Currency Outside Banks Rise To N2.34trn In April   Currency outside the banks has spiked for the fourth consecutive month to N2.08trillion in April 2023, about 87.43 per cent of total currency in circulation (CIC) that closed that month under review at N2.38trilllion. The Money and Credit...

CBN Gives Banks 30-day Deadline To Close Accounts Without BVN   The Central Bank of Nigeria (CBN) has given banks and other financial institutions a 30-day timeline to close accounts without Bank Verification (BVN). Data from the Nigeria Inter-Bank Settlement System (NIBSS) showed that 57.39 million customers’...

PFAs Exposure In FGN Securities Rise By 17% To N29.66trn   The hike in Monetary Policy Rate (MPR) by Central Bank of Nigeria (CBN) in an effort to tackle double-digit inflation is driving Pension Fund Administrators (PFAs) to gilt edge securities as their exposure to federal...

CBN Expands Non-oil Export Rebate to Boost Dollar Inflows   The Central Bank of Nigeria (CBN) says it has expanded its non-oil export rebate scheme by opening it up to additional sectors in a bid to boost dollar inflows amid slumping oil production. In the expanded scheme,...

Debt Servicing Rises To $112m Monthly - CBN   Data from the Central Bank of Nigeria’s Weekly International Payments showed that the Federal Government spent $112.35m servicing external debt in January 2023. The amount spent in January was 146.17 per cent higher than the $45.64m spent in...

Emefiele Says Non-oil Exporters Repatriated $1.7bn In Q1, 2023   The Central Bank of Nigeria (CBN), yesterday, revealed that non-oil exporters repatriated about $1.7 billion into the nation’s economy in the first three months (Q1) of 2023. Its Governor, Godwin Emefiele disclosed this during his keynote address...