Nigerian Bitcoin Traders Lament Losses As Value Drops By 52%   Many Nigerian Bitcoin traders are lamenting their losses because of the continued drop in the market value of Bitcoin. Since the turn of the year, BTC has lost 52.84 per cent of its market value, wiping...

2023 Elections: Dollar Rises By 21%, FX Shortage Persists After Party Primaries   Dollar exchanged at N603 (average) at Lagos and Abuja parallel markets on Tuesday, indicating a worsening liquidity crisis in the foreign exchange market of Africa’s biggest oil producer. Between June 2021, and June 2022,...

Inflation May Worsen As FG’s Borrowing From CBN Hit N19trn   The Federal Government’s total borrowing from the Central Bank of Nigeria (CBN) through Ways and Means Advances rose from N17.46tn as of December 2021 to N19.01tn as of April 2022. According to data from the CBN,...

Despite The Rise In Crude, Nigeria’s Oil Revenue Dropped To N945bn   Despite the steady rise in crude oil price, the country’s earnings from the commodity dropped for the fourth month. This was contained in a Central Bank of Nigeria’s (CBN’s) latest monthly economic report for...

Nigeria’s Foreign Reserves Drop To $39.5bn   Nigeria’s foreign reserves stood at $38.483bn by May 31, 2022, declining by five per cent from $40.521bn reported by end of December 2021, according to the calculations of reserves movements on the Central Bank of Nigeria’s website. On the other...

CBN Retains 5% Interest Rate For Critical Sectors   Sequel to its development finance initiative, the Central Bank of Nigeria (CBN) has agreed to leave interest rates at five per cent per annum for critical sectors and manufacturing industries until March 2023. The decision followed the resolution...