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CBN Injects $11.24bn To Economy In Seven Months
Date from the Central Bank of Nigeria has shown that the apex bank injected $11.24 billion into the economy to stabilise the value of the naira from January 2022 to July. This was contained in the banking regulator’s monthly economic reports on foreign exchange market developments. In the first five months of the year, CBN…
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Forex Flows Falls By 36%
Data from the Central Bank of Nigeria has shown that the foreign exchange flows through the economy fell year-on-year (YoY) by 36 per cent to $17.4 billion as of July 2022. The increase was from $27.3 billion in the corresponding period of last year. CBN’s monthly Economic Report for the month showed that aggregate foreign…
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FG Borrows N24tn From CBN
The Central Bank of Nigeria has disclosed that the Federal Government has borrowed N6.31trillion through Ways and Means Advances in 10 months. This has pushed the Federal Government’s borrowing from the CBN from N17.46 trillion in December 2021 to N23.77 trillion in October 2022. Ways and Means Advances is a loan facility through which the…
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Credit To Economy Rises By 33%
According to data in the Central Bank of Nigeria Money and Credit Statistics for October 2022, Banks’ credit to the economy rose year-on-year (YoY) by 33 per cent to N63.47 trillion. This is an increase from N47.5 trillion same period last year. CBN said that the government recorded the highest YoY growth (75 percent) in…
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CBN raises MPR to 16.5%
The Central Bank of Nigeria has raised its Monetary Policy Rate by 100 basis points to 16.5%. This is an increase from 15.5% since May 2022. The MPR follows a continued rise in the inflation rate which hit 21.09% in October. Governor of the Central Bank of Nigeria Godwin Emefiele, who made this known at…
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Excess Crude Account Falls By 89%
According to a statement by the Ministry of Finance, Budget and National Planning, Nigeria’s excess crude account has declined by 89 per cent in the last eight years, moving from $4.1 billion in November 2014 to $472,513 in the same period of 2022. The ECA’s balance as of November 23, 2022, stood at $472,513.64. The…
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Nigeria’s Three Tier-government Share N736.782bn In October
The Federation Account Allocation Committee, FAAC, has shared a total of N736.782bn to the three tiers of government as the allocation for the month of October 2022. According to the Ministry of Finance, Budget and National Planning’s statement, from this stated amount, inclusive of gross statutory revenue, value added tax, exchange gain and augmentation from…
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Banks’ Consumer Loans Decline By 17%
Following a decline in money supply triggered by the inflation-fighting measures of the Central Bank of Nigeria, banks reduced consumer loans by 17 per cent (N400 billion), in one month. This is the first time that consumer loans would drop in three years. Consumer loans are loans by banks to one or more individuals for…
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Nigerian Banks’ Assets Rise By N10tn
The latest figures from the Central Bank of Nigeria have revealed that the Nigerian banks’ assets gained N10 trillion between August 2021 and August 2022 to hit N66.76trillion. The CBN disclosed in the personal statement of a member of the Monetary Policy Committee, Kingsley Obiora, that the banking sector remained resilient amid economic challenges. It…
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Banks Charge Customers N715bn For E-transactions
According to the nine-month financial reports of the banks, eleven banks charged their customers N714.61 billion for electronic fees and other forms of commissions in the first nine months of 2022. This is a 16.92 percent increase from the N611.21bn earned by the banks from the income source in the corresponding period of 2021. This…