Treasury Newsletter – February 11, 2022

Nigeria’s Investment Value Tracked for 2021 Rose to $23.3bn The total value of investment announcements tracked in Nigeria for the year 2021 was 23.30bn, representing about 39% more than that of 2020, which was $16.74bn. Mr. Emeka Offor, Acting Executive Secretary/CEO of the Nigerian Investment Promotion Commission, NIPC, disclosed this at the Q1, 2022 media...

External Reserves Fall to $40.4 billion in January 2022 Nigeria’s foreign exchange reserve recorded a $481.4 million decline in the month of January 2022 to close at $40.04 billion, following the $66.17 million decline recorded in the previous month. This is according to data obtained from the Central Bank of Nigeria (CBN). Notably, foreign reserve...

CBN’s eNaira records less than 10% P2P transactions after 3months After three months since its launch, Africa’s first digital currency, eNaira, has recorded less than 10% in P2P transactions. The Governor of the Central Bank of Nigeria, Godwin Emefiele, disclosed this at the first MPC meeting of 2022. An increase in P2P transactions is indicative...

Oil prices hit $88, Highest in 7 Years Brent crude oil prices rose to its highest since October 2014 after it hit $88.4 on Tuesday as drone attacks on targets in the United Arab Emirates stoked fears across the region. At $88 oil prices are firmly back to the pre-Buhari regime when the economy was...

Agriculture reduces Nigeria’s dependence on oil sector The Federal Government on Thursday, disclosed agriculture has reduced Nigeria’s dependence on oil sector in generating foreign exchange revenue. This was made known by the Minister of Agriculture and Rural Development, Dr Mohammed Abubakar, during the launch of ‘Technical Working Documents and Debriefing of Outcomes of Socio-economic Studies’...

Headline Inflation Increases by 15.99% YoY in October 2021 Nigeria’s inflation rate dropped further to 15.99% in the month of October 2021 from 16.63% recorded in September 2021. This is according to the recently released Consumer Price Index report, released by the National Bureau of Statistics (NBS). On a month-on-month basis, the CPI increased by...

Cryptocurrency Watch The crypto market traded marginally bullish on Thursday as the market capitalization gained 1.67% to close at $2.812 trillion, representing a $46.26 billion gain, while Bitcoin gained 0.15% to close at $65,020.43. Bitcoin, on the bullish trend had hit a new peak on Wednesday after the Bureau of Labour Statistics revealed that U.S...

CBN Reports N56.83 million worth of counterfeit notes in 2020 The Currency Operations department of Central Bank of Nigeria (CBN) in its 2020 annual report revealed that a total of 67,265 pieces of counterfeit notes with a nominal value of N56.83million was confiscated in 2020, indicating a 20.80 per cent decrease in volume and 12.18per...

Headline Inflation Increases by 16.63% YoY in September 2021 The recently released Consumer Price Index, (CPI) report by the National Bureau of Statistics, indicates that inflation increased by 16.63% year-on-year in September 2021 representing 0.38% points decrease compared to the rate (17.01%) recorded in August 2021. On month-on-month basis, the Headline Index increased by 1.15...

Oil price hits $85 a barrel — first time in three years Brent oil, the global oil benchmark has crossed the $85 mark (the highest level since October 2018) in what is a potential boost to Nigeria’s oil export revenue. Brent crude futures traded as high as $85.07 a barrel on Friday morning. US West...