Nigeria’s Q1 trade deficit rose by 175%, hit $764m – CBN – Thisday
The value of Nigeria’s international trade deficit rose by 175.13 per cent from $152.94m in January 2022 to $420.79m in March 2022, according to data from the Central Bank of Nigeria. The International Trade Summary on the CBN’s website shows that the total value of international trade was $28.77bn in Q1 2022, with imports at $14.77bn and export at $14.01bn, showing a total trade deficit of N764.69m. In January 2022, export was $4.74bn and import was $4.89, with a trade deficit of $152.94m……………..read more
CBN issues open banking guidelines to boost competition – Punch
The Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria in its efforts to enhance competition and innovation in the banking system. It disclosed this in its ‘Operational guidelines for open banking in Nigeria’ released in May, 2022. The guidelines said, “The Central Bank of Nigeria, hereafter called the Bank, had issued the regulatory framework for open banking in Nigeria in its efforts to enhance competition and innovation in the banking system……………….read more
No hike in electricity tariffs – NERC – Thisday
The Nigerian Electricity Regulatory Commission, NERC has clarified that reviews do not automatically translate into an increase in electricity tariffs. The electricity market regulator made this known in a statement titled ‘Notice of Compliance in Respect of the Biannual Review of the Revenue Requirements of Licenses’ published on Tuesday. According to the NERC, where the impact of improved efficiency in operating parameters for individual licensees exceeded the impact of changes in macroeconomic parameters, end-users might be reduced as exhibited in some tariff classes under the Multi Year Tariff Order, MYTO 2022. ………….read more
At 26.61%, Banks Maximum Lending Rate Drops to 5-year Low – Daily Independent
Amid rising inflation rate that is expected to hike operating cost and plud profitability, banks have reduced maximum lending rate to 26.61 per cent, an over five-year low, the latest data by the Central Bank of Nigeria (CBN) on banks’ deposit and lending interest rates has revealed. ……………. read more
IMG Grows Profit by 27%, to Offer Bonus Shares – Punch
A frontline manufacturer of industrial gas, Industrial and Medical Gas (IMG) Nigeria Plc, has posted a net profit of N372 million in its 2021 financial year as against N292 million in 2020, an increase of 27 percent, despite the inclement operating environment……………..read more