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Nigeria’s Money Supply Soars to N66.4 Trillion in September 20230
Nigeria’s Money Supply Soars to N66.4 Trillion in September 2023 Data from the Central Bank of Nigeria reveals Nigeria’s total money supply (M2) rose to N66.4 trillion in September 2023. The money supply, identified as M2, captures the total amount of money available in the economy at a particular moment. This includes physical currency such
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President Tinubu Commits to Clearing $3 Billion FX Contracts Backlog in Nigeria0
President Tinubu Commits to Clearing $3 Billion FX Contracts Backlog in Nigeria President Bola Tinubu has vowed to clear a gaping foreign exchange future contracts backlog which has drained investor confidence in the country’s bold FX reforms. The Central Bank of Nigeria (CBN) sold what is called forward contracts to several Nigerian businesses with the
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CBN Revokes Licences of 132 Microfinance Banks, Others0
CBN Revokes Licences of 132 Microfinance Banks, Others The Central Bank of Nigeria (CBN) has announced revocation the licences of 132 Microfinance Banks, three Finance Companies and four Primary Mortgage Banks across the country. The revocation is contained in a gazetted circular signed by the CBN Governor, Mr Godwin Emefiele, in Abuja. According to Emefiele,
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Finally, CBN Approves Old Notes as Legal Tender0
Finally, CBN Approves Old Notes as Legal Tender By Alabidun Shuaib AbdulRahman The Central Bank of Nigeria, CBN, has stated that the old N200, N500, and N1,000 banknotes will remain legal tender until December 31, in compliance with the Supreme Court’s March 3 ruling. Isa AbdulMumin, CBN’s Acting Director, Corporate Communications, explained that this is
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CBN Approves Recirculation of Old Naira Notes0
CBN Approves Recirculation of Old Naira Notes The Central Bank of Nigeria, CBN, has approved the recirculation of old naira notes to customers via automated teller machines (ATMs) and over-the-counter by commercial banks. The decision is in compliance with the directive of the supreme court, which extended the validity period of the old notes until
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BREAKING: Supreme Court Orders Both Old, New Naira Notes to Circulate Till Dec 310
BREAKING: Supreme Court Orders Both Old, New Naira Notes to Circulate Till Dec 31 In a landmark ruling on Friday, the Supreme Court has directed the Central Bank of Nigeria to allow the old and new naira notes to circulate side by side until December 31, 2023. The court declared null and void all directives
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