The Federal Government borrowed N183.24bn via Treasury bills at an auction on Wednesday, with mixed yields on all the tenors, data from Debt Management Office showed on Thursday. The DMO raised N48.10bn of three-month paper at 14 per cent, down from 14.38 per cent it sold at an auction on August 31. It also sold N48.45bn worth of the six-month … Read More
CBN to Sanction Banks Over Power Fund
Deposit Money Banks (DMBs) found to be frustrating the electricity power intervention by the Central Bank of Nigeria (CBN) under the Nigeria Electricity Stabilisation Facility (NESF) are to face severe sanctions, including removal from participation, the apex bank has warned. The CBN had made over N200 billion available to enable power Generation Companies (GenCos) and Distribution Companies (DisCos) have access … Read More
Make Provision For Forex Loans – CBN
In a communique issued by the CBN and signed by Tokunbo Martins; the director Banking Supervision, banks in the country have been directed to make provisions for foreign currency denominated loans. This is informed by the impact of the higher exchange rate on banks’ operations. CBN noted that the liberalization of the foreign exchange (forex) market has led to the … Read More