22

Nov

The CBN Has Ordered Farmers To Insure ACGSF Loans

The Central Bank of Nigeria has stated that farmers must obtain insurance coverage before receiving loans from the Agricultural Credit Guarantee Scheme Fund. This was stated by the CBN in its instructions for the Agricultural Credit Guarantee Scheme Fund, which were announced on Friday. “As a condition precedent to guaranteeing, all loans under the scheme must be insured,” it stated. According to the central bank, a charge on land in which the borrower has a legal interest or a right to farm, or a charge on assets on the land, such as fixed assets, crops, or livestock, may be presented […]

19

Nov

The IMF Says Nigeria’s CBDC Is Attracting Global Attention, But Warns Of Potential Risks

The International Monetary Fund (IMF) has acknowledged that numerous international institutions, including central banks, are showing interest in the newly released Nigerian central bank digital money (CBDC). However, the CBDC is not recommended for monetary policy execution, cybersecurity, financial stability, or operational resilience. In its most recent country focus report, prepared by economist Jack Ree, the IMF explains why Nigeria’s new CBDC has piqued the interest of the international community, particularly central banks. According to the study, unlike other cryptocurrencies like as bitcoin and ethereum, the e-naira is subject to tight central bank access rights control. The CBDC derives its[…]

16

Nov

Nigeria will benefit from Afreximbank’s $40 billion pledge for intra-African commerce

Over the next five years, the African Export-Import Bank (Afreximbank) plans to disburse $40 billion to stimulate intra-African commerce. Nigeria is anticipated to profit from the money because it has expressed an interest in contributing to intra-African trade prospects. Afreximbank President Benedict Oramah announced this on Monday during the opening session of the 2021 Intra-African Trade Fair (IATF) in Durban, South Africa. He stated that the bank is committed to supporting Africa’s drive to create institutions as well as the implementation of the African Continental Free Trade Agreement (ACFTA). AfCFTA is a trade agreement between African Union member states that[…]