Nigeria's Central Bank can't provide new loans to the federal government via Ways and Means due to unpaid previous advances, as stated by CBN Governor Olayemi Cardoso.

The Central Bank of Nigeria (CBN) announced it can no longer advance loans to the federal government through the Ways and Means due to Section 38 of the CBN Act (2007) which prevents it until previous advances are paid. During a meeting with the Senate committees on Finance, Appropriation, Banking, Insurance, and other financial institutions, CBN Governor Olayemi Cardoso stated this and highlighted the reduction in Net Foreign Asset and N3.22tn Ways and Means advances as major factors driving money supply increments.

February 09, 2024
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