Banks Borrowing From CBN Now N12trn   There are indications that commercial banks and merchant banks are increasingly depending on the Central Bank of Nigeria for liquidity as their borrowing from the apex bank has intensified in the last eight months of 2023. Aside from August 2023...

External Reserves Drop By $915m After CBN's Naira Float   Nigeria’s external reserves dropped by $915m after the Central Bank of Nigeria officially floated the naira and liberalised the foreign exchange market. CBN data obtained on Sunday showed that the reserves, which stood at $34.66bn as of...

NDDC Plans $27.3bn Road, Power Projects   The Niger Delta Development Commission (NDDC) is seeking partnerships to finance power and road projects worth about $27.3bn in the oil-rich region of Nigeria. It disclosed this in a July 2023 document titled, “A Sea of Opportunities in the Niger...

$3bn Afrexim Bank Loan: NNPCL Followed Due Process   Facts have emerged that contrary to reports due process was followed in securing the Nigeria National Petroleum Company Limited (NNPCL) in the $3 Billion Afrexim bank Loan. The $3 billion loan deal, which was signed in Cairo a...

Investors Gain N422bn in Three Days Trading - NGX The Nigerian Exchange Limited, NGX, has sustained bullish trend yesterday as investors gained N422 billion from the three days trading with market capitalisation surging to N35.844 trillion from N35.422 trillion closed last week Friday. In similar manner,...

Nigeria Loses N34.1bn As Oil Firms Flare 12.7 mscf   Despite Nigeria’s dwindling revenue, oil and gas companies operating in the country flared 12.7 million standard cubic feet (mscf) of gas in July 2023, according to the latest data from the National Oil Spill Detection and...