Job Losses, Factory Shutdown Loom as Naira Falls to 1,025/$ The naira fell further on Tuesday as it exchanged for the dollar at the parallel market between 1,005/$ and 1,025/$. Owners of small-scale enterprises, Nigeria Employers’ Consultative Association, and manufacturers has expressed concern about the falling...

CBN Slashes Cash Mop by 82% to N150bn   In a bid to stimulate economic growth worsened by unprecedented rise in prices of goods and services, the Central Bank of Nigeria (CBN) reduced its cash mop up operation by 82 per cent to N150 billion in...

External Reserves Drop by $841m in Three Months   Nigeria’s external reserves fell by $841.75m between July and September, figures obtained from the Central Bank of Nigeria (CBN) revealed. The CBN revealed in its report on the movement of external reserves that the reserves, which stood at...

CBN Generates N532.5bn From Treasury Bills Sales   The Central Bank of Nigeria (CBN) conducted three rounds of Nigerian Treasury Bills (NTBs) auctions worth N532.5 billion in September, analysis of the primary market auction sheets showed. The breakdown showed offer of N203.2 billion on only the 364-day...

11 Banks’ Non-performing Loans Hit N1.67trn   Following write-offs, restructuring of facilities, Global Standing Instruction (GSI) and credit risk management as a result of economic challenges, a total of 11 banks recorded N1.67 trillion non-performing loans (NPL) during the first half (H1) of 2023, an increase...

Rates Unification: Govt, Banks Rake in N2.2trn Governments, at the federal, state, and local levels, and banks, gained about N2.21trn following the exchange rates unification policy of the Central Bank of Nigeria (CBN). The Federation earned N834.36bn as exchange difference revenue between June and August 2023,...