Credit To Economy Rises By 5% To N44.7trn       Credit to the economy grew by five percent to N44.7 trillion in five months to May this year driven by increased lending to the private sector. However, currency outside banks and currency in circulation fell by 7.6 per...

CBN Releases Guidelines To Regulate Mobile Money Services         The Central Bank of Nigeria, CBN, has released Regulatory Guidelines and Framework for Mobile Money Services in the country to create an enabling environment for orderly introduction and management of the services. The guidelines stated that the c...

In Four Months, Currency in Circulation Drops By N65.74bn     The currency in circulation fell by N65.74bn to N2.741tn at the end of June from N2.81tn in March, the latest figures from the Central Bank of Nigeria showed on Wednesday. According to the CBN, the currency in...

Nigeria’s Cryptocurrency and Digital Currency Debate, by Inyene Ibanga     Early February this year, the Central Bank of Nigeria (CBN) released a circular to banks and financial institutions, warning that transactions in and facilitating payments for cryptocurrency exchanges were prohibited. The CBN further directed all banks and...

In Just Three Days, Nigeria's External Reserves Drop By Over $100m       Nigeria’s external reserves fell by $100 million in three days, from June 26 to June 28, as the figures continued to witness historic depletion. According to data sourced from the Central Bank of Nigeria (CBN),...

Microfinance Banks’ Total Assets Rise To N1.01trn     The total assets of the microfinance banks rose by N251.02bn from N758.98bn as of the end of July 2020 to N1.01tn as of the end of December 2020 as the firms moved to achieve their recapitalisation requirements. This was...