In pursuit of the nation’s economic diversification agenda, the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, charged Nigerians to embrace agriculture; as the gains of Anchor Borrowers’ Programme will ensure Nigeria attains food security in the shortest possible time. Mr. Emefiele gave the charge in Zauro, Kebbi State, yesterday, during the flag-off of … [Read more…]
The Central Bank of Nigeria (CBN) on Sunday said Nigeria is not the only country where Cryptocurrency is outlawed. It explained that many other countries, central banks, international financial institutions, and investors and economists have also warned against its use. They include China, Canada, Taiwan, Indonesia, Algeria, Egypt, Morocco, Bolivia, Kyrgyzstan, Ecuador, Saudi … [Read more…]
The Federal Government has recorded a N4.45 trillion deficit spending in ten months. The deficit which climbed by 17 per cent, year-on-year (y/y), against N3.8 trillion recorded in the corresponding period of 2019. The sharp increase in deficit was driven by the decline in revenue which worsened in October, falling by 6.5 per … [Read more…]
Part of the report read, “Sustained use of direct monetary financing could raise risks to macroeconomic stability – given the current weak institutional safeguards – but we expect the FGN to reduce its use of the facility in 2021. “The FGN directly borrowed 1.9 per cent of GDP from the CBN to fund its … [Read more…]
The pre-export requirements recently introduced by the Central Bank of Nigeria is currently frustrating the export of goods from Nigeria to other nations, exporters declared on Wednesday. Speaking under the aegis of the Network of Practicing Non-oil Exporters of Nigeria, they stated that the electronic Nigeria Export Proceed Form being required by the bank … [Read more…]