In One Month, FG Recorded N643.09bn Fiscal Deficit The Federal Government’s fiscal deficit rose from N491.28bn in March to N643.09bn in April, according to figures obtained from the Central Bank of Nigeria. The banking regulator’s April economic report stated that, “The 14.3 per cent increase in...

Nigerians to Use USSD code for eNaira Transaction - Emefiele The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has announced that Nigerians will from next week use USSD code for eNaira transactions. The apex boss revealed the new feature on eNaira at the Grand Finale...

CBN Increases Interest Rates on Savings Deposit to 4.2% The Central Bank of Nigeria (CBN) has instructed banks in Nigeria to pay savings deposit accounts an interest rate of at least 4.2%, an increase from the 1.4% previously received. This was contained in a circular by...

CBN Cautions on Economic Crisis as Fiscal Balance Of W/African Nations Worsens The Director, Monetary Policy Department at the Central Bank of Nigeria (CBN), Dr Mahmud Hassan says the global economic crisis has affected the fiscal balance of member countries of the West African Institute...

Naira: The Story of a Once-Upon-a-Time 'Powerful' Currency, by As-sayyidul Arafat   When writing this article, the dollar traded against Naira in the Black Market for #705/$. What initially started from #2 to €1 in the United Kingdom and #1 to $0.6 in the United States...

Seven Banks Rake In N570.43bn Interest On Loans H1, 2022   A total of seven banks generated N570.43 billion from loans granted to customers in the first half (H1) of 2022 amidst the hike in the Monetary Policy Rate (MPR). Investigation revealed that the seven banks had...