Money market

Abuja, Dec. 21, 2022 – President Muhammadu Buhari has sent a N819.5 billion Supplementary Appropriation Bill for 2023 to the National Assembly. Femi Gbajabiamila, the Speaker of the House of Representatives, read the content of the cover letter on the bill to members on Wednesday. Buhari said the additional demand for N819.536 billion for next year was due to the devastation caused by floods on farmlands and road infrastructure. According to the President, Nigeria witnessed the “worst flood incidents in recent history, which has caused massive destruction of farmlands. He …

Lagos, Dec, 15, 2022 – The newly redesigned bank notes will start circulating form today. They are in N200, N500 and N1000 denominations. Mr Godwin Emefiele, the Governor of CBN, had in October, announced that apex bank would release the newly re-designed naira notes by December 15, 2022, while the old notes would cease to be legal tender by January 31, 2023. Emefiele said the redesigning of the naira notes would help to curb counterfeit notes and reduce ransom payments to terrorists and kidnappers. He said that it said it …

Abuja, Dec. 14, 2022 (Reuters/GBN) – Nigeria has no plans to issue Eurobonds in 2023 unless market conditions improve as bond prices are too high for African countries, Finance Minister Zainab Ahmed said on Wednesday. Nigeria, Africa’s biggest economy, has been raising debt to fund infrastructure and boost a fragile economy battling high inflation. It sold a $1.25 billion Eurobonds this year, marking its eighth outing on international debt markets. Ahmed said Nigeria would focus on concessionary loans from the World Bank, Islamic Development Bank, African Development Bank and others …

Lagos, Dec. 14, 2022 – The Senate has confirmed the appointment of Edward Lametek Adamu and Mrs Aisha Ndanusa Ahmad as Deputy Governors of the Central Bank of Nigeria (CBN). The confirmation of the appointment of the two officers was for their second and last terms in office. The confirmation of the appointment by the Senate on Wednesday was sequel to the presentation and consideration of the report of the Committee on Banking, Insurance and other Financial Institutions presented by its Chairman, Senator Uba Sani, (APC, Kaduna Central). Their first …

Lagos, Dec, 12, 2022 – Mr Godwin Emefiele, the Governor of Central Bank of Nigeria, is to appear before the House of Representatives on Thursday. The house summoned the CBN last week following the debates on the new cash policy which set withdrawal limits for individuals at N100,000 a week and N500,000 for companies a week. The lower Chamber has also ordered the apex bank to suspend the policy given the presumed economic and social difficulties it might inflict on Nigerians.  The apex bank governor has, however, said that the …

Lagos, Dec. 12, 2022 – Mr Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), has advised Nigerian banks to stop depending on crude oil sources for foreign exchange needs of their customers. He spoke in Lagos at the weekend at the 2022 Bankers’ Committee Retreat the theme: “Increasing the Productive Base of the Nigerian Economy and Non-Oil Export Revenues.” Emefiele urged them to think of other ways to source foreign exchange for their customers as the government was facing acute shortage.  “We must, in an attempt to walk …