26

Nov

The Central Bank of Nigeria (CBN) Has Awarded N5 Million In Loans To Graduates Under A New Scheme

Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria, launched the Tertiary Institutions Entrepreneurship Scheme on Thursday to combat underemployment and unemployment in the country. At the presentation in Abuja, Emefiele also gave loans ranging from N4.1m to N5m to graduates who applied and were chosen. “The scheme, developed in collaboration with Nigerian polytechnics and universities, is designed to harness the potentials of graduate entrepreneurs by fostering a paradigm shift away from the pursuit of white-collar jobs and toward a culture of entrepreneurship for economic development and job creation,” he explained. He remarked that, in the face of a […]

23

Nov

The Central Bank of Nigeria (CBN) And Payment System Operators Are Working To Accelerate The Use Of e-Naira

The Central Bank of Nigeria (CBN), payment service providers (PSPs), and other financial technology (fintech) stakeholders gathered in Lagos Wednesday to discuss ways to promote e-Naira use. At the conclusion of the discussion, the parties agreed to collaborate in order to accelerate the adoption of the central bank’s digital money (CBDC). Many stakeholders believe that the adoption rate is slow. According to data from the apex bank, 17,000 transactions totaling over N62 million had been processed, with the average transaction costing approximately N3, 800. The International Monetary Fund (IMF) noted last week that the CBDC promises to increase remittances to[…]

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[…]