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Mass Metering: CBN Releases N33.4b To DisCos
The Central Bank of Nigeria has so far released N33.2 billion to electricity Distribution Companies in the country, Nigerian Electricity Regulatory Commission. This is a fraction out of the N59.2 billion earmarked for the National Mass Metering Project by the Federal Government. NERC Chairman, Engr Sanusi Garba, spoke during an interactive session between the Senate…
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Nigeria Debt Hit N32.9 Trillion
Nigeria’s total public debt portfolio as at December 31, 2020, stood at N32.92 trillion. The National Bureau of Statistics, revealed this in its Nigerian Domestic and Foreign Debt report for Quarter Four, 2020. According to the bureau, Nigeria’s total public debt showed that N12.71 trillion or 38.60 per cent of the debt was external, while…
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DBN Disburses N191.7 Billion Loans In 2020
The Development Bank of Nigeria has said that it the volume of loans disbursed rose from N101.5billion in 2019 to N191.7billion in 2020, a 89 percent increase recorded. It said this in its 2020 financial report explaining that the growth was in line with its mandate of facilitating socioeconomic development by improving financial access for…
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Currency In Circulation Drops To N2.78tn
The currency in circulation in the country dropped to N2.78 trillion in February from N2.83 trillion as of January 2021 – a N50 billion different. The figures obtained from the Central Bank of Nigeria disclosed that the currency in circulation dropped by N70bn in January from N2.9tn as of December 2020. Analysis showed that the…
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GDP Growth: IMF To Revise Nigeria’s 2021 Forecast
The International Monetary Fund has said that it may revise its 2021 outlook for Nigeria’s economy upwards from 1.5 percent it projected earlier. IMF said the revision would come the next round of its projection this April given recent positive developments in the economy. The IMF had projected that Nigeria’s economy would grow by 1.5…
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CBN Disburses $80m Weekly For School Fees, BTAs
The Central Bank of Nigeria has said it disbursed at least $80m on a weekly basis to enable Nigerians meet their forex responsibilities. This was as part of an effort to address lingering foreign exchange scarcity in the country. The CBN Governor, Godwin Emefiele, in its 278th Monetary Policy Committee, urged Nigerians not to panic,…
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Banks’ Credit To Economy Hits N43.67tn
As at the end of February 2021, banks’ credit to the economy rose to N43.67 trillion from N42.92trillion in January – an addition of N75billion. The Central Bank Governor, Godwin Emefiele, who disclosed said, “Provisional data showed that banking system credit to the economy increased by 1.75 per cent to N43.67trillion in February 2021 from…
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CBN Injects N1.487trn For Food Security
The Central Bank of Nigeria has said it’s disbursed N1.487 trillion under its various agricultural programmes to boost food security. Emefiele said that the apex bank disbursed N107.60 billion to 548,109 farmers cultivating 703,619 hectares of land between the fourth quarter of 2020 and the first quarter of 2021 to boost dry season output. “Total…
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CBN Keeps Monetary Policy Rate At 11.5%
The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the monetary policy rate at 11.5 percent. The committee also retained the liquidity ratio at 30 percent and cash reserve ratio at 27.5 percent. The CBN governor, Godwin Emefiele said of the nine-member committee, six members voted to maintain all parameters…
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Nigeria Adopts New Flexible Exchange Rate Policy
In a move that effectively marks the third devaluation of the naira in a year, Nigeria has adopted a new flexible exchange-rate policy for official transactions. The Federal Government will begin to use the flexible rate– that has until now applied to investors and exporters– for government transactions too, Finance Minister Zainab Ahmed said. The…