Value of   eNaira, the digital currency of the Central Bank of Nigeria, CBN rose by 78.8 percent year-on-year (YoY) to N18.32 billion in the first ten months of 2024 (Q3’24) from N11.66 billion in the corresponding period of 2023.

Analysis of data from the Central Bank of Nigeria (CBN), Monthly Economic reports for the review period showed that the value of eNaira was stable in Q1’24 at N13.98 billion in 2024 from the previous quarter Q4’23.

The value grew by 31 percent YoY to N18.38 billion in Q2’24 but fell by 0.16 percent to N18.35 billion in Q3’24.

However, Month-on-Month, MoM,    the value of eNaira fell   by 0.16 percent to N18.32 billion in October.

Introduced by the Central Bank of Nigeria, CBN in October 2021 the eNaira is the digital form of the Naira and used just like the paper money (cash).   The eNaira wallet is a digital storage that holds the eNaira. The eNaira wallet is required to access, hold and use eNaira.

According to the CBN, the eNaira was designed to deepen financial inclusion by bringing more people into the financial space, support a resilient payment ecosystem, reduce the cost of processing cash, enable welfare intervention to citizens, increase transparency in revenue and tax collections, facilitate Diaspora remittances, reduce the cost of financial transactions and improve the efficiency of payments.

Recently, the Governor of CBN, Olayemi Cardoso revealed the apex bank’s Payment System Vision 2025 disclosed that   a comprehensive review of the eNaira implementation    would be made to    enable broad and positive economic impact.

Speaking at the 59th Annual Bankers   Dinner   of the Chartered Institute of Bankers of Nigeria, CIBN, Cardoso said, “To further enhance confidence in the payment system, our Payment System Vision 2025 initiative will drive initiatives to encourage quick and affordable cross border payment, a critical step toward unlocking trade , investment and economic growth. “Additionally, the eNaira, our CBDC, holds significant growth potential.

“We will therefore undertake a comprehensive review of its implementation to optimize broad and positive economic impact.”

Central Bank of Nigeria (CBN) has sanctioned nine deposit money banks (DMBs) for failing to ensure cash availability via automated teller machines (ATMs) during the festive season.

The banks have been fined a total of N1.35 billion for their non-compliance.

Each of the banks received a fine of N150 million.

The affected banks are Fidelity Bank, First Bank, Keystone Bank, Union Bank, and Globus Bank.

Others include Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank.

A press release issued on Tuesday by Mrs Hakama Sidi Ali, acting director of Corporate Communications at the CBN, said, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.

“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

“The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.”

Nova Bank has asked the Federal High Court in Lagos to wind up Sunrise Products Limited due to its alleged failure to pay back an outstanding debt of $2,587,891.21N276,567,150.63 allegedly owed to the bank.

The bank applied in a winding-up petition, claiming Sunrise Products Limited is bankrupt.

Despite repeated demands and the statutory three-week notice required under the Companies and Allied Matters Act (CAMA), the alleged debtor has failed to settle the outstanding debt.

The petition was filed before the Court on December 19, 2024, by Kemi Balogun (SAN),  the bank’s lawyer, under case number FHC/L/CP/2357/24

In the petition, Nova Bank seeks the court’s permission to publish the winding-up notice in the Federal Government Official Gazette, a national daily newspaper, and other local publications distributed in Lagos State, where the company is registered.

The petitioner has also informed the court of a significant risk that Sunrise Products Limited may dissipate or dispose of its assets, potentially undermining any favourable judgment for the bank.

To address this concern, the bank filed a motion to protect the debtor’s assets by including the Central Securities Clearing System (CSCS) Plc and 21 other banks as respondents.

Therefore, the petitioner urges the court to order the Deputy Chief Registrar of the Federal High Court, Lagos, to be appointed provisional liquidator to oversee the company’s affairs until the winding-up order is granted.

The bank also asks the court for an interlocutory injunction to prevent the respondent, its directors, staff, and agents from withdrawing or tampering with the company’s funds in the listed banks.

The bank applied in a winding-up petition, claiming Sunrise Products Limited is bankrupt. Despite repeated demands and the statutory three-week notice required under the Companies and Allied Matters Act (CAMA), the alleged debtor has failed to settle the outstanding debt.

The petition was filed before the Court on December 19, 2024, by the bank’s lawyer, Kemi Balogun (SAN), under case number FHC/L/CP/2357/24

In the petition, Nova Bank seeks the court’s permission to publish the winding-up notice in the Federal Government Official Gazette, a national daily newspaper, and other local publications distributed in Lagos State, where the company is registered.

The petitioner has also informed the court of a significant risk that Sunrise Products Limited may dissipate or dispose of its assets, potentially undermining any favourable judgment for the bank.

To address this concern, the bank filed a motion to protect the debtor’s assets by including the Central Securities Clearing System (CSCS) Plc and 21 other banks as respondents.

Therefore, the petitioner urges the court to order the Deputy Chief Registrar of the Federal High Court, Lagos, to be appointed provisional liquidator to oversee the company’s affairs until the winding-up order is granted.

The bank also asks the court for an interlocutory injunction to prevent the respondent, its directors, staff, and agents from withdrawing or tampering with the company’s funds in the listed banks.