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The Central Bank of Nigeria (CBN) Deputy Governor (Economic
Policy), Dr. Sarah Alade has revealed that oil and gas exposures constitute
about 40 per cent of the banks’ loan portfolio.
However, Alade, who disclosed this in an interview with The
Banker magazine, pointed out that only about 50 per cent, of the 40 per cent
mentioned above, was to the upstream sector, where the greatest risk currently
For 2017, the Federal Government has proposed a budget of
N6,866,335,052,740. The Presidency which formally informed the National
Assembly of the proposal yesterday also disclosed that it would set up a $25
billion Infrastructural Development Fund as a means of attracting non-budgetary
resources to fund its development projects.
This information was contained in the 2017 to 2019 Medium
Term Expenditure Framework (MTEF) and ...
An economist and policy analyst, Professor Pat Utomi, has
said that President Muhammadu Buhari’s statements that he would not agree to
devaluation of the naira sent wrong signal to would be investors.
Speaking at the Third Awomolo & Associates’ Annual Colloquium
held in Abuja on on a theme, ‘Global Economy Beyond Oil: Challenges and
Solutions; Nigeria in Focus’, Utomi said that as at the time when investors
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin
Emefiele, has disclosed that the central bank frittered away a whopping $66
billion over an 11-year period funding Bureau de Change (BDC) operators,
blaming this as one of the several policies that led to the erosion of
Nigeria’s foreign reserves and is partly to blame for the economic crisis in
the country today.
Nigeria’s foreign exchange reserves have plummeted to a new
low of $24.88 billion, indicating dwindling confidence in the economy, despite
reassurances by authorities.
In the last one week, it lost $230 million, understandably
due to series of interventions by the Central Bank of Nigeria (CBN), as post
recession announcement pressure continued.