29

Apr

The CBN’s N88 Billion Treasury Bill Auction Was 174.62 Percent Oversubscribed Yesterday

Yesterday, the Central Bank of Nigeria’s (CBN) Treasury Bills Auction, worth N88.46 billion, was 174.6 percent oversubscribed. The 91-day and 182-day tenor bills have stop rates of 2.00 percent and 3.50 percent, respectively. According to the results of the NTB auction, the stop rate for the 364-day tenor bill was set at 9.75 percent. The treasury bill auction was oversubscribed by 174.62 percent, resulting in a total subscription of N242.94 billion. T-bills worth N88.46 billion were issued through the 91-day, 182-day, and 364-day tenors at the primary auction. Bills worth N129.46 billion were allocated to investors at the close of […]

21

Apr

Despite CBN Ban On Crypto, Bitcoin Usage Increases By 27%

While the Central Bank of Nigeria has prohibited Nigerian financial institutions from engaging with anything crypto-related for the past three months, recent data shows that its people are gradually looking for other ways to access the world’s most famous cryptocurrency. According to data obtained from Usefultulips (a Bitcoin analytic data provider), Bitcoin peer-to-peer trading use in Nigeria has increased by 27% since the CBN directive went into effect 85 days ago, with Nigerians moving over $103 million worth of Bitcoins through just the Paxful and LocalBitcoins networks alone. Despite the recent N5/$ rebate scheme launched by the Central Bank of[…]

20

Apr

Governors’ Request To Borrow N50 Billion From The CBN Rejected By The FG

Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, explained how the federal government rejected governors’ bid to borrow N50 billion from the Central Bank of Nigeria (CBN) to cover a revenue deficit in March and allocate the money through the Federation Account Allocation Committee (FAAC). According to the minister, who appeared on a National Television Authority (NTA) program monitored in Abuja, the federal government found reports by Edo State Governor, Mr. Godwin Obaseki, that it printed N60 billion to supplement funds shared to states in March surprising. Governors bemoaned the state’s precarious finances as a result of the[…]