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Currency Outside Banks Rise 55 Percent to N2.3trn in 5yrs

Currency Outside Banks Rise 55 Percent to N2.3trn in 5yrs

Currency outside the banking system rose sharply by 55 per cent to N2.3 trillion in 2020 from N1.46 trillion in 2015, as Nigerians had to spend more on goods and services in response to sharp naira depreciation within the past five years. Data from the Central Bank of Nigeria, CBN, obtained by Vanguard shows that […]

World Bank Slashes Nigeria’s Growth Forecast

World Bank Slashes Nigeria’s Growth Forecast

The World Bank has cut Nigeria’s economic growth forecast for this year, citing weakness from oil-output disruptions and low prices. The bank, in its semi-annual Global Economic Prospects report, expects Nigeria to grow by 0.8 per cent, down from an estimate of 4.6 per cent in January. Growth could pick up to 3.5 per cent […]