-
Non-performing Loans Decline 0.1%
The non-performing loans in the banking sector have slightly declined from 5.8 per cent in May to 5.7 per cent in June. This, according to the Central Bank of Nigeria showes more resilience in the banking sector. CBN disclosed this in the personal statements of members of the Monetary Policy Committee. According to a member…
-
External Reserves Gain $500m In One Week
According to the latest data from the Central Bank of Nigeria, Nigeria’s external reserves rose by $500 million in one week to the highest point in more than two months. The reserves jumped from $33.43bn on August 23 to $33.93 billion on Monday– the highest since June 11. The CBN data showed that the reserves…
-
CBN Incurs N379bn Debt On ABP
The Central bank of Nigeria has recorded a shortfall of N378.5 billion in loan repayment by beneficiaries under the Anchor Borrower’s programme in six years. The data obtained from the findings of the apex bank have shown that between November 2015– when the ABP scheme was introduced and November 2020, the CBN executed a total…
-
External Reserves Rise To $33.59bn
Nigeria’s foreign exchange reserves have risen to $33.59billion –the highest level in more than a month. The forex reserves, which fell to a record low of $33.09bn on July 12, had gained $500m in almost a month to close at $33.59bn on August 10. According to the latest data from the Central Bank of Nigeria,…
-
Special Report: Is Your Bank Defrauding You?
The Central Bank Of Nigeria recently disclosed it had so far recovered N89.2 billion excess and illegal charges slammed on customers by banks in Nigeria following several reports from aggrieved customers. After the creation of the Consumer Protection Department in 2012, the Director for the unit revealed that between 2010 and 2014, CBN refunded N14.69…
-
Nigeria’s PMI Hits 55.4 in July
Nigeria’s Purchasing Managers Index has risen to 55.4 in July from 53.6 in June this year. This is according to a report by the lender Stanbic IBTC. The company said this signalled a marked improvement in business conditions, describing it as one of the strongest PMIs since January 2020. According to the report, “Nigeria’s private…
-
Nigeria Suffers N1.4tn Shortfall In Five Months
An analysis of the Medium Term expenditure framework and Fiscal Strategy paper for 2022-2024 has shown that between January and May 2021, the Federal Government recorded a revenue shortfall of N1.4trillion. The report obtained from the Budget Office of the Federation said the Federal Government’s projected revenue for the 2021 fiscal year is N7.9tn, of…
-
INFOGRAPHICS: Forex Price Increase Over New Policy
The Central Bank of Nigeria, last week, announced the discontinuity of forex supplies to the Bureau de Change Operators in the country. The end of forex sales and new licence was approved after the Monetary Policy Committee two-day meeting. BDCs were set up to receive a weekly supply of FX from the CBN for onward…
-
In Two Weeks, External Reserves Gain $280m
Nigeria’s external reserves have risen to a growth path with a gain of $280 million in two weeks. This is according to the latest figures from the Central Bank of Nigeria. Figures obtained revealed that the reserves rose to $33.38 billion on July 29 from $33.1 billion on July 14. Recall that the reserves had…
-
In Two Weeks, External Reserves Drop By $180M
The latest figures obtained from the Central Bank of Nigeria showed that Nigeria’s external reserves have lost $180 million in two weeks. According to the figures, the reserves, which stood at $33.28bn on July 1, dropped to $33.09bn as of July 12 before gaining slightly to rise to $33.1bn on July 15, 2021. The reserves…