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Bank Deposits Rise By 19%
The Central Bank of Nigeria Monetary Policy Committee has said in a statement that deposits by Nigerian banks rose by N6.92 trillion. This is from N36.13 trillion as of the end of October 2021 to N43.05 trillion in the corresponding period of 2022. The Deputy Governor, Financial System Stability Directorate, CBN, Aishah Ahmad, said, “Notably,…
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External Reserves Fell By $3.43bn In 2022
According to figures obtained from the Central Bank of Nigeria, the country’s external reserves fell by $3.43 billion in 2022. CBN disclosed that the reserves which stood at $40.52 billion as of the end of December 31, 2021, ended December 29, 2022, at $37.09 billion. External reserves or Foreign exchange reserves are assets held on…
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Net Forex Inflow Falls By 47%
Recent monthly economic reports of the Central Bank of Nigeria have shown that Net foreign exchange, forex, and inflow to the economy fell 47 per cent, year-on-year. This is a drop to $25.05 billion in 10 months to the end of October last year. The decline was driven by a 27 per cent fall in…
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Nigeria’s Trade Surplus Rises By 69%
Data from the Central Bank of Nigeria has shown that the country’s trade surplus rose year-on-year (YoY) by 69 per cent. This is an increase to $11.58 billion in the first ten months of 2022 (January to October), from $6.85 billion in the corresponding period of 2021. CBN said this in its Economic Report for…
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Banks’ Earnings Rise To N621bn
Nigerian banks have generated N620.89 billion in the third quarter of this year, Q3’22 from fees and commission income. This represents 21.5 per cent higher than the N510.99 billion they made under the same income line in the corresponding period of 2021. The banks include Zenith Bank Plc, Access Bank Plc, First Bank, Stanbic IBTC…
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Net Forex Inflow Falls To 54%
Analysis of monthly economic reports of the Central Bank of Nigeria has shown that net foreign exchange inflow to the economy fell 54 per cent, year-on-year, YoY to $15.86 billion in eight months to the end of August. The decline was driven by a 37 per cent fall in forex inflow into the economy which…
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Cashless Transactions Hit 41.8% In 11 Months
According to new industry statistics from the Nigeria Inter-Bank Settlement System, cashless transactions in Nigeria have risen by 41.75 per cent. This is an increase to N318.66 trillion in the first 11 months of 2022. The N318.66 trillion amounted to the total amount processed on the Nigeria Instant Payment System and Point of Sales terminals,…
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FG’s Deficit Spending Rises By 7%
The Central Bank of Nigeria has said that the Federal Government recorded deficit spending of N593 billion in August in 2022. This represents seven per cent higher than the N554.21 billion recorded in the previous month. The increased deficit was driven by a 4.2 per cent, month-on-month MoM, increase in capital expenditure which moderated…
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E-payment Transactions Rise By 52%
Findings from the e-payment data released by the Nigeria Interbank Settlement System showed that the volume of electronic payment transactions in Nigeria rose YoY by 14.8 per cent. This is to 1.06 billion in November 2022 from 922.65 million in the corresponding period of 2021. Also, the value of e-payment transactions rose year-on-year (YoY) by…
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Interbank Lending Drops 2.55%
Central Bank of Nigeria has said that the Interbank (bank-to-bank) lending transactions in the money market declined to N25.4 trillion in the first half of the year, H1’22. This is about 2.5 per cent Year-on-Year, YoY, from N26.1 trillion in the corresponding period of 2021, H’21. CBN disclosed this in its Financial Market Half Year…