CBN Archives - Page 19 of 21 - Voice of Liberty NG

CBN to empower cultivation of 80,000 hectres of cotton � Emefiele

June 4, 2021June 4, 2021 Aminu Imam

The Governor of the Central Bank of Nigeria, (CBN), Godwin Emefiele, says the Bank aims at empowering the cultivation of 80, 000 hectres of cotton in 2021. Emefiele made this known yesterday, in a series of tweets on CBN official handle, while commending stakeholders in the Cotton, Garment and Textile (CTG) sector for their efforts to resuscitate the sector for economic growth. According to the apex bank’s boss, this will be with an average output of 120, 000 metric tonnes at 1.5 metric tonnes per hectre. He said that the…

N2bn disbursed to over 7,000 beneficiaries under Youth Investment Fund – CBN

May 27, 2021May 27, 2021 Aminu Imam

The Central Bank of Nigeria (CBN) has stated that a total of N2.04 billion has been disbursed to 7,075 beneficiaries under the National Youth Investment Fund, (NYIF). A total of 4,411 beneficiaries were individuals and 2,646 were small and medium enterprises (SMEs). This was contained in a communique issued by the apex bank at the end of its two-day Monetary Policy Committee (MPC) meeting on Tuesday. Recall that the Federal Executive Council, (FEC), in 2020 had approved a N75 billion ‘Youth Investment Fund’, targeted at young people between ages 18-35…

CBN disburses over N300 bn to farmers,firms in Lagos, Ondo, Rivers, others – Emefiele

May 20, 2021May 20, 2021 Aminu Imam

The Central Bank of Nigeria, (CBN) has disbursed over N300 billion to firms�and�farmers in the southern part of the nation as part of its interventions in the agricultural sector. This was disclosed by the Governor of the apex bank while unveiling the ‘2020 wet season harvest aggregation’ as well as the inauguration of the ‘2021 wet season input distribution’ in the South-West geo-political zone, under the CBN-RIFAN’s Anchor Borrowers� programme. He said some of the States covered are Lagos, Osun, Ekiti, Ondo, Rivers, Bayelsa and Cross River States among others.…

Reps order probe of NNPC, CBN, FIRS, EFCC, others over illicit financial flows

May 7, 2021May 7, 2021 Aminu Imam

The House of Representatives has ordered the probe of various departments and agencies of the Federal Government over illicit financial flows in the country. At the plenary yesterday, the House specifically mandated its Committees on Finance; Anti-Corruption; Financial Crimes; Banking and Currency; and Insurance and Actuarial Matters to �investigate the phenomenon of illicit financial flows and appraise the Federal Governments current policy framework to curb the continuous loss of Nigeria’s revenues to illicit financial flows�. The House also mandated the Committees on Finance; National Planning and Economic Development; Anti-Corruption; Financial…

CBN warns against rejecting old, lower US dollar bills

April 26, 2021April 26, 2021 Aminu Imam

The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and authorised Bureau De Change (BDC) operators to stop rejecting old and lower denomination of the United States dollar bills or risk being sanctioned. The apex bank, in an issued circular signed by its Director, Currency Operations Department, Ahmed Umar, directed DMBs, BDCs and the public to accept old series and lower denominations of US dollars that are legal tender. The circular reads: �The Central Bank of Nigeria, (CBN), has in recent times been inundated with complaints from…

Nigeria�s external reserve falls to lowest in 10 months – CBN

March 13, 2021March 13, 2021 Aminu Imam

The latest data obtained from the Central Bank of Nigeria (CBN) has revealed that Nigeria�s foreign reserve has fallen to its lowest level in 10 months. According to the CBN, as of Monday, 8th March 2021, Nigeria�s foreign exchange reserve stood at $34.74 billion, representing a year-to-date decline of $632.9 million (1.79%) . The last time Nigeria�s reserve position was at this level was 11th May 2020, exactly 10 months ago. The foreign reserve has recorded a steady decline despite the recent bullish run in the global oil market. Brent…

Nigerian banks to pay N5 �subsidy� for every $1 received from abroad � CBN

March 7, 2021March 7, 2021 Aminu Imam

Says it’s to boost Diaspora remittances The Central Bank of Nigeria, (CBN) has directed International Money Transfer Operatives (IMTO) to pay a N5 fee for every $1 on diaspora remittances. The apex bank, in a statement issued on Friday and signed by A.S. Jibrin for the Director, Trade and Exchange Department, said the move will boost and sustain inflows of Diaspora remittances into the country. The CBN said the �Naira 4 Dollar Scheme� will ensure recipients of diaspora remittances are paid N5 for every 1 US Dollar received as remittance…

FG owes CBN N10tr �ways and means� loan – DMO

February 12, 2021February 12, 2021 Aminu Imam

…To be convert into 30-yr bond The Federal Government of Nigeria is owing to the Central Bank of Nigeria, (CBN), a whopping sum of about N10 trillion circa $25 billion. This is according to the Director-General of the Debt Management Office, (DMO), Ms. Patience Oniha. She mentioned this at an ongoing Zoom meeting with investors and analysts. According to her, the debt will be converted into bonds by the CBN in a bid to ending one of the longest borrowing sprees on record from the CBN’s ‘Ways and Means’ window.…

‘Nigeria among worst countries to start a career’ – Founder of world�s biggest crypto-exchange

February 8, 2021February 8, 2021 Aminu Imam

The founder and leader of the world�s biggest Crypto-Exchange, Binance, Changpeng Zhao, has posted a list of the top 5 countries to start a career side by side with the bottom 5 (worst) countries to start a career. The Top 5 in descending order include: United Kingdom, Germany, Canada, U.S A, and Japan, while the bottom 5 are listed as Uruguay, Nigeria, Libya, Syria, and Yemen. The countries listed in the top 5 all legally recognize and accept cryptos, while the Bottom 5 countries do not wholly accept or legally…

CBN declares Bitcoin, other crypto-currencies illegal

February 6, 2021February 6, 2021 Aminu Imam

…Threatens severe sanction for breaches The Central Bank of Nigeria, (CBN), has directed Deposit-money banks, (DMBs) and other financial institutions to immediately close down any accounts dealing in crypto-currencies or facilitating payment for crypto-currency exchange with immediate effect. The apex bank, in a circular issued yesterday, cautioned the DMBs non-bank financial institutions (NBFIs), other financial institutions (OFIs) and members of the public on the risk associated with transactions in crypto-currency. The circular, which was signed by the Director of Banking Supervision, Bello Hassan, and the Director of Payments System Management…