…as DMO redeems $500m eurobond By Sodiq Adelakun In the latest financial update from the Debt Management Office (DMO), Nigeria’s total public debt has been reported to have experienced a slight uptick, reaching N87.91 trillion at the end of September…
By Sodiq Adelakun In a surprising turn of events, the Nigerian naira plummeted to an all-time low against the US dollar on the official market this Tuesday, mirroring rates typically seen on the unofficial parallel market. Amidst scant trading, the…
By Sodiq Adelakun Banks in Nigeria are increasingly relying on the Central Bank of Nigeria (CBN) for liquidity, as evidenced by a significant increase in borrowing from the apex bank’s Standing Lending Facility (SLF). In November 2023, borrowing from the…
The National Bureau of Statistics has revealed a significant increase in the trade deficit between Nigeria and China, with figures reaching a staggering N7.54 trillion in the first nine months of 2023. The data indicates a growing imbalance, heavily tilted…
According to the latest Migration and Development Brief released by the World Bank, Nigeria accounted for a significant portion of remittance flows to the Sub-Saharan Africa (SSA) region in 2023. Out of the $54 billion remittance flows, Nigeria received $20.52…
By Sodiq Adelakun The average net liquidity of banks dropped to N300.68 billion in August 2023, down from N562.04 billion in the previous month, according to a report from the Central Bank of Nigeria (CBN). This decrease in liquidity was…
The Association of Chief Audit Executives of Banks in Nigeria has called for stricter regulations of the fintech space as well as the operations of the Bureaux de Change. The association also hailed the Central Bank of Nigeria over its…
The Chairman of the Money Lenders Association, Mr. Gbemi Adelekan, has stressed the need for improved regulatory protection for money lending operators and consumers in order to safeguard digital lenders from defaulters and strengthen the money lending ecosystem. Adelekan, who…
Nigeria Deposit Insurance Corporation (NDIC) says it has paid insured sum of over N1.7 billion to customers, following the revocation of licenses of Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs). Mr Bello Hassan, Managing Director/Chief Executive Officer, NDIC,…
Nigeria has made progress towards achieving its 2024 financial inclusion target, with more Nigerians now having access to banking services. However, there are still gaps that need to be addressed. The 2022 National Financial Inclusion Strategy aims to reduce the level of…
