Tags : CBN

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 […]Read More

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 […]Read More

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 […]Read More

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 […]Read More

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 […]Read More

CBN Disburses N253.5m To COVID-19 Vaccines Researchers

The Central Bank of Nigeria said it has disbursed the sum of N253.54 million to five researchers for the development of Nigerian COVID-19 vaccines and vaccines for other diseases. The CBN Governor, Mr. Godwin Emefiele, disclosed this saying that the apex bank has spent the sum of N85.89 billion on its Health Sector Intervention Facility […]Read More

CBN Introduce N5 for $1 Rebate

Nigeria’s Apex Bank has introduced a rebate of  ₦5 for every $1 of funds remitted to Nigeria, through International Money Transfer Organisations in its new forex policy. The Central Bank Governor, Godwin Emefiele, who disclosed in a virtual event at its inaugural webinar on the impact of the new forex policy on diaspora investments, said […]Read More

Bitcoin Made the Naira Useless – Senator Sani Musa

Following CBN’s ban of crypto trading in Nigeria, Nigerian senators have reacted with a majority arguing against the ban. However, Senator Sani Musa of the Niger East Senatorial District argued for the ban insisting that Bitcoin was responsible for the naira’s decline rather than mounting foreign debt, decades of poor economic policies, and corruption. According […]Read More

CBN Bans Crypto Trading In Nigeria

The Central Bank of Nigeria, CBN, has instructed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), Non-Bank Financial Institutions (NBFIs) and local financial institutions to stop transactions in crypto or facilitate payments for crypto exchanges. The directive was given in a letter addressed to all DMBs, OFIs and NBFIs dated February 5, 2020. The circular […]Read More

Economy: Highlights Of CBN Intervention In 2020

The Central Bank of Nigeria’s Monetary Policy Committee accessed the economic growth of Nigeria for the purpose of projecting a recovery plan for 2021. In its assessment, MPC recognised the dampening effect of the pandemics on the economy in terms of GDP, inflation, food price index, forex, PMI and crude oil sales. However, the committee […]Read More