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...

Nigeria's Total Debt May Hit N170trn as FG Plans to Borrow Fresh N31trn   The Federal Government plans to allocate a significant portion of its budget to debt servicing over the next three years, surpassing allocations for capital expenditures. This is according to the recently approved 2025-2027...

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...

Nigeria Remains Third-Largest Debtor to IDA With $17bn   Nigeria has retained its position as the third-largest debtor to the World Bank’s International Development Association (IDA) with its exposure climbing to $17.1bn as of September 30, 2024. According to the World Bank’s latest financial statements for the...

Passenger Luggage: Delay Will Now Attract $170, N10,000 Fines – NCAA   The Nigeria Civil Aviation Authority (NCAA) has vowed to take tough measures against airlines that delay passengers’ luggage. The regulatory agency said it will impose fines of $170 and N10,000 on foreign and local airlines,...

Foreign Exchange Policy, Interest Rate Increase Foreign Portfolio Investment by 170%   The Central Bank of Nigeria (CBN) high interest rate regime and foreign exchange policy have whetted the appetite of Foreign Portfolio Investors, FPIs, as inflows amounting to N696.88 billion came into the stock market...