The Federal Reserve has purchased up to $5.179 billion in short-term US Treasury bills, but the headline figure is creating more excitement in financial markets than the operation itself may warrant. The New York Fed’s operation on August 11 targeted Treasury bills maturing in roughly one to four months. It is part of the Fed’s…
Nigeria’s latest move to refinance Project Gazelle is less significant because of the headline $4.5 billion figure and more because of what the restructuring could change about the country’s access to cash. The National Economic Council has approved a new $4.5 billion financing arrangement, Project Gazelle 2, to refinance the outstanding balance of about $1.5…
The Federal Government has unveiled fresh economic measures aimed at stabilising Nigeria’s financial system and easing the cost of imports, with the Central Bank of Nigeria (CBN) set to aggressively withdraw excess market liquidity while the Nigeria Customs Service confirms lower import tariffs on vehicles. The CBN plans to raise between ₦1.35 trillion and ₦2…
