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CBN Injects N1.487trn For Food Security
The Central Bank of Nigeria has said it’s disbursed N1.487 trillion under its various agricultural programmes to boost food security. Emefiele said that the apex bank disbursed N107.60 billion to 548,109 farmers cultivating 703,619 hectares of land between the fourth quarter of 2020 and the first quarter of 2021 to boost dry season output. “Total…
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COVID-19: 1 In 3 Survivors Suffer Long-Term Health Issues
According to a review of studies looking at the lasting impact of the disease, at least one in three patients hospitalised with Covid-19 suffer long-term health issues including multiple organ problems and deteriorated mental health. Published in the journal Nature Medicine, the review looked at the frequency of symptoms among Covid “long-haulers”, the most common…
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COVAX: Over 122,000 People Vaccinated In Nigeria
The Federal Government has said that no fewer than 122,410 people have received the AstraZeneca vaccine. While giving updates on the ongoing vaccination across the country, the Executive Director of the National Primary Healthcare Development Agency (NPHCDA), Dr Faisal Shuaib, said, “At this stage, it is important to update Nigerians with the number of vaccinations.…
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CBN Keeps Monetary Policy Rate At 11.5%
The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the monetary policy rate at 11.5 percent. The committee also retained the liquidity ratio at 30 percent and cash reserve ratio at 27.5 percent. The CBN governor, Godwin Emefiele said of the nine-member committee, six members voted to maintain all parameters…
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Mobile Money Accounts Grew To 1.2 billion In 2020
The number of registered mobile money accounts grew by 12.7 per cent globally in 2020, to 1.21 billion, according to the latest report from the GSM Association. GSMA noted that over 136 million accounts were added in the year, which exceeded last year’s forecasted growth rate by 6.4 percentage points. In the 2021 State of…
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Nigeria Adopts New Flexible Exchange Rate Policy
In a move that effectively marks the third devaluation of the naira in a year, Nigeria has adopted a new flexible exchange-rate policy for official transactions. The Federal Government will begin to use the flexible rate– that has until now applied to investors and exporters– for government transactions too, Finance Minister Zainab Ahmed said. The…
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Nigeria, Yemen, S.Sudan At Risk Of Famine
Nigeria, Yemen, S.Sudan At Risk Of Famine Millions of people living in Yemen, South Sudan, and northern Nigeria are at risk of famine in the coming months, two United Nations agencies warned. The groups said in a joint report that the existing acute food insecurity, heavy constraints on humanitarian access, conflict, economic blows, and climate…
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Nigeria Loses N800b Monthly To Poor Port Operation
The President Shippers Association of Lagos, Jonathan Nicole, has said Nigeria loses over N800 billion monthly due to lack of 24-hour seaport operation – about N9.6 trillion lost in a year. According to Nicole, the Nigerian Customs Service (NCS) generated almost N26 billion daily in the past from seaports but, “the figure has dropped because…
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Over 72% Of CBN Intervention Funds Remain Outstanding
As at December 31st 2020, over N3 trillion out of the N4.2 trillion intervention funds disbursed by the Central Bank of Nigeria are outstanding. This is a total of 72.5 percent yet to be reimbursed to the apex bank. According to data from the recently released fourth-quarter economic report (4Q’2020) of Nigeria’s Apex bank, the…
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COVID-19: CBN Disburses N149.2bn Loans To Households
As part of measures to reduce the effect of the COVID-19 pandemic, the Central Bank of Nigeria has disbursed N149.21 billion to 316,869 households across the country. After meeting required guidelines, the funds were disbursed through the NIRSAL Microfinance Bank to beneficiaries– the first phase of the N150 billion Targeted Credit Facility (TCF). CBN Governor…