We Owe CBN More Than N4trn, Says AMCON         The Asset Management Corporation of Nigeria has said it owes the Central Bank of Nigeria more than N4tn. AMCON was established by the Federal Government in 2010 to buy bad debts from banks and ensure stability in the...

Currency Swap: CBN Sells 1.45bn Yuan In Two Years         The Central Bank of Nigeria has said it sold 1.45 billion yuan since the inception of the currency swap deal with China and the end of 2019. The CBN disclosed this in its 2019 Activity Report released...

Banks’ Average Daily Deposit With CBN Drops To N48.32bn       The Central Bank of Nigeria (CBN) says the average daily deposit amount of N84.27 billion in 246 transaction days in 2018 dropped to N48.32 billion in 251 transaction days in 2019. This was contained in the bank’s...

COVID-19: We Spent N3.5trn On Economic Growth - CBN       The Central Bank of Nigeria (CBN), says it has so far made a total of N3.5trillion disbursements to cushion the effect of COVID-19 pandemic on the country’s economy. This is contained in a review of the 132nd...

Bad Loans: Banks Reduce Consumer Credits By 11%       Lending by banks to consumers fell cumulatively by 11 percent or N100 billion to N1.4 trillion over two months – July and August 2020 – driven by pressure to curtail rising bad loans. Bankers said the development was...

Banks’ Borrowings From CBN Drops By 93%       Deposit Money Banks’ reliance on the loans from the Central Bank of Nigeria (CBN) fell sharply by 93 percent in August, driven by surge in idle cash (excess liquidity) in the interbank money market. Also reflecting the excess liquidity...