The Central Bank of Nigeria has lent N9.3tn to businesses, recovering N3.7tn from it. The apex bank said N5tn was not yet due. Director of Development Finance, CBN, Dr Yusuf Yila, disclosed this to journalists on Wednesday in Abuja, noting that manufacturers got 31 per cent of the fund, which was the biggest chunk. “Some … [Read more…]
The Governor of the Central Bank of Nigeria(CBN), Mr. Godwin Emefiele, has blamed the low revenue inflow from oil sales for the nation’s current foreign exchange crises. Emefiele stated this during a panel session at the Nigeria International Economic Patnership Forum held in New York, United States, yesterday. According to the President, Nigeria has for … [Read more…]
Nigerians will not be able to use their Naira debit cards for international transactions as scarcity of foreign exchange (forex)worsens in Africa’s largest economy and biggest oil exporter, Daily Trust learnt. Some banks have already alerted their customers on the latest development while it was gathered that others are keenly watching activities before implementing the … [Read more…]
Nigeria‘s headline inflation climbed to a new high of 20.52 per cent in August, the National Bureau of Statistics posted on Thursday. This is contained in the federal statistics office’ Consumer Price Index (CPI) report for the month of August 2022. Making this disclosure in a tweet on its official Twitter page, NBS wrote: “Headline … [Read more…]
Protesting members of the Petroleum and Natural Gas Senior Staff Association of Nigeria on Thursday threatened to shut down oil production in Nigeria for 30 days if the Federal Government fails to curb the lingering massive oil theft in the Niger Delta. Members of the union staged protests in various parts of Nigeria including Abuja, … [Read more…]
Nigeria’s oil production crashed below the one million barrels per day mark in August costing the country about $2.658 billion, latest data has shown. Oil production figures posted by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, yesterday, showed that daily average production for August was 972,394 barrels, compared to 1.083 million barrels produced in July … [Read more…]
Nigeria’s oil revenue recorded further shock with Brent Crude, the international benchmark, falling below $90 per barrel for the first in seven months, yesterday. Minister of Finance, Budget and Planning, Zainab Ahmed, said the government was projecting a total revenue of N8.46 trillion in 2023 out of which N1.9 trillion is expected from oil-related sources … [Read more…]
Nigeria’s currency, Naira, continued its depreciation against the US dollar, and it is now officially at its lowest level on the official market. Data from FMDQ securities shows that Nigeria’s currency, Naira, fell to its lowest in 2022 on Tuesday, September 6, to close the day’s trading at N436 per dollar at the Investors and … [Read more…]
The Director-General of the Debt Management Office (DMO), Mrs. Patience Oniha yesterday confirmed that Nigeria’s total debt profile as at March, 2022 stood at N41.60 trillion. Oniha said this during her appearance at the ongoing engagement on the 2023 – 2025 Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper held by the House of … [Read more…]
The Federal Government on Monday said Nigeria would likely borrow to finance another budget deficit of N11.3 trillion in 2023, thereby taking the country’s debt stock to N50 trillion. Zainab Ahmed, cabinet minister in charge of finance and national planning, said the regime plans to spend N19.76 trillion next year, out of which the government … [Read more…]
Soothing news came the way of foreign airlines on Friday, as the Central Bank of Nigeria (CBN) says it has released $265 million to them to repatriate funds accrued from ticket sales. A breakdown of the figure indicates that the sum of $230 million was released as special FX intervention while another sum of $35 … [Read more…]
The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product (GDP) dropped to N45 trillion in the second quarter of 2022 as against the N45.32 trillion recorded in the first quarter. On a year-on-year basis, however, the nominal GDP rose by 3.54 per cent. This was contained in a statement issued by Statistician-General Semiu … [Read more…]