Foreign Trade Payments in LC Drop by 146% to $434.05m   Nigeria’s foreign trade payments through Letter of Credit (LC) fell by 146.5 percent year-on-year (YoY) to $434.05 million in the first nine months of 2024 (9M’24) from $1.07 billion in the corresponding period of 2023. The...

Customer Deposits in Eight Banks Now N85trn   Customer deposits in eight Deposit Money Banks reached N85.58tn in the third quarter of 2024, a 12.2 per cent increase from the N76.26tn recorded in the same period in 2023. This was disclosed in the Unaudited Interim Financial Statements...

FCT, States Generated N2.43trn IGR - NBS   The Federal Capital Territory (FCT) and the 36 states of the federation generated N2.43trillion Internally Generated Revenue (IGR) last year. The National Bureau of Statistics (NBS) made this known yesterday in its document titled: “Internally Generated Revenue At State...

After IMTOs Engagement, Remittances Rose to Almost $600m in September – Cardoso The Central Bank of Nigeria (CBN) says remittance inflows rose to almost $600 million as of the end of September. Olayemi Cardoso, CBN governor, announced at a special summit dinner organised by the Nigerian...

Discos Revenue Rise by 61.4% After 230% Electricity Tariff Hike   Revenues earned by electricity Distribution Companies (Discos) in Nigeria have risen by over 61.4 per cent after the Nigerian Electricity Regulatory Commission (NERC) approved a 230 per cent tariff increase for Band ‘A’ customers nationwide...

Unmetered Electricity Customers Now 7.3 million – NERC Metering of electricity customers across the country has remained a challenge as number of unmetered customers rises to 7.3 million. The latest figures, released by the Nigerian Electricity Regulatory Commission (NERC) showed that out of over 13.16 million...