Money market

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. …

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 …