Declining Revenue Raises FG’s Deficit To N1.3trn In Q3, 2020           The Federal Government (FG) recorded a 42 percent shortfall in revenue collected in the third quarter 2020 (Q3’20) which resulted in deficit spending of N1.29 trillion during the quarter. The deficit spending recorded in the period...

CBN Tackles Recalcitrant IMTOs Over Diaspora Remittances         The Central Bank of Nigeria (CBN) has expressed displeasure that some International Money Transfer Operators (IMTOs) continue to pay remittances in local currency contrary to its recent policy that granted unfettered access to forex from Diaspora and other...

Exports Suffer Setback As New CBN Policy Bites Hard       The new policy by the Central Bank of Nigeria (CBN) directing all exporters to present the Nigeria Export Proceed (NXP) number before exporting any good outside the country is currently causing a setback for international trade. Already,...

FG Grants Yola Disco N5bn Loan To Procure 85,000 Meters         The federal government has granted the Yola Electricity Distribution Company (YEDC), a N5 billion loan for sourcing of 85,375 meters for its customers. In December last year, the government said it was taking over the Disco...

Stock Market Battles Policy Reversal In Treasury Bills         The price correction that resulted from profit taking activities as well as the reversal in Treasury Bills (TBs) yields last week may not necessarily impede the recovery prospect in the stock market, equity dealers have said. They insisted...

Naira In Mixed Performance As Forex Reserves Decline by $198m         The naira recorded a modest appreciation at the official window but was flat at the parallel market as Nigeria’s foreign exchange (forex) reserves dropped by $197.84 million to $35.01 billion at the weekend. The naira appreciated...