Nigeria’s Trade Deficit Drops By 61% To $340m   The nation’s trade deficit fell year-on-year (YoY) by 61 per cent to $340 million in July 2021 from $880 million in July 2020. However, receipts from crude oil and gas exports rose by 127 per cent to $3.99...

FG To Replace Fuel Subsidy With N5,000 Transport Grant To Nigerians The Minister of Finance, Budget and National Planning, Zainab Ahmed, has disclosed that the Federal Government will remove fuel subsidy by 2022 and replace it with a N5,000 monthly transportation grant to the poorest...

CBN Retains Lending Rate At 11.5%   The Monetary Policy Committee of the Central Bank of Nigeria has left the Monetary Policy Rate unchanged at 11.5 per cent. The CBN Governor, Godwin Emefiele, disclosed this after the committee’s two-day meeting in Abuja on Tuesday. Other parameters left unchanged...

Capital Inflow Crashes By 80% As Foreign Investors Shun Nigerian Market   Capital inflow to Nigeria has crashed by 80 per cent in two years, the Central Bank of Nigeria reports have indicated. Specifically, capital inflow to Nigeria fell from $17.1bn in July 2019 to $3.4bn in...

eNaira’ll Work With Other Countries’ Digital Currencies – CBN   The Central Bank of Nigeria has said that the implementation of the country’s digital currency will be done in four phases and also lead to the interoperability of the eNaira with those of other central banks. The...

Fed Govt November Bonds Oversubscribed By N117.15bn – DMO   The Federal Government’s bonds for November worth N150bn, which were auctioned on November 17, were oversubscribed by N117.15bn, the Debt Management Office has said. The DMO said the total subscription received from investors was N267.15bn, with only...