Money market

Lagos, Jan. 19, 2023 – Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), says the apex bank has waived some of the conditions for accessing the new bank notes by commercial banks. He said this at a sensitisation tour on the redesigned naira notes at Computer Village, Ikeja in Lagos. Emefiele was represented by CBN Director of Legal Services Department, Mr Kofo Salam-Alada,  He said that, before now, commercial banks were given slots, but the CBN had bended over backwards to accommodate the banks’ demands. Emefiele said that the …

Akure, Jan. 13, 2023 – An Ondo High Court has granted a ganishee order directing the Central Bank of Nigeria(CBN) to freeze the account of Polaris Bank over a judgment debt of over N2 billion. The order was made by Justice Adebusoye in an application filed by Ondo Attorney General and Commissioner for Justice, Sir Charles Titiloye, for Ganishee order attaching all the sums of indebtedness of Polaris Bank to Ondo State Government in a judgment delivered in suit No AK/75/2017. Titiloye had filed the application over alleged failure and neglect of …

Lagos, Dec. 22, 2022 – Nigeria’s domestic may rise to N22.57 trillion if the National Assembly approves President Buhari’s supplementary budget proposal of N819 billion sent to the assembly on Wednesday. The President said the supplementary budget, which will be financed through domestic borrowing, is to fix various infrastructure destroyed by floods across the various states in the country a few months ago.  “The year 2022 has witnessed the worse flood incident in recent history which has caused massive destruction of farmlands at a point already closed to harvest season. …

Lagos, Dec. 22, 2022 – The Central Bank of Nigeria has bowed to pressure from the National Assembly to revise its cash withdrawal limits policy. In a circular on Wednesday signed its Director of Banking Supervision, Haruna Mustafa, the CBN said it had reviewed upwards the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively. It said that for transactions above the withdrawal limits, financial institutions would be  required to get details of the customers and upload same on …

Lagos, Dec. 21, 2021 – Godwin Emefiele, the Governor of Central Bank of Nigeria will not appear before the House of Representatives on Thursday as scheduled., the apex bank said today He will, however, be represented by the Deputy Governor, Financial System Stability, CBN, Aisha Ahmad. In the latest letter the House received from the Deputy Governor, Corporate Services, CBN, Edward Adamu, Emefiele was said to be ill and would not appear before the lawmakers in person. For the second time, Emefiele failed to appear before the House on Tuesday. …