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“Ways and Means advances of N10trn for FG development finance funds will no longer be granted.”, Says CBN Boss
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso on Friday, February 9, said the apex bank will no longer grant Ways and Means Advances to the federal government unless the outstanding balance is settled.
The apex bank also said it has halted “quasi-fiscal measures” of over N10 trillion it pays under the guise of development finance interventions.
Cardoso revealed these when he appeared before the joint Senate Committee on Banking, Insurance and Other Financial Institutions, Finance, and National Planning to address critical concerns related to exchange rates and inflationary pressures in the economy.
Minister of Finance and Coordinating Minister for the Economy, Olawale Edun, the Minister of Budget and National Planning, Atiku Bagudu, and the Minister of Agriculture, Abubakar Kyari were also at the interactive session with the lawmakers.
Ways and Means Advances is a loan facility through which the Central Bank of Nigeria finances the federal government’s budget deficits.
Last December, the National Assembly approved the securitization of the outstanding debit balance of N7.3 trillion of the Ways and Means Advances in the Consolidated Revenue Fund (CRF) of the Federal Government.
In March 2022, the Debt Management Office (DMO) announced that the Federal Government had borrowed a total of N18.16 trillion from the Central Bank.
The debt as of then was more than 40 percent of the money supply in the economy.
During the session with the Senate, Cardoso did not state whether the Federal Government had exceeded the allowable threshold of Ways and Means Advances.
But he insisted that the apex bank would not be a part of the Ways and Means agreement with the Federal Government again if it failed to repay all the outstanding debts it incurred through the Ways and Means Advances.
The CBN governor said its position was in line with section (38) of the CBN Act (2007).
Cardoso said that the payment of the outstanding balance of the Ways and Means Advances would help to curtail inflation in the country.
Cardoso said: “I am pleased to note the Fiscal Authorities efforts in discontinuing Ways and Means Advances. This is also in compliance with section (38) of the CBN Act (2007).
“The Bank is no longer at liberty to grant further Ways and Means Advances to the Federal Government until the outstanding balance as of December 31, 2023, is fully settled.
“The Bank must strictly adhere to the law limiting advances under Ways and Means to five percent of the previous year’s revenue.
“We have also halted quasi-fiscal measures of over N10trillion by the Central Bank of Nigeria under the guise of development finance interventions which hitherto contributed to flooding excess Naira and raising prices to the levels of Inflation we are grappling with today.
“The CBN’s adoption of the inflation-targeting framework involves clear communication and collaboration with fiscal authorities to achieve price stability, potentially leading to lowered policy rates, stimulating investment, and creating job opportunities.
“Our MPC (Monetary Policy Committee) meeting on the 26th and 27th of February is also expected to review the situation and take further decisions on these important issues.
Bank chiefs okay CBN’s reforms
“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, aiming to rein in inflation to 21.4 percent in the medium term, aided by improved agricultural productivity and easing global supply chain pressures”.
On Foreign Exchange Management, the CBN boss said the nation’s “foreign exchange market is currently facing increased demand pressures, causing a continuous decline in the value of the naira.
“Factors contributing to this situation include speculative forex demand, inadequate forex supply increased capital outflows, and excess liquidity.
“The shift to a market-driven exchange rate was intended to create a stable macroeconomic environment and discourage currency hoarding.
“However, short-term volatilities are attributed to arbitrage and speculation.
“To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the FX markets.
“This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for BDCs and IMTOs, enforcing the Net Open Position limit, Open Market Operations, and adjusting the remunerable Standing Deposit Facility cap among others.
“These measures, aimed at ensuring a more market-oriented mechanism for exchange rate determination, will boost foreign exchange inflows, stabilize the exchange rate, and minimize its pass-through to domestic inflation.”
He insisted that the measures have already started yielding early results with “significant interest from Foreign Portfolio Investors (FPIs) that have already begun to supply the much-needed foreign exchange to the economy.”
He added: “For example, upwards of $1 billion in the last few days came in to subscribe to the Nigeria Treasury Bill auction of N1trillion which saw an oversubscription earlier this week.
“Our measures aimed at improving USD supply into the Nigerian economy have significant potential in taming the volatility of the exchange rates.
“However, for these measures to be sustainable, we must as a country, moderate our demand for FX.”
He told the lawmakers that what has negatively impacted the exchange rate was the simultaneous decrease in the supply of, and increase in the demand for, US Dollars.
“It is also clear that the task of stabilizing the exchange rate, while an official mandate of the CBN, would necessitate efforts beyond the Bank itself.
“It will also include actions by corporations and individuals to reduce our frequent demand for the dollar for business and personal needs.
“I would like to underscore the importance of the ongoing collaboration between the Fiscal and Monetary authorities and particularly progress made with the Minister of Finance, Minister of Budget and National Planning, and the Minister of Agriculture on tackling a number of the issues challenging our economy today,” Cardoso said.
LAGOS, NIGERIA – Fidelity Bank Plc has successfully redeemed its 5-Year US$400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting its obligations to investors and reinforcing its track record in the international debt capital markets.
Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.
The redemption was funded from internally generated liquidity as part of the Bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the Bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.
Commenting on the development, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr/Mrs Nneka Onyeali-Ikpe, said the successful redemption reflected the Bank’s disciplined approach to financial management and its commitment to delivering on its obligations.
“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Onyeali-Ikpe said.
