NSIA Saves N133bn On Fertilizer Subsidy       The Nigerian Sovereign Investment Authority (NSIA) has saved $350 million (about N133 billion) by cutting subsidy payments and import substitution after it began implementing the Presidential Fertilizer Initiative. In a statement by the Authority, after four years of the PFI,...

Reps Urge CBN To Suspend Recapitalisation Of Microfinance Banks       The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend the planned recapitalisation for microfinance banks until the economy stabilises and considered safe. The House mandated the Committee on Banking and Currency to...

Commercial Banks’ Loan To FG Hits N1.8trn       The total commercial loans to the government, at all levels, rose to N1.77 trillion at the close of last year, about 18 per cent increase from the N1.5 trillion reported in December 2019. This comes as the total outstanding...

Naira Drops As Food Inflation Rises       Fears of continued rise in inflation among foreign exchange dealers have further weakened the naira, market statistics have shown. The local currency lost strength at the weekend, dropping to N485/$1 from N483/$1 at the parallel market. The slide followed release of...

CBN To Sanction BDCs, Banks Rejecting Lower Dollar Bills       Deposit Money Banks (DMBs) and authorised Bureau De Change (BDC) operators who reject old and lower denomination of the United States dollar bills will be sanctioned, the Central Bank of Nigeria (CBN) said yesterday. A circular signed...

FG Targets $504bn Goods In AfCFTA Deals The African Continental Free Trade Agreement (AfCFTA), when fully implemented, could afford Nigerian companies preferential access to African markets worth $504.17 billion in goods, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has said. Delivering his remarks at...