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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…
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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…
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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…
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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…
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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…
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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…