Tags : CBN

External Reserves Loses $313m

According to figures obtained from the Central Bank of Nigeria, Nigeria’s external reserves fell by $313 million in March 2022. The CBN’s figures showed that the foreign exchange reserves, which commenced March 1, 2022, at $39.86billion, fell to $39.55billion as of March 30, 2022. Following the invasion of Ukraine by Russian forces, crude oil prices […]Read More

E-payments Rise By 45% In Two Months

According to data from the Nigeria Inter-Bank Settlement System portal, about N54.98 trillion was processed through Nigeria’s electronic channels in the first two months of 2022. This is a 45.49 percent increase from the corresponding period of 2021 when N37.79 trillion was processed through the nation’s electronic channels. The NIBSS tracks payment volumes and value […]Read More

CBN Disburses N1.452trn For 337 Real Sector Projects

The Central Bank of Nigeria has said it had disbursed N1.452 trillion to 337 large real sector projects. These sectors include agriculture, manufacturing, services, and mining under the Real Sector Support Facility as part of the effort to diversify the nation’s economic base. The CBN, Director, Corporate Communications Department, Osita Nwanisobi, who disclosed this during […]Read More

Food Imports Exceed Exports By N2.23tn In 12 Months

Findings have revealed that the total international trade in agricultural goods in the country stood at N3.24tn in 2021, with the import value exceeding export value by N2.23tn. This is coming despite the interventions by the Federal Government to diversify the economy and increase food production in the country. According to the National Bureau of […]Read More

FG’s New Borrowings Rise In Six Years 

The new borrowings by the Federal Government of Nigeria have deepened as allocations rose by 278.03 percent between 2015 and 2021. This is N4.03trillion within the six years  This was disclosed in the presentation of the public debt data as of December 31, 2021, by the Director-General of the Debt Management Office, Patience Oniha. According […]Read More

FG’s Borrowing From CBN Rises By 96.54%

Data collated from the Central Bank of Nigeria have shown that the Federal Government’s total borrowing through Ways and Means Advances of the bank has risen by 96.54 percent or 8.92tn in two years. According to a year-on-year analysisIt rose from N9.24tn as of January 2020 to N18.16tn as of January 2022. The Debt Management […]Read More

Nigeria To Pay IMF $3.51bn In Five Years

The International Monetary Fund is expected to receive from the Federal Government of Nigeria a total of $3.51bn between 2022 and 2026 to offset a $3.4bn loan. This is according to information obtained from a webpage on the IMF’s website, titled ‘Nigeria: Financial Position in the Fund as of January 31, 2022.’ Recall in April […]Read More

Banks Cut Borrowing From CBN By 47%

Banks’ borrowing from the Central Bank of Nigeria has fallen for the second consecutive month in February, by 47 percent to N666 billion while banks increased the deposit by 80 percent to N489.05 billion in February. This driven by further improvement in the level of liquidity in the interbank system. In January, banks borrowing from […]Read More

Currency In Circulation Rose By N418bn In 2021

According to figures obtained from the Central Bank of Nigeria, the currency in circulation rose by N418bn from N2.91tn in December, 2020, to N3.33tn in December,  2021. The data showed that currency in circulation had increased by 19.06 percent from N2.44tn recorded as of December, 2019. Currency in circulation as currency outside the vaults of […]Read More

NGX Annual Profit Hits 22%

The Nigerian Exchange Group’s profit after tax rose by 22 percent at the end of the 2021 financial period. The group, who disclosed this in its audited results which ended December 31, 2021, revealed that its gross earnings rose by 13 percent to N6.8bn from N6.0bn; while its revenue rose by 14.9 percent from N5bn […]Read More