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Customers Pay N45.9b As Account Maintenance Fees
Findings from the fees and commission data has shown that customers of leading commercial banks in Nigeria paid N45.9 billion as account maintenance fees in the first half of the year (H1’22). This represents a 26 per cent year-on-year (YoY) rise when compared to N36.29 billion paid in the corresponding period of 2021. The…
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Nigeria Spends N6.16tn On Debt Servicing
According to the 2023-2025 Medium Term Expenditure Framework & Fiscal Strategy Paper, debt service gulped N6.16trllion in 16 months. In 2021, the Federal Government spent N4.22trllion on debt service, and further N1.94trllion between January and April 2022. A breakdown shows that domestic debt service cost N2.05trllion, while foreign debt service gulped N946.29billion in 2021. There…
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Banks Deposits Rise By 24%
The total deposits in the banks rose by 24.17 percent from N33.85 trillion as of the end of June 2021 to N42.03 trillion in the corresponding period of 2022. This was disclosed by the Deputy Governor, Financial Systems Stability Directorate, Aishah Ahmad, at the last MPC meeting. According to Ahmad, “Key industry aggregates also continued…
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Nigeria’s Diaspora Remittances Rise By 20.3%
Data from the Central Bank of Nigeria has shown that Nigeria’s diaspora remittances rose in the first quarter of the year, Q1’22, by 20.3 percent, Year-on-Year. This is an increase to $5.16 billion from $4.29 billion in the same period of last year, Q1’21. CBN’s data shows that remittances from Nigerians working abroad have been…
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CBN Injects $7.6bn To Naira In Five Months
The Central Bank of Nigeria, in its banking regulator’s monthly economic reports on foreign exchange market developments, has said that it injected $7.6 billion into the economy to stabilise the value of the naira in five months. According to the reports, the CBN intervened in the markets with $1.65bn, $1.39bn and $1.82bn in January, February…
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How Commercial Banks Performed In H1’ 2022
With over six months gone in the year, 2022, commercial banks in Nigeria have begun to disclose their profit before tax for the first half of the year. Profit before tax (PBT) is a measure of a company’s profitability that looks at the profits made before any tax is paid. It matches all the company’s…
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Currency In Circulation Falls By N107.08bn
Latest figures on currency from the Central Bank of Nigeria has revealed that currency in circulation fell by N107.08billion in July 2022. This is a drop from N3.35trillion in April to N3.24trillion in July 2022. According to the CBN, the CIC which stood at N3.33tn in May fell to N3.25tn in June. Currency in circulation…
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FX Monthly Inflow Falls By 17%
According to figures obtained from the Central Bank of Nigeria, aggregate foreign exchange inflow into the country fell by 17.3 per cent to $5.42bn in May 2022. The latest figures on foreign exchange flow showed that $5.42bn was recorded in May, down from $6.56bn recorded in April. The report stated, “The economy recorded a net…
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Govt. Borrowings From Banks Increase By 11%
According to data from the Central Bank of Nigeria, the Federal and state governments’ borrowings from commercial banks increased Month-on-Month by 11 percent. This is an increase to N20.1 trillion in July 2022, from N18.04 trillion in June. The data titled, ‘Money and Credit Statistics’ also shows that total credit to the domestic economy rose…
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Trade Surplus Drops By 50.8% In April
According to the Central Bank of Nigeria, in its Monthly Economic Report for April, Nigeria’s trade surplus declined month-on-month by 50.8 percent in April 2022. This is a drop to $930 million from $1.89 billion in March. This is as a result of an 8.4 per cent fall in total trade to $10.79 billion in…