11

May

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 […]

06

May

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[…]

05

May

NEXIM Bank Secures ₦10.2 Billion And $3.25 Million In Loan Recovery Drive

Mr. Abba Bello, Managing Director/Chief Executive of the Nigerian Export-Import Bank (NEXIM), stated that the implementation of aggressive debt recovery and proactive loan measures increased recoveries from N200 million in December 2016 to N10.2 billion and $3.25 million between January 2017 and February 2022. The MD also stated that the loan recovery drive had resulted in the seizure of assets worth around N7 billion, which are currently for sale. He stated that efforts to clean up the balance sheet, as well as improvements in risk management techniques, had resulted in new loans granted in 2018 performing 100% of the time,[…]