Money market

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Money market

Nigeria’s domestic debt stands at N20.91 trillion

Lagos, Dec. 5, 2022 – Nigeria’s domestic debt stood at N20.91 trillion as at June 2022, up from the N17.63 trillion recorded in the same period last year. The statistics were reported by the CBN Financial Market Half-Year Activity Report 2022 just posted on the apex bank’s website. The report indicated that the cost of debt servicing had increased by 40.74 per cent to N1.37 trillion at June 2022 from the N977.03 billion recorded in the same period last year due to the increase in borrowings by the federal government. …

Business Planning Money market

Nigeria’s GDP declines by 1.78% in Q3 2022

Abuja, Nov. 25, 2025 – Nigeria ‘s Gross Domestic Product (GDP) dropped by 1.78 percent in the third quarter of 2022 from its level in the corresponding period in 2021. The GDP grew by 2.25 percent in real terms in third quarter of 2022 against the 4.03 growth rate recorded in the third quarter of of 2021. The Nigerian Bureau of Statistics (NBS) gave the statistics on its website. It attributed the decline to the base effects of the recession and the challenging conditions that impeded productive activities. The GDP …

Currencies Money market

All security agencies will be involved in tracking naira notes – CBN

Abuja, Nov. 24,2022 – Mr Godwin Emefiele,, the Governor of the Central Bank of Nigeria (CBN), says the apex bank will involve all the security agencies in the country in tracking the new naira notes. He said that agencies like the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission would also be involved in monitoring large withdrawals and movement of the new naira notes. Emefiele said in Abuja on Wednesday  that the amount of money that could be withdrawn from the counter would be …

Money market

FAAC shares N736.78bn to FG, states, LGs

Abuja, Nov. 23,2023 – The Federation Account Allocation Committee (FAAC) has shared N736.782 billion from the October 2022 Federation Account Revenue to the federal government, states and local government councils. This is contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for November 2022. The N736.782 billion total distributable revenue comprised distributable statutory revenue of N417.724 billion, distributable Value Added Tax (VAT) revenue of N213.283 billion, Exchange Gain revenue of N5.775 billion and N100.000 billion Augmentation from Non-oil Revenue In October 2022, the …

Currencies Money market

Buhari unveils new naira notes

Abuja, Nov. 23, 2022 – President Muhammadu Buhari today unveiled the new naira notes as proposed by the Central Bank of Nigeria. He unveiled the new currency notes  at the Federal Executive Council (FEC) meeting at the State House, Abuja. The central bank announced that it would redesign the naira notes in order to control the amount of currency in circulation, manage inflation and combat counterfeiting. “These challenges primarily include significant hoarding of banknotes by members of the public with statistics showing that over 85 percent of currency in circulation …