Nigeria’s Foreign Reserves Fall To $1.2 Billion

According to figures from the Central Bank of Nigeria, Nigeria’s foreign reserves have lost $1.2 billion since December 31, 2021. The reserves fell to $39.3 billion on May 6, down from $40.42 billion on December 31, 2021. In the last four months and six days, the reserves have lost 2.98 percent of their worth. Nigeria is currently dealing with the shocks of crude oil theft and subsidy payments, which the government claims are undermining the benefits of high crude oil prices supported by the Russia-Ukraine war. Brent crude oil prices are at $104.2, while West Texas Intermediate is selling for […]



Oshodi Traders Applaud The CBN’s Implementation Of e-Naira

Traders at Kairo Market in Oshodi, Lagos, lauded the Central Bank of Nigeria (CBN) on Thursday for introducing the digital currency, e-Naira. The retailers were recognized at an awareness program hosted by the major bank in partnership with Bizi Mobile, an e-Naira wallet agent. Mr. Obinna Umeh, secretary of the Oshodi market union, praised the CBN for providing a long-term solution to the many false alarms received by traders, which he said had hampered their operations. “The CBN could not have come at a better time to educate us on e-Naira; there isn’t a day that goes by that we[…]



The Central Bank Of Nigeria Has Approved ₦2 Billion For Imo Craftsmen

The Central Bank of Nigeria (CBN) stated on Tuesday that its staff at the Jos Branch averted what would have been another big fire calamity in the country. The Central Bank of Nigeria, CBN, has authorized a ₦2 billion loan to the Imo State government for the empowerment of the state’s artisans. Ford Ozumba, the Commissioner for Labour and Productivity, announced this to journalists on Tuesday in Owerri, while unveiling the Imo 2022 Entrepreneurial Product Expo in collaboration with the Central Bank of Nigeria. He stated that the Imo State administration approached the CBN and was deemed competent to receive[…]