Banks Borrowing From CBN Now N12trn   There are indications that commercial banks and merchant banks are increasingly depending on the Central Bank of Nigeria for liquidity as their borrowing from the apex bank has intensified in the last eight months of 2023. Aside from August 2023...

External Reserves Drop By $915m After CBN's Naira Float   Nigeria’s external reserves dropped by $915m after the Central Bank of Nigeria officially floated the naira and liberalised the foreign exchange market. CBN data obtained on Sunday showed that the reserves, which stood at $34.66bn as of...

CBN Questions JP Morgan's $3.7bn Estimate of Net Reserves, Faults Claim The Central Bank of Nigeria has faulted the recent $3.7bn estimate of the bank’s financial accounts by JP Morgan, saying it was “out of context”, and assured that there was no cause for panic. CBN...

MAN Warns FG, Says N77trn Debt may Halt Tinubu’s Economic Plan Nigeria's estimated N77 trillion debt burden is likely to stifle President Tinubu's economic plans, says the Manufacturers Association of Nigeria (MAN). The manufacturers also lamented that the sector has been at the receiving end of...

Nigeria’s Net Foreign Reserves Drop to $3.7bn in 2022 – JP Morgan An American multinational financial services firm, JP Morgan, has estimated that Nigeria’s net foreign exchange (FX) reserves drop to $3.7 billion as of the end 2022. This is contained in the firm’s latest report...

CBN Loan To Manufacturer, Power Firms Soars To N5.6trn   The Central Bank of Nigeria (CBN) intervention in the power, manufacturing and aviation sectors have risen to N5.6tn in three years. The soft loans were advanced amid the continued and varied challenges facing the key sectors of...