The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the Bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, wherein the Bank raised $300 million and $400 million respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the Bank’s international debt offering.
The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The Bank’s capital-raising efforts increased its eligible regulatory capital to approximately ₦533 billion, exceeding the ₦500 billion minimum capital requirement for banks with international authorisation.
The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.
…….GTBank customers can now pay with it and businesses on HabariPay’s Squad gateway can now accept it.
Guaranty Trust Holding Company Plc (“GTCO” or “the Group“) today announced that two of its subsidiaries are live with Google Pay on the day it launches in Nigeria. Customers of Guaranty Trust Bank Limited (“GTBank”) can add their GTBank debit cards to Google Wallet and pay with Google Pay online, in Nigeria and internationally. Businesses that use Squad, the payment gateway run by the Group’s payments subsidiary HabariPay, can now offer Google Pay to their customers at checkout.
The Group is therefore present at both ends of the same transaction: with the person paying and with the business being paid.
For GTBank customers, the change is simple. They add their GTBank debit card to Google Wallet once. After that, they choose Google Pay at checkout, pick the card and confirm, without typing a card number, expiry date or CVV again. Google Pay replaces the card number with a secure digital token, so the merchant does not receive the actual card details. The card can be used wherever Google Pay is accepted online, including for subscriptions, travel bookings, food delivery, bills and digital services.
For businesses on Squad, “Pay with Google Pay” now sits at the top of the Squad checkout, alongside card, bank transfer, USSD, bank payments and Squad’s buy-now-pay-later options. A customer with a card in Google Wallet selects Google Pay, chooses the card, confirms, and is returned to the merchant’s site once the payment is verified. Google Pay is switched on by default for every business on Squad, and a merchant can choose to turn it off. Merchants set up for international payments can accept Google Pay from customers anywhere in the world, which opens Nigerian businesses to buyers abroad, including the diaspora. Fewer fields mean fewer points at which a customer can abandon a purchase, which matters most to the small and growing businesses that make up much of Squad’s merchant base.
Commenting on the launch, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said: “Most failed online payments are not refused, they are abandoned. Somewhere along the way the customer gives up, and the business never learns about the sale it lost. As a customer centric Financial Services Group, we are committed to ensuring that we continue to deliver payment solutions that make transacting safe and simple for our various customer Groups. With Google Pay, what matters to us is that we are ready on both sides from the first day: a GTBank customer can pay with it, and a business on Squad can accept it.”
He added: “This is what a group structure is for. Our Bank and our Payments Business were built to do different jobs, and today they meet at the same checkout. We will keep putting the full weight of the Group behind those small moments where people decide whether paying digitally is worth the effort. When it is, everyone in the transaction wins: the customer, the merchant and the wider economy that depends on both.”
The Managing Director of HabariPay, Mr Eduofon Japhet, said: “For a merchant, every extra field at checkout is a reason for a customer to leave. Squad businesses now get Google Pay inside the checkout they already use, so their customers can pay in a few taps with a card they have already saved. A merchant set up for international payments can now be paid with Google Pay by a customer anywhere in the world, with nothing new to integrate.”
Availability. GTBank customers can add an eligible GTBank debit card through the Google Wallet app on Android or through their Google Account. From today, Google Pay is on by default for all businesses on the Squad payment gateway, and merchants can choose to turn it off. Squad merchants set up for international payments can accept Google Pay from anywhere in the world. More information is available at www.gtbank.com and www.squadco.com.
Zenith Bank Plc is set to host the sixth edition of its flagship technology event, Zenith Bank Tech Fair 2026: Future Forward 6.0, on Thursday, November 5, 2026, under the theme, “AI: Embrace or Extinct.”
Renowned for its scale and showcase of technological innovation, the annual Tech Fair has evolved into a platform for connecting ideas, talent and opportunities. Over the years, the event has brought together technology leaders, entrepreneurs, and young innovators to explore emerging technologies, showcase solutions and examine the future of the digital economy.
Conceived by the Bank’s Founder, Jim Ovia, CFR, the initiative reflects his vision of empowering young Nigerians through technology and nurturing inventors capable of developing solutions with global relevance. It also reinforces Zenith Bank’s commitment to digital advancement and the growth of Nigeria’s technology ecosystem.
The impact of the Tech Fair is evident in the solutions emerging from its competitions. Previous winners include JumpnPass, which developed a self-checkout solution for retail, and CreditChek, which uses artificial intelligence and open banking to streamline credit verification. At the 2025 edition, TrustLoopwon the hackathon for its digital identity verification solution, while Cubbes Technologies won the startup pitch competition with its AI-powered EdTech learning platform. Through millions in prize funding and mentorship, the Tech Fair continues to support promising innovators in developing practical solutions to real-world challenges.
For the first time, the Tech Fair will be held virtually, opening participation to a wider borderless audience across Nigeria and beyond. This year’s theme explores the growing influence of AI and challenges individuals and organisations to consider howbest to harness its potential in an increasingly technology-driven world. The event will offer participants an opportunity to discover emerging innovations, gain fresh insights and engage with ideas shaping the future of work and business.
The Tech Fair will be accessible via Zoom, Instagram, X, TikTok, Facebook and YouTube.
Be part of the future of technology. Register now at www.zenithbank.com/techfair and experience the possibilities of AI at Zenith Bank Tech Fair 2026.
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