NDIC Seeks Ministry’s Support On Failed Banks’ Assets       The Nigeria Deposit Insurance Corporation (NDIC) has solicited the support of the Ministry of the Federal Capital Territory (FCT) in the realisation of landed properties of banks in-liquidation within the FCT to enable it pay depositors of...

Milk Import Gulps N619.5bn Annually     Milk importation into Nigeria gulps N619.5 billion (about $1.5bn) years due to the country’s non self-sufficiency in milk production. Speaking during the a webinar on Nigerian Dairy Industry organised by the Policy Centre of Abuja Chamber of Commerce and Industry (ACCI)...

620,000 Jobs Created As CBN Releases N44bn To CTG Sector       Over 620,000 direct and indirect jobs were created in two years as a result of the Central Bank of Nigeria’s (CBN’s) intervention in the Cotton, Textile and Garment (CTG) sector. CBN Governor Godwin Emefiele made this...

Naira Crashes To N493/$ At Parallel Market     This is not the best of times for the naira. It crashed yesterday to N493/$ at the parallel market, losing N12 to the dollar within 24 hours. It closed on Tuesday at N481/$. The sharp depreciation came a day...

CBN Devalues Naira To N410.25/$1         The Central Bank of Nigeria (CBN) has devalued the naira to N410.25 to dollar. The devaluation of the local currency was confirmed by the adoption of the Nigerian Autonomous Foreign Exchange Rate (NAFEX), also known as the Investor and Exporter (I&E)...

Credit To Private Sector Rises To N31.822trn       Banking sector credit to the private sector increased year-on-year by N382 billion to N31.823 trillion as of April, up from the N31.440 trillion it was as at the end of March. The data were compiled from the latest Central...