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CBN Commits $16.9bn To FX Market In H1’22
The Central Bank of Nigeria, CBN, has disbursed about $16.9 billion in its foreign exchange market interventions and statutory obligations in the first half of 2022, H1’22. This is about 4.0 percent drop against $17.6 billion sold in the corresponding period of 2021, H1’21. Details of the transactions show the amount covers the inter-bank window…
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FG’s Expenditure Exceeds Revenue In Six Months
Latest figures obtained from the Central Bank of Nigeria has shown that the Federal Government’s expenditure in the first six months of 2022 exceeded revenue by N6.23 trillion. According to the second quarter economic report on fiscal sector development compiled from the OAGF and CBN staff estimates, the Federal Government recorded N3.2 trillion and N2.74…
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Foreign Capital Inflow Up By 83%
Analysis of the Nigerian Capital Importation report for Q2’2022 has shown that foreign capital inflow into the production sector rose by 83 percent, Year-on-Year (Y-on-Y) to $457.66 million in the first half year ended June 2022 (H1’22). This is an increase from $245.22 million in the corresponding period in 2021. Analysis showed that the inflow…
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Businesses Owned By Students Are Crumbling Under Nigeria’s Economy
As the country’s economic metrics have continued to maintain its upward trend, Nigerian students who combine academics with entrepreneurship are facing setbacks in growing their business. For Twentyten Daily, Quadri Yahya spoke to some of these students facing this hardship. In October 2022, Sarah Adegboyega, who owns a fashion accessories store, was making a profit…
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Discos Remit N291bn To CBN In Eight Months
Data obtained from the Nigerian Bulk Electricity Trading has shown that the eleven electricity distribution companies in Nigeria remitted a total of N291 billion to the Central Bank of Nigeria within the space of eight months. The data said that the Discos remitted N291 billion out of the N526 billion invoice for electricity that was…
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PMI Drops Marginally By 0.1 Points
Stanbic IBTC PMI report has shown that the Purchasing Managers Index, PMI, which gauges the level of activities in the real sector, has dropped marginally by 0.1 percent to 53.6 points in October 2022 from 53.7 in September. In the headline figure derived from the survey readings above 50.0 signal positive direction in business conditions…
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Credit To The Economy Rises To 34%
Data from the Central Bank of Nigeria has shown that banks’ credit to the economy rose year-on-year (YoY) by 34 percent to N63.3 trillion in the third quarter, 2022. This is an increase from N46.9 trillion in the corresponding period of 2021. The CBN’s Money and Credit Statistics shows that the total credit comprises government…
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Banks’ Borrowing From CBN Rises By 12%
Data from the Central Bank of Nigeria Financial Statistics for September 2022 has shown that deposit banks’ borrowing from the apex bank rose year-on-year (YoY) by 12 per cent to N2.02 trillion in September 2022, under the Standing Lending Facility (SLF) and Repo lending. The CBN has two short term lending windows for banks namely…
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Banks’ Credit To Economy Up By 2.2%
Findings from the Money and Credit data of the Central Bank of Nigeria has shown that commercial banks’ credit to the economy rose by 2.17 percent to N61.2 trillion in August from N59.9 trillion in July, even as currency-in-circulation. This increased by 0.9 percent to N3.24 trillion in August, from N3.21 trillion in July 2022. …
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FG, States, LGs Share N673.137bn For August
The Federation Account Allocation Committee, has said that N673.137 billion was shared among the three tiers of government as federation allocation for August 2022. In a statement issued by the Director Information and Press, Mr Phil Abiamuwe-Mowete, he revealed that the Federal Government received the larger share of N259.641 billion, the states received N222.949 billion,…