Trapped Funds: FG Directs CBN to Engage Foreign Airlines Regularly  The Federal Government, through the Ministry of Aviation and Aerospace Development has directed the Central Bank of Nigeria to convene quarterly meetings with foreign airlines operating in the country to address the issue of trapped...

CBN Orders Banks To Save Gains From FX Revaluation   The Central Bank of Nigeria, CBN, has ordered banks to save gains from foreign exchange (FX) revaluation as a buffer against emerging economic shocks. The regulator in this regard stopped banks from using FX revaluation gains to...

FG Fiscal Deficit Rises to N3.7tn in Q1 - CBN The Central Bank of Nigeria says the Federal Government’s fiscal deficit hit N3.68tn in the first five months of 2023. A report released by the apex bank on the personal notes of the Monetary Policy Committee...

CBN Stops Banks from Spending FX Revaluation Gains The Central Bank of Nigeria issued a directive instructing commercial banks on Monday to refrain from utilizing their foreign exchange revaluation gains for dividends and operational expenditures. The new directive was conveyed in a letter dated September 11,...

N400bn New Notes, N2.2trn Old Notes in Circulation - CBN Nigeria’s currency in circulation, which hit N2.60 trillion in June, might comprised N400 billion new notes and N2.2 trillion old bank notes. According to the latest data from the Central Bank of Nigeria (CBN), CIC rose...

Banks’ Bad Loans Hit N478bn   At least four banks recorded N478bn non-performing loans during the first half of this year, according to their financial results Specifically, Guaranty Trust Bank Holding Plc (GTCO), FBN Holdings Plc and two other banks reported N478.93bn non-performing loans by value in...