FG moves to pin down ways and means to address liquidity in the system

By Ogechi Okorie ABUJA – The Federal Government has said that it will pin down Ways and Means to deal with the problem of too much liquidity in the system in its avowed determination to alleviate the pressure of excess money in the system. The Honourable Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, disclosed this in Washington DC, United States of America, while answering questions from journalists shortlyafter a meeting with investors at the on-going Spring Meetings of the IMF and World Bank. This was contained in a statement released on Friday signed by the Director, Information & Public Relations, Mohammed Manga made available to Precise Post on He informed the global gathering that the President Bola Ahmed Tinubu-led Administration was fully determined topinning down on Ways and Means to alleviate the pressure of the excess money in the system, adding that in the light of this, the fiscal and monetary authorities were also working towards bringing down inflation.  Mr. Edun added that by so doing, the two authorities are working hand in hand to …

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Cardoso reveals strategy behind clearing FX backlog, restoring confidence

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that it was important to clear about $7bn foreign exchange backlog to restore the confidence of investors. He stated this on Wednesday in Washington DC where he is attending the IMF-World Bank Spring Meetings. “I thought it was very important to clear it and restore investors’ confidence,” Cardoso stated, saying that he had to reach out to various stakeholders to make this a reality. “Whatever policy we make, if they don’t impact the man on the street, then you have not done anything,” Cardoso stated. He also said the era of intervention was gone as it was not the core responsibility of the apex bank.

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Use Increased Federation Allocation To Deal With Hunger And Poverty – Bwala Charges Governors

…Urges Tinubu to direct direct the Fiance minister and CBN Governor to publish allocations to states in the national dailies By Chris Udochukwu ABUJA – Legal Practitioner, Daniel Bwala has charged the 36 states Governors in Nigeria to fear God and remember life hereafter and make use of the increased Federation Allocation to deal with hunger and poverty in their respective states. This is also as he has urged President Bola Tinubu to direct the Fiance minister and Central Bank of Nigeria’s Governor to publish allocations to states in the national dailies for the Nigerian people to use and hold their governors to account. Bwala who made the call on his X account (formerly twitter), reminded that since the removal of fuel subsidy, states are now receiving almost three times their previous earnings and it appears nothing visible or tangible is seen across states of the federation. Precise Post recalls that President Bola Tinubu upon assumption of office in May 29, 2023, announced the removal of fuel subsidy, saying it is a conduit pipe used by the cabals to siphon …

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Olayemi Cardoso’s Dilemma By Tunde Rahman

Those who know Mr. Olayemi Cardoso will agree he got his current job as the Governor of Central Bank of Nigeria on a platter of solid professional background and strong personal attributes. His pedigree is rich as his character is unsullied. Cardoso had a remarkable private sector career where he shone brilliantly in banking, stockbroking and consulting. Cardoso also came from a very solid family pedigree. Nigeria’s late Prime Minister, Sir Abubakar Tafawa Balewa, appointed his late father, Mr. Felix Bankole Cardoso, as the first Accountant-General of the Federation in 1963. The late elder Cardoso served with enviable record till 1971.Part of the remarkable private sector career of Olayemi Cardoso was his appointment as the Chairman of the Board of Citi Bank in Nigeria. Cardoso began his public service journey when he became the Commissioner for Budget and Economic Planning in the cabinet of Asiwaju Bola Tinubu, Governor of Lagos State as he then was in 1999. In addition to superintending that ministry, Cardoso was charged with several other responsibilities including heading important cabinet committees that birthed landmark agencies in …

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Nigeria Attracts $1bn Of Inflows In Two Weeks Since Revamp – Bloomberg.

By Chris Udochukwu Nigeria’s foreign-exchange market attracted more than $1 billion in the past two weeks as market confidence improves following the central bank’s efforts to steady the nation’s battered currency, Governor Olayemi Cardoso said. Foreign portfolio investors “have already begun to supply the much-needed foreign exchange to the economy,” he told senators in a banking committee hearing Friday. In “the past few days, we have had over $1 billion that have come into the market,” he said, adding that this reflects “a solid sign of return to confidence in our economy.” The Abuja-based bank implemented measures aimed at boosting market liquidity, pricing and investor confidence, which initially saw the naira plunge about 40% but has since moderated volatility and increased foreign-currency inflows. Cardoso allowed a change in the method for setting the foreign-exchange rate to reflect more efficient pricing, removed caps on transactions rates for international money transfers, barred lenders from holding excess dollars on their balance sheets and this week raised interest rates on short-term debt obligations. “Our measures aimed at improving US dollar supply into the Nigerian …

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Mr. CBN Governor Are You Aware Of Cross-Border Lending In Nigeria?

By Ndubuisi Ekekwe New business models evolved after the Naira floating policy last year. Some of the things the Central Bank of Nigeria is doing will take time to work as some of our lending products are cross-border in nature now with masked USD component. Every major bank in Nigeria has these products. I have identified ten new models and will share one today. Model #1: Note: no USD fund has been imported into Nigeria. And the US dollar which shows in the balance sheet of the local Nigeria bank is a collateral on a loan issued in Naira. Does the Central Bank of Nigeria (CBN) understand how to handle the Naira and the USD components of this transaction? I just explained one of many financial trajectories which are turning the Naira on its heads. Stay tuned for model #2. These are new business models which are reshaping banking, FX and the broad capital market in Nigeria. Yet, we can fix these issues if we get to work. The floating of Naira made Naira vulnerable and that was why I …

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The Cardoso Naira Vs Dollar Chess Game: A Fight To The Finish By Michael Chibuzo

I have watched very keenly the flurry of activities in Nigeria’s foreign exchange market in the past couple of days. It is obvious that the Central Bank of Nigeria under the leadership of Dr. Yemi Cardoso has laid down a monetary chess challenge with the dollar and operators of Nigeria’s foreign exchange market. On 22nd September, 2023, Dr. Yemi Cardoso assumed office as the new Governor of the Central Bank of Nigeria. For two months, he did not make any key statement on the policy direction of the CBN until November 24, 2023 when he laid out what may be described as his first monetary policy speech at the 58th Chartered Institute of Bankers of Nigeria’s annual dinner in Lagos. The key takeawys from Cardoso’s speech at the dinner as it affects the Nigerian economy include the following: So, in essence, Cardoso highlighted significant challenges facing the economy to include high and rising inflation, inadequate foreign exchange supply, depreciation of the exchange rate, limited external reserves, weakened output, and high unemployment. He said that the CBN will prioritize price stability …

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Economic prosperity underway– Cardoso

LAGOS- The Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, has admitted the challenges of the Nigerian economy, noting that the impasse is just a passing phase. According to him, the transformation agenda of the Bola Tinubu administration is being designed on a progressively dynamic platform for the bailout from the economic depression. The governor said this at the launch of 2024 Macro-economic Outlook with the theme; ‘’Economic Transformation Roadmap: Medium-Term Policy Priorities’’ by Nigerian Economic Summit Group (NESG) on Wednesday in Lagos. Advancing the importance of the programme to the economy, Cardoso said that the pivotal role of the NESG could not be overemphasised. He noted that the crucial role of the group was to facilitate the formulation and implementation of national growth and transformation of the Nigerian economy for sustainable development. To him, the NESG, without doubt, had become one of the leading platforms for Public-Private Partnership in the country, commending the body for its positive role in national development. The CBN governor also acknowledged the various economic challenges and proposed solutions by stakeholders, assuring that the …

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