Insurance Firms, Banks Others Contribute N1.72trn To Economy
Banks, insurance companies and other financial institutions contributed N1.72 trillion to the nation’s real Gross Domestic Product (GDP) in the first half of the year, H1’23.
This represents 27 percent year-on-year YoY growth from the N1.35 trillion contributed...
In Six Months, Product Taxes Rise To N1.36trn – NBS
Taxes on products in the country rose to N1.36tn in the first six months of 2023 despite worsening hardship across the board.
This is a 113.29 per cent increase from the N636.19bn it was in the...
Currency Swap: CBN Repays 5.10 billion yuan Ahead of Nigeria-China Renewal Deal
The Central Bank of Nigeria (CBN) says it has repaid 5.10 billion Chinese yuan (CNY) out of the 6 billion utilized from the Nigeria-China currency swap agreement, expected to be renewed next year.
The...
Tinubu: Servicing Debt With 90% Revenue Path To Destruction
President Bola Tinubu has said the country could not continue to service its debt with 90 percent of its revenue.
He noted that the country was headed for destruction should that continue.
Tinubu spoke during the Annual Conference...
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...
