-
Net Forex Inflow Falls 30% To $2.69bn
Report by the Central Bank of Nigeria has shown that Nigeria’s Net foreign exchange inflow fell year-on-year (YoY) by 30 percent to $2.69 billion in October 2021. This was a decrease from $3.87 billion in the corresponding period of 2020. The latest Monthly Economic Outlook by the bank indicated that the decline in net inflow…
-
In Seven Months, Cash-strapped Banks Borrow N9.17tn
Figures obtained from the banking sector regulator has shown that Deposit Money Banks and merchant banks have borrowed the sum of N9.17tn from the Central Bank of Nigeria. The banks borrowed this through its Standing Lending Facility window within a period of seven months. Banks often access the CBN’s SLF window to borrow funds, subject…
-
Foreign Inflows Fall By 32%
The Central Bank of Nigeria has disclosed that capital importation into the country fell by 32 percent to $500m in October 2021. This is a drop from $660m recorded in September, 2021 which was an increase as against $440m recorded in August. The CBN disclosed these figures in its latest monthly economic report (October) recently…
-
External Reserves Drop First Week Of January
According to data from the Central Bank of Nigeria (CBN) on daily reserve movements, Nigeria’s external reserves dipped $24.3 million in the first week of 2022 to close at $40.49 billion as of 7 January 2021. This represents a 0.06% decline when compared to $40.42 billion recorded as of the start of the week. The…
-
Nigeria’s diaspora Remittances Rise To $14.2bn
Nigeria’s diaspora remittances inflow rose to $14.2 billion in the nine months ending September 2021. This is up 10 per cent Year-on-Year, YoY, from $12.9 billion in the corresponding period of 2020, despite the impact of COVID economy. This is contained in a data from the Central Bank of Nigeria, CBN, which also shows that…
-
CBN’s Forex Intervention Drops by $930m
The Central Bank of Nigeria’s foreign exchange intervention in the economy declined by $930m in the third quarter of 2021 to $4.03bn from $4.96bn in Q2. The CBN disclosed this in its report on the supply of forex for the third quarter of 2021. Its intervention in the Investors & Exporters, SMEs and the invisible…
-
Nigeria Spent $1.68bn On Food Imports In Nine Months
The Central Bank of Nigeria disclosed that from January to September 2021, the Federal Government has spent $1.68bn on food importation. In the report on sectoral utilization of foreign exchange for the third quarter of 2021, the apex bank said Nigeria could produce enough to feed its citizens. During the Bankers’ Committee retreat in Lagos…
-
Banks’ Credit Rises 33% To N35trn
Banks’ credit to the private sector of the economy rose by 33.7 percent to N35.3 trillion in November 2021 Year-on-Year. This is an increase from N26.4 trillion in the corresponding period of 2020. Data from the Central Bank of Nigeria show that net domestic credit also rose YoY by 36 percent to N48.3 trillion in…
-
External reserves gained $5.12bn in 2021
According to the data obtained from the Central Bank of Nigeria, the country’s external reserves rose by $5.12bn in 2021. CBN revealed that the reserves, which ended December 2020 at $35.37bn, rose to $40.53bn as of December 30, 2021. The data showed that the external reserves, which fluctuated during the period under review, received boosts…
-
Foreign Investments Fall By N11.48bn In Six Months
Between January to June 2021, Nigeria’s foreign investment inflows dropped by N11.48 billion. According to the Central Bank of Nigeria (CBN) ‘Financial markets department 2021 half-year activity report’, the report revealed that foreign inflows amounted to N105.24 billion, while the outflow was N116.72 billion at the end of June 2021, reflecting a net outflow of…