foreign reserves recorded a $481.4 million decline in January 2022 to close at $40.04 billion, showing a 1.2% fall from the previous month. Data from the CBN show a steady monthly decline from November 2021 till now.…
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Bank Credit To Private Sector Rises In December
Credit to the private sector reached its highest level in December 2021, reaching ₦35.73 trillion from ₦30.15 trillion recorded as of December 2020. This represents a ₦5.58 trillion increase in one year. The development is attributed to a combination of the Central Bank’s policies, innovation in technology and the surge in the number of FinTechs…
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Currency In Circulation Rises By N1.15tn
According to data from the Central Bank of Nigeria, the currency in circulation in the country rose by ₦1.15 trillion in 2021 to ₦3.33 trillion as of December 2021. The development, the highest level to be recorded in the year, is on the back of several monetary policies adopted by the financial regulator to increase…
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Diaspora Remittances Drop In 10 Months
Data from the Central Bank of Nigeria has shown that money sent home by Nigerians living abroad dropped by 62 percent. The drop in diaspora remittances, according to CBN website, showed that the total direct remittances stood at $1.96 billion in the first 10 months of 2021 compared to the $5.21 billion the country recorded…
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Forex Inflow Hits $55.5bn In Seven Months
Data obtained from the Central Bank of Nigeria have shown that the country recorded a foreign exchange inflow of $55.5bn in seven months. The rise in forex inflow was attributed to increased non-oil receipts and proceeds from Eurobonds, among other factors. In its economic reports, the apex bank said the country earned $18.3bn in the…
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Nigeria Attracts $31.82bn Six Countries In 33 Months
From January 2019 to September 2021 the capital inflows from the United Kingdom, the United States, South Africa, the United Arab Emirates, the Netherlands, and Mauritius hit $31.82 billion in three years. According to data from the National Bureau of Statistics, the six countries accounted for 83.32 percent of the total capital of $38.18bn imported…