Nigeria’s Fiscal Deficit Drops 29% Nigeria’s budget deficit has reduced by 29 percent from 2023 as the federal government eyes banks’ realised foreign exchange gains. Data from the latest quarterly statistical bulletin of the Central Bank of Nigeria (CBN) shows that the country’s fiscal deficit fell...

Net FX Inflows Rises 55% to $25.4bn in Six Months – CBN The Central Bank of Nigeria (CBN) has revealed that net foreign exchange inflows rose to $25.4 billion between January and June, marking a 55 percent year-over-year increase. This growth has been driven by a...

Forex Policy: CBN Strengthens Naira with $876m Auction The Central Bank of Nigeria has auctioned $876.26m to end users whose bids were submitted by 26 commercial banks to strengthen the ailing naira. The policy impacted the foreign exchange market on Wednesday as the naira appreciated against...

CBN Approves Merger Of Unity, Providus Banks The Central Bank of Nigeria (CBN) on Tuesday announced the approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and the Providus Bank Limited. The apex bank, in a statement by its acting...

Food Importation Gulps $689.88 million in Q1 2024 The import of food products gulped about $689.88 million in the first quarter of 2024, which is about 17% of the total foreign exchange (FX) spending on imports. This is according to the sectoral utilization of foreign exchange...

Public Debt Stock May Hit N130tn by Dec – Report Nigeria’s public debt stock is projected to hit N130tn this year, raising concerns about the country’s debt-to-gross domestic product ratio. This was revealed in a report by Afrinvest, an investment management company, titled, ‘Bank Recapitalisation, Catalyst...