Cryptocurrencies Promote Illegal Activities, Raise Risks – CBN         The Central Bank of Nigeria has said cryptocurrencies promote illegal activities and raise risks, among other reasons. It said this on Sunday in a statement regarding various comments and reactions following its recent reminder to Deposit Money Banks...

Naira May Weaken To 470 In 2021, Says Rewane         The naira will weaken in the parallel market and likely depreciate to 470 against the dollar in 2021, if oil prices stay at $50 per barrel, Nigerian economist, Mr Bismarck Rewane, has said. Rewane stated this in...

External Reserves Hit $36.39bn         The external reserves stood at $36.39bn as of January 27, the latest figures from the Central Bank of Nigeria revealed. Figures obtained from the CBN showed that the reserves, which commenced the year at $35.65bn, rose to $36.52bn as of January 25,...

CBN Disburses N554bn To 2m Farmers In Five Years         The Central Bank of Nigeria (CBN) said it has disbursed N554.61 billion to 2,849,490 farmers within the past five years to boost food security under its Anchor Borrowers Programme (ABP). In a communique issued in Abuja on...

Improved Crude Oil Prices Increase Nigeria’s External Reserves To $36.23bn       The CBN says Nigeria’s Foreign Exchange Reserves rose from 34.94billion dollars in November 2020 to 36.23billion dollars as at Jan 21, 2021. CBN Governor, Godwin Emefiele, said at the January Monetary Policy Committee (MPC) meeting of...

Banks’ Total Credit To Economy Hit N25trn In 2020         Banks’ total credit to the economy rose to N25.02tn as of the end of 2020, the Central Bank of Nigeria has said. This was disclosed during the Monetary Policy Committee meeting in Abuja on Tuesday. Delivering the committee’s...