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eNaira Transactions Rise To N4bn
The Governor, Central Bank of Nigeria, Godwin Emefiele, has revealed that the value of transactions on the eNaira has risen to N4 billion since its launch on October 25, 2021. This then shows an increase of 2,027.66 per cent from the last year’s transaction value of N188 million. This was disclosed at the grand finale…
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FAAC Allocation Rises By 18%
The federal, state and local governments have shared N802.407bn as federation allocation for the month of June, 2022 representing 18 percent increase from N681bn shared in May. The sharing decision was reached at Federation Account Allocation Committee (FAAC)’s meeting, according to a statement sent to by the Director of Press/Information, Federal Ministry of Finance, Mrs…
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FG borrows N2.45tn from CBN
Through Ways and Means Advances, the Federal Government’s total borrowing from the Central Bank of Nigeria has risen from N17.46 trillion in December 2021 to N19.91 trillion in June 2022. According to data from the CBN, this shows that the Federal Government borrowed N2.45tn from the apex bank within six months. According to the Debt…
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Banking Sector Credit To Govt Rises By 35% In H1’22
According to the Money and Credit Statistics for June 2022 released by the Central Bank of Nigeria, the banking sector credit to the government rose by 35 percent in the first half of 2022 (H1 ’22). CBN said that credit to the government rose to N17.9 trillion at the end of June 2022 from N13.3…
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External Reserves Grow To $39.3bn
According to the central bank of Nigeria, the country’s external reserves have gained $923 million in the past four weeks, reversing the several months of downward trend. It had declined steadily to $38.421 billion on June 6th, 2022 from $40.52 billion at the end of December 2021, translating to N2.1 billion or 5.1 per cent…
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Banks Borrow N595.34bn From CBN In Two Months
The Central Bank of Nigeria has said that commercial banks borrowed N595.34 billion between January and February 2022. The data, according to the apex bank’s monthly economic report showed that while N333.59bn was borrowed through the Standing Lending Facility in January, the amount reduced to N255.75bn in February. The CBN said increased liquidity in the…
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Bank Assets Rise By 21%
Figures obtained from the Central Bank of Nigeria has shown that Nigerian banks’ total assets rose by N11.15 trillion in one year to N64.32 trillion as of the end of April. CBN said that the assets of the lending institutions had hit N53.17 trillion in the corresponding period of 2021. The 2022 numbers showed a…
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Banks’ Borrowing From CBN Rises 63%
Banks’ borrowing from the Central Bank of Nigeria has persisted in its upward trend in May, rising by 63 percent, Month-on-Month, MoM, to N1.8 trillion. The CBN lends money to banks through the Standing Lending Facility (SLF) and Repurchase (Repo) arrangement windows. While the CBN lends money to banks through the SLF at interest rate…
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CBN To Sell N1.2 trn Treasury Bills By Q3’22
The Central Bank of Nigeria has said it will sell N1.2 trillion worth of Treasury Bills (TBs) in the third quarter of 2022 (Q3’22). The apex bank disclosed this in its Nigeria Treasury Bills Issue Programme for Q3’22. TBs are short term debt instruments used by CBN to borrow money from the public on behalf…
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Nigeria’s Reserves Drop To $39.5bn
Nigeria’s foreign reserves stood at $38.483bn by May 31, 2022, declining by five per cent from $40.521bn reported by end of December 2021. According to an analysis from the Central Bank of Nigeria’s by the end of April 2022, Nigeria’s foreign reserves stood at $39.579 billion, having declined by 2.3 per cent since December 2021.…