Home Tag "CBN"

CBN Urges Private Sector, Non-oil Businesses to Exploit $666.2bn AfCFTA Trade Opportunities

The Central bank of Nigeria (CBN) has enjoined the Nigerian private sector, particularly firms in the areas of manufacturing, ICT, agriculture,financial services and other non-oil sectors to expand into new markets and seek export opportunities in the African Continental Free Trade Agreement (AFCFTA) projected to give Nigerian firms preferential access to markets in Africa worth […]

Introduction Of Trade Portal Has Reduced Export Documentation Process To 30 minutes From 2 weeks Says CBN

The Central Bank of Nigeria (CBN) has said that the introduction of its Trade Monitoring Portal (TRMP) has helped reduce the time of completion for the export documentation process from 2 weeks to about 30 minutes currently. This is as the apex bank has asked Nigerian commercial banks to take advantage of their presence in other […]

Nigeria Sugar Industry and Self-sufficiency

Nigeria’s sugar industry dates back to the 1960s. Domestic production, however, only supplied about c.2.8% of national sugar consumption in 2019, according to the National Sugar Development Council (NSDC). In order to limit unrestricted importation and facilitate domestic production, the Nigerian Sugar Master Plan (NSMP) was approved in 2012. Despite the fact that the NSMP spawned […]

BDCs Urges CBN Introduce Measures For Diaspora Remittance Inflow To Counter Cryptocurrency

Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to introduce measures that will counter the advantages of cryptocurrencies exchanges as a channel for diaspora remittances. The association made the call in its quarterly economic review for Q1’2021, saying such measures are necessary to redirect diaspora […]

How FG Turned Down Governors’ Request To Borrow N50bn from Central Bank – Zainab Ahmed

Nigeria’s Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Monday narrated how the federal government rejected a request by governors to borrow N50 billion (about $131m) from the Central Bank of Nigeria (CBN) to augment the revenue shortfall in March for distribution by the Federation Account Allocation Committee (FAAC). The minister, who […]

CBN Gives Guidelines For Banks Borrowing From Its Window

The Central Bank of Nigeria (CBN) on Friday issued a guideline with terms and conditions on how Deposit Money Banks (DMBs) and eligible institutions can access its window, known as Standing Lending Facility (SLD) and Term Repurchase Facility (TRF). The objective of the facilities is to provide naira liquidity to eligible institutions that are unable […]

CBN’s Forex Policy Frustrating Businesses, Households Amid COVID-19

COVID-19 has proven to be one of the worst crises of our times and Nigerian policymakers were completely unprepared for the battle of a lifetime. The resilience of businesses and households was tested to an unusual degree in 2020 due to the pandemic. There were no quick fixes at the business and household level as […]

CBN Put Sugar, Wheat On FX Restriction List

The Central Bank of Nigeria has announced plans to place sugar and wheat on its FX restriction list. The plan was disclosed by the apex bank via its verified Twitter handle in a statement credited to the CBN governor, Godwin Emefiele. The tweet stated: “Sugar and Wheat to go into our FX restriction list. We must […]

States To Start Paying Back Loans Says Emefiele

State governments will start paying back the loans provided to them between 2015 and 2016 by the Central Bank of Nigeria (CBN). The apex bank granted the loans to states as budget support facilities within the period, the CBN Governor, Godwin Emefiele, said during a visit to Nasarawa State. He stated this during a session […]

Forex Crisis putting Investments, Jobs at Risk, says LCCI

 The difficulties faced by many investors in Nigeria in accessing foreign exchange for importation of raw materials, equipment and some critical inputs for production and processing is putting investments and jobs at risk, the Lagos Chamber of Commerce and Industry has said. The President, LCCI, Mrs Toki Mabogunje, said on Wednesday that the chamber was […]

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