In 2020, The CBN Injected N2.907 Trillion Into The Economy

This was revealed by the CBN in its Annual Currency Operations Report for 2020. Headline inflation reached 15.8 percent in December 2020, with high currency in circulation possibly playing a role. It stated that the “Currency-in-Circulation (CIC) increased by 19.06 percent from N2,441.67 billion at the end of December 2019 to N2,907.13 billion at the end of December 2020.” The increase in CIC showed the economy’s ongoing reliance on cash. According to the CIC, a higher proportion was in higher-value bills (N100, N200, N500, and N1000).” It went on to say that “higher denomination banknotes accounted for 63.47 percent and […]



How Frequently Your Credit Score Is Updated

As the information on your credit report gets updated, your credit score fluctuates. New balances, bill payments, and account openings are just a few of the elements that appear on your credit report and affect your credit score. Your credit score should be updated at least once a month, but it may be updated more regularly if you have various financial products. Your credit score may be refreshed each time one of your creditors forwards information to one of the three credit bureaus.Because lenders do not all give updates on the same day, new data may be updated to your[…]



Nigeria’s Debt Climbs To N36 Trillion

Nigeria’s public debt, which includes domestic and external commitments of the Federal Government, 36 state governments, and the Federal Capital Territory (FCT), has climbed to N35.465 trillion as of June 30, according to the Debt Management Office (DMO). Ms. Patience Oniha, Director-General of the Debt Management Office, made the announcement during a public debt presentation on Wednesday evening. Nigeria’s total public debt stock, according to her, was N33.107 trillion ($87.239 billion) as of March 31, 2021, but had risen to N35.465 trillion by the end of June. From the end of the first quarter to the end of the second[…]