CBN Disbursements On 3.1m Projects Rise To N6.01trn         The Central Bank of Nigeria’s financial disbursements on about 3.1 million projects have risen to N6.01tn, the apex bank has said. It was learnt that the over three million projects were financed through 29 interventions, while the bank...

CBN Revokes 42 Microfinance Banks’ Operating Licences         The Central Bank of Nigeria has revoked the operating licences of 42 microfinance banks in the country. The Nigeria Deposit Insurance Corporation disclosed this on Friday in an announcement on its website titled ‘Notice of closure of 42 microfinance...

External Reserves Shed $567m In Two Weeks       The nation’s external reserves fell by $567 million in the first two weeks of this month. According to the latest data from the Central Bank of Nigeria (CBN), the reserves dropped to $34.846 billion on Tuesday December 15th from...

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,...