Naira Scarcity: Bank Customers Borrowed N947bn According to a document by the Monetary Policy Committee of the Central Bank of Nigeria, Money Banks offered 130,854 new credits valued at N947.46bn to their customers in December 2022. A member of the MPC, Adeola Adenikinju, disclosed this in...

Bank Assets Rise By 21% To N64.32trn   Nigerian banks’ total assets rose by N11.15tn in one year to N64.32tn as of the end of April. Figures obtained from the Central Bank of Nigeria revealed that the assets of the lending institutions had hit N53.17tn in the...

External Reserves Decline By $180m In Two Weeks       The country’s external reserves lost $180m in two weeks, the latest figures obtained from the Central Bank of Nigeria showed on Sunday. According to the figures, the reserves, which stood at $33.28bn on July 1, dropped to $33.09bn...

LCCI, ACCI, Raise Concerns As Buhari Seeks Approval For Fresh $6.1bn Loan       The Abuja Chamber of Commerce and Industry and the Lagos Chamber of Commerce and Industry have both raised concerns over the rising debt profile of Nigeria following Buhari’s request that the Senate should...

Despite Buhari’s Forex Ban, Food Imports Gulps $1.24bn       Food products imports gobbled up $1.24bn of the foreign exchange supplied by the Central Bank of Nigeria from October 2020 to March 2021 despite the ban directive from President Muhammadu Buhari. The foreign exchange used for the importation...

CBN MPC members Express Worry Over High Demand Pressure In Forex         Some members of the Monetary Policy Committee of the Central Bank of Nigeria have expressed concerns over the high demand pressure in the nation’s foreign exchange market. The MPC members voiced their concerns at the...