Tag: Central Bank of Nigeria

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

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.…

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CBN begins gradual harmonisation of exchange rates

Aminu Imam

…US dollar official rate now N411  The Central Bank of Nigeria, (CBN), yesterday began gradual harmonisation of exchange rates with the removal of N379/$1 official rate from its website. The move by the apex bank is one of the first indications of exchange rate harmonisation and tactical devaluation of the naira. Speaking at the 55th Annual Bankers’ Dinner in Lagos, the CBN boss said the need to adjust for the decrease in the supply of foreign exchange led to the depreciation of the naira. Emefiele said that in Nigeria, like…

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CBN warns against rejecting old, lower US dollar bills

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…

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N60bn controversy: CBN’s duty is to print money and lend to govt – Emefiele

Aminu Imam

…As CBN to restrict foreign exchange for sugar, wheat importation The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Friday said it is the duty of the bank to print money that can be lent out to the government. Emefiele’s comment comes following the allegation that N60 billion were printed by the apex bank which was used in paying the March Federal Allocation to States. Governor Godwin Obaseki has opened a can of worms, saying that the N60 billion shared by the Federal Government to states as…

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Nigerian banks to pay N5 ‘subsidy’ for every $1 received from abroad – CBN

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…

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FG owes CBN N10tr “ways and means” loan – DMO

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.…

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Nigeria’s external reserves hit $36.23bn on higher crude oil prices

Aminu Imam

Nigeria’s foreign exchange reserves have risen from $34.94 billion last November  to $36.23 billion by January 21, 2021 on the back of increase in global crude oil prices. The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who disclosed this at the end of the Monetary Policy Committee (MPC) meeting of the Bank, said the increase reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of coronavirus (Covid-19) vaccines by most developed economies. He added that the nation’s economy and its global…

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CBN disburses N10bn intervention funds to Kano industries affected by pandemic

Aminu Imam

The Central Bank of Nigeria, (CBN), has disbursed the sum of N10billion to Kano companies affected by the pandemic, through a consortium of Kano Investment and Diaspora, in partnership with the Foreign Commonwealth Development and the Manufacturers Association of Nigeria (MAN). This was disclosed on Monday in Kano by the DG of KanInvest & Diaspora, Hajiya Hama Ali, in a meeting on the Kano Turnaround Project. She said the target of the funds would be 50 companies and that the Kano agency would work with the affected companies to determine…

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CBN disburses N10bn intervention funds to Kano industries affected by pandemic

Aminu Imam

The Central Bank of Nigeria, (CBN), has disbursed the sum of N10billion to Kano companies affected by the pandemic, through a consortium of Kano Investment and Diaspora, in partnership with the Foreign Commonwealth Development and Manufacturers Association of Nigeria (MAN).This was disclosed on Monday in Kano by the DG of KanInvest & Diaspora, Hajiya Hama Ali, in a meeting on the Kano Turnaround Project.She said the target of the funds would be 50 companies and that the Kano agency would work with the affected companies to determine how much was…

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CBN cancels operating licences of 42 microfinance banks

Aminu Imam

The Central Bank of Nigeria, (CBN), has revoked the operating licences of 42 microfinance banks in the country. The Nigeria Deposit Insurance Corporation, (NDIC), disclosed this on Friday in an announcement on its website titled: ‘Notice of closure of 42 microfinance banks’. It stated: “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020. “The Nigeria Deposit Insurance Corporation, the official liquidator of the…

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