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Supreme Court advises CBN to ease cash crunch, adjourns to February 22
Sopuruchi Onwuka The Supreme Court on Wednesday reiterated its order for the old N200, N500 and N1000 notes to remain in the nation’s legal tender until the determination of the suit filed by Kaduna, Kogi and Zamfara states challenging the…
APC govs hamstring Emefiele, S. Court removes Naira swap deadline
Sopuruchi Onwuka The Supreme Court has temporarily suspended the imminent deadline for the phase out of old Naira notes from circulation, pulling crucial support from the efforts of the Central Bank of Nigeria (CBN) to rein in over N4.0 trillion…
CBN assures INEC of election operations cash
The Central Bank of Nigeria (CBN) has assured the Independent National Electoral Commission (INEC) that enough cash would be made available for ease of election logistics and other operations in the upcoming polls. Governor of the apex bank, Godwin Emefiele…
Cash crunch stalls transactions, fuel breaches as banks
Sopuruchi Onwuka Glitches in the phase out of old currency notes in the Nigerian markets have led to acute cash shortages, transaction failures and worsening hunger across cities; forcing desperate customers to breach security rules as they demand access to…
Naira redesign: FG to withdraw N2 trn from circulation
The Central Bank of Nigeria (CBN) has declared that the expected volume of cash that would return to the vaults under the ongoing dumping of old N1000, N500 and N200 notes would breach N2.0 trillion. However, experts say that withdrawal…
Multiple windows: Investors adopt equity templates for forex rate
Sopuruchi Onwuka With inability of businesses to secure adequate foreign exchange at official rates to drive transactions that transcend the country’s borders, business proposals involving international transactions have become source of confusing calculations. Whereas the official rates for the exchange…
DEBT OVERHANG: FG to convert $45.4 bn CBN loan to 40-year bonds
Sopuruchi Onwuka Federal government has introduced new debt management measures that would convert about N20 trillion or $45.4 billion of loans taken from the central bank to 40-year bonds, agency sources reported. Director General of the Debt Management Office (DMO),…
Galloping inflation: CBN shoots lending rate to 15.5%
Nigeria’s central bank on Tuesday hiked its main lending rate by 150 basis points to 15.50%, its highest level yet and more than forecast, forging ahead with efforts to rein in inflation and ease pressure on the currency. Analysts had…
CBN launches eNaira ahead of schedule as platform goes live
Sopuruchi Onwuka The federal government has finally launched the much awaited eNaira platform, attracting instant traffic surge as millions of Nigerians pry into the website to explore possibilities of offgrid financial transactions. The eNaira, a Central Bank Digital Currency (CBDC)…
