29

Nov

CBN Has Issued New Guidelines For The Agricultural Credit Guarantee Scheme.

The Central Bank of Nigeria (CBN) has issued new operational guidelines for participants and operating institutions in its Agricultural Credit Guarantee Scheme Fund, which was formed by the federal military government in 1977 and updated on June 13th, 1988 and June 26th, 2019. The Fund’s purpose is to guarantee loans made by lending banks for agricultural purposes under the plan, with the goal of boosting bank credit to the agricultural sector. Under the modified statute, “loan” covers advances, overdrafts, and other credit facility, and should be interpreted as such in these guidelines and subsequent circulars. The guidelines were published on […]

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[…]