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External Reserves Gain $243.83m
According to figures obtained from the Central Bank of Nigeria, Nigeria’s external reserves rose by $243.83m in 19 days. The CBN revealed in its data on movement in reserves that the value rose from $39.54bn as of April 1, 2022 to $39.78bn as of April 19, 2022. The external reserves fell by $313m in March,…
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Forex Inflows Fall By $9.58bn
Foreign exchange inflows into the economy declined in the fourth quarter of 2021. This is not unconnected to lower receipts from the Central Bank of Nigeria and autonomous sources. This is an indication of a worsening crisis for a forex-strapped economy. The latest figures from the Central Bank of Nigeria’s quarterly report on “Foreign Exchange…
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How Bank Profitability Performed in Q1 2022 (1)
Findings by Twentyten Daily has shown that three Nigerian banks have recorded a cumulative amount of N104.8 billion in the first quarter of the year. Profit Before Tax (PBT) is the measure of the company’s profit before the payment of corporate income tax. It is listed on the income statement of the company. The primary…
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Net Foreign Exchange Inflow Falls 27%
Analysis of the fourth quarter 2021 statistical bulletin of the Central Bank of Nigeria has shown that the net foreign exchange (forex) inflow into the economy fell by 27 percent, Year-onYear. This is a drop to $52.46 billion in 2021 from $70.66 billion in 2020. The CBN data showed that forex inflow into the economy…
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Comparing Q1 Inflation Rate Across Five Years
According to the latest figures from the National Bureau of Statistics, Nigeria’s Consumer Price Index rose to 15.92 percent in March 2022. This new figure was the highest the country has recorded since November 2021. In the first quarter of the year, Nigeria’s inflation rate grew from 15.60 percent in January to 15.92 recorded in…
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Nigeria’s Economic Growth Slowed In February
According to the Central Bank of Nigeria’s report, the economy recorded slow growth in February. The CBN’s Monetary Policy Committee report showed that in February, the Manufacturing Purchasing Managers’ Index recorded slow growth, with the Non-Manufacturing PMI also contracting. It stated that, “The Committee, however, noted that although the Manufacturing Purchasing Managers’ Index, remained above…
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In 2020, 477,405 Complaints Were Unresolved In Four Banks
Within a period of one year spanning January 1 to December 31, 2020, four top banks in Nigeria recorded a total of 477,405 unresolved customer complaints. The banks are Zenith, Guaranty Trust Bank, United Bank for Africa and Access Bank. The figures were arrived at after analysing the 2020 annual financial reports of the banks.…
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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…
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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…
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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…