Nigeria to get six fighter jets from USA in August —Emefiele

Nigeria set to get six fighter jets in August

Nigeria set to get six fighter jets in August —Emefiele     The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has disclosed that Nigeria will get 12 fighter planes from the United States of America to help fight insecurity in Nigeria. He disclosed this while answering questions at the end of a two-day monetary policy committee meeting in Abuja on Tuesday. Emefiele, who lamented how the economy is being crippled by insecurity, stated that the arrival of the planes is in line with a pact made between…

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Crypto’ll have a place in Nigeria, Emefiele promises

Why crypto market lost $120bn in a day and $270bn in 1 week

Crypto’ll have a place in Nigeria, Emefiele promises   During the 279th MPR meeting held today in Abuja, the CBN Governor, Godwin Emefiele assured Nigerians that digital currencies will have a place in the country. He said, “We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate.” Under cryptocurrency and Bitcoin, Nigeria comes 2nd while in the global side of the economy,…

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FULL TEXT: Why we sacked FirstBank board — Emefiele

CBN authorises Payment Service Banks in Nigeria to sell dollars

FULL TEXT: Why we sacked FirstBank board — Emefiele   Nigeria’s premier bank, First Bank, has for years been plagued by “bad credit decisions, significant and non-performing insider loans and poor corporate governance practices”, the Central Bank of Nigeria has said. The regulator sacked the board of the bank and its holding company on Thursday, in a dramatic move that came a day after the bank named a new managing director. In a speech to journalists, CBN governor, Godwin Emefiele, said First Bank maintained healthy operations up until 2016 financial…

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Emefiele charges Nigerians on agric boom

Emefiele charges Nigerians on agric boom   The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says the Anchor Borrowers’ Programme of the Bank, has emphasised the need for all stakeholders to sustain current efforts championed by the bank to galvanize agricultural production towards meeting the requirements of Nigeria’s growing population. Mr. Emefiele gave the charge in Zauro, Kebbi State, on Tuesday, March 2, 2021, during the flag-off of the 2020 wet season harvest aggregation and 2020 dry season input distribution under the CBN-Rice Farmers’ Association of…

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CBN: Currency in circulation hits N2.426trn in September

N15trn InfraCo begins operation this quarter

Currency in circulation (CIS) rose by N56.44 billion in one month from N2.369 trillion as of the end of August to N2.426 trillion as of the end of September, the Central Bank of Nigeria has revealed. The latest report on CIC released by the apex bank on Wednesday showed that the figure, which stood at N2.35 trillion as of the end of May, rose to N2.39 trillion as of the end of July. The currency-in-circulation on quarter-on-quarter basis fell by 6.0 per cent to N2.29 trillion at the end of…

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NSE rallies experts to discuss future of finance post COVID-19

NSE rallies experts to discuss future of finance post COVID-19

Leaders in the financial services industry are set to dissect the post-COVID-19 future of the industry at a webinar slated for Thursday, October 8 and oragnised by the Nigerian Stock Exchange (NSE). With the theme, The Future of the Financial Services Industry Post COVID-19, the webinar will bring together market stakeholders to share valuable experiences in managing the impact of the pandemic. More importantly, the discussions will also .dovetail into the future of the Nigerian financial market, with the goal of charting a route to a sustainable future. According to the NSE in…

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CBN resorts to expansion policies to combat recession

The Central Bank of Nigeria (CBN) has said it will pursue expansionist monetary policies to save the country from economic headwinds and combat recession. God Emefiele, the CBN governor has said that this is necessitated by many constraints against the fiscal policy. Emefiele said this was necessary to curb the rising inflation and address recession in the economy. He said this was part of the resolutions of the Monetary Policy Committee meeting held last week. He said, “The committee was therefore of the view that to abate the pressure, it…

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11.5% MPR: Emefiele explains factors surrounding rate cut, others

Credit to private sector hits N32.2trn in Maysector recorded marginal uptick in April – CBN report

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has explained factors that led to 100 basis points reduction in lending rate and other decisions taken at its last Monetary Policy Committee (MPC) meeting that ended on Tuesday. At the end of the 2-day meeting, the Committee had reduced the monetary policy rate (MPR) by 100 basis points from initial 12.5 per cent to 11.5 per cent and adjusted the asymmetric corridor to +100/-700 around the MPR. According to Emefiele, the Committee reviewed the choices before it, bearing in…

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Banks borrow N2.08trn from CBN in 4 months

Nigerian BAnking assets

Increased liquidity in the banking sector has continued to raise the lending institutions’ capacity to increase credit to the economy. The Deposit Money Banks and merchant banks in the country borrowed N1.81tn from the Central Bank of Nigeria in the first quarter of the year. In April, they borrowed N274bn from the apex bank, thereby increasing the amount borrowed to N2.08tn in the first four months of the year, according to data obtained from the CBN. According to CBN reports, the banks continued to access the standing facilities window to…

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Emefiele’s personal statement at the 131st MPC Meeting of July 20, 2020

Credit to private sector hits N32.2trn in Maysector recorded marginal uptick in April – CBN report

At the last Monetary Policy Committee (MPC) meeting held on July 20, 2020, the Chairman of the committee and Governor of the Central Bank of Nigeria (CBN) appraised the current local and global economic realities, and led other members of the committee at the end of the 131 MPC meeting to decide key monetary indices. Below are Emefiele’s words at the meeting: Global macroeconomic stability was significantly impaired in the first half of 2020 due to the widespread covid-19 pandemic, leading to a high degree of uncertainty in the short-term…

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