Tag: Central Bank of Nigeria

CBN clears air on withdrawal of Naira notes from circulation

Aminu Imam

The Central Bank of Nigeria, (CBN), has said that there was no plan to replace the Naira notes in circulation with the eNaira, the digital currency, in the foreseeable future. The Director, Corporate Communications Department of the apex bank, Osita Nwanisobi, at the weekend disowned the report that the Bank intends to replace the Naira notes with eNaira in due course. He said that the statement purportedly to have been made during a stakeholders’ engagement on eNaira adoption in Asaba, Delta State was misconstrued, and therefore called on the general…

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CBN unveils 21 maize pyramids In Kaduna

Aminu Imam

In line with President Buhari’s administration’s vision of producing what we consume and reducing import bills, the Central Bank of Nigeria, (CBN) has unveiled 21 maize pyramids in Kaduna State. According to the CBN, it will boost maize production towards promoting food security and self-sufficiency, saying, “As of February 2022, it has under its Anchor Borrowers’ Programme, disbursed about N948 billion to 4,478,381 smallholder farmers, who cultivated 5.2 million hectares of farmland across Nigeria, creating 12.5m direct and indirect jobs”. Speaking at the unveiling yesterday, the CBN Governor, Godwin Emefiele,…

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CBN N50bn Covid-19 loan: Nigerians react to NIRSAL’s call for repayment

Aminu Imam

…400,000 people benefit from scheme The management of NIRSAL Microfinance Bank has requested for the payback of Covid-19 loans secured by many entrepreneurs across Nigeria through the Central Bank of Nigeria’s, (CBN) Targeted Credit Facility, (TCF). This call was made by the financial institution recently, via its Twitter handle. Nigerians on the platform have been having a complex discussion about the repayment of NIRSAL loans with some admitting that they do not have the means to pay back the loans. Following NIRSAL’s tweet request for the repayment of the loans,…

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Xola Collective: CBN has changed the narrative in Nigeria’s agricultural landscape

Aminu Imam

A non-profit, non-partisan think tank organisation, Xola Collective, has commended the Central Bank of Nigeria (CBN) for its intervention programmes. The group, in a statement issued over the weekend, added that policies and interventions have consistently contributed to the country’s agricultural landscape, thereby changing its narrative. The think-tank group listed the first-ever rain-fed wheat programme, Anchor Borrowers’ programme, Tertiary Institutions Entrepreneurship Scheme (TIES), as some of the apex bank’s policies. Recall that earlier in 2021, the CBN flagged-off the first-ever rain-fed wheat programme in the country, seeking to slash the…

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CBN disburses N5.7bn to 10,000 farmers in Bauchi for wheat farming

Aminu Imam

…Threatens to arrest farmers who fail to repay loans The Central Bank of Nigeria, (CBN) has disbursed N5.7 billion to farmers in Bauchi to aid them during the dry season cultivation of wheat. This was disclosed by the CBN Comptroller, Bauchi branch, Saladu Idris, at the Secretariat of the Nigerian Union of Journalists, (NUJ) According to the apex bank, dry season farming is a rather simple process. However, the CBN has noticed that many of Nigeria’s flour mills have gone out of business and that overall output has slowed. Idris…

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Banks notify customers as CBN commence sale of forex online

Aminu Imam

In compliance with the directive of the Central Bank of Nigeria, (CBN), banks have started issuing notices to their customers regarding the automation of Form ‘NCX’ for ‘invisibles’ transactions by the regulator. The CBN, in a circular dated Nov. 29, 2021, informed all authorised dealers, Nigerian Customs Service, Shipping lines and airlines, National Museum and Monuments and the general public, of the deployment of e-form ‘NCX’. The circular, signed by the CBN’s Director, Trade and Exchange, Ozoemena Nnaji, said the e-Form ‘NCX’ shall replace the hard copy of Form ‘NCX’…

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CBN threatens borrowers diverting agric funds with jail time

Aminu Imam

The Central Bank of Nigeria, (CBN), has threatened that borrowers who divert the funds provided under the Agricultural Credit Guarantee Scheme, (ACGSF), may earn a five-year jail term. The CBN said this in a report titled: ‘Guidelines for the Agricultural Credit Guarantee Scheme’, released on Thursday. The apex bank emphasised that it’s an offense to obtain a loan and not apply it to the purpose for which it was obtained. “Banks should remind prospective borrowers under the scheme that it is an offence for which one may be imprisoned for…

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Buhari to unveil e-Naira tomorrow

Aminu Imam

President Muhammadu Buhari will formally unveil the Nigerian Central Bank Digital Currency, (CBDC), known as the eNaira, at the State House, Abuja, tomorrow. According to a statement by the Central Bank of Nigeria, (CBN), the digital currency was coming after detailed research, spanning many years. It said, “the launch of the eNaira is a culmination of several years of research work by the CBN in advancing the boundaries of the payments system in order to make financial transactions easier and seamless for every stratum of the society. “Following a series…

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CBN orders traders, others to accept e-Naira, highlights benefits of digital currency

Aminu Imam

The Central Bank of Nigeria, (CBN), on Tuesday ordered traders and other businesses to accept the country’s digital currency, e-Naira, as a legal tender after its launch next month. The apex bank will launch the e-Naira on October 1. The CBN’s Director of Payment System, Musa Jimoh, gave the directive during a programme during a television programme yesterday. He stressed that just like the paper note, CBN bears all liabilities for the e-Naira. The CBN also advised Nigerians to open e-Naira wallets which could be downloaded on mobile phones from…

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Banks warn customers against violation of CBN forex directives

Aminu Imam

The Central Bank of Nigeria, (CBN), has announced that it will inject extra dollars into approved banks in order to increase the economy’s foreign exchange (forex) supply. According to senior CBN officials, the apex bank can handle all valid transactions channelled through banks. The black (parallel) market accounted for less than 1% of forex transactions, according to the officials, and should never be utilised to decide Nigeria’s dollar exchange rate. The apex bank met with Ministries, Departments and Agencies, (MDAs), including airline operators, to discuss stopping the collection of foreign…

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