Vanguard News
CBN disburses N1.8trn for developmentt financing
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By Elizabeth Adegbesan
The Central Bank of Nigeria, CBN, said it disbursed N1.79 trillion for financing development in nine schemes from January to September 2020.
This is contained in the apex bank’s October 2020 Economic Report released last weekend.
Analysis of the report shows that out of the amount disbursed, N1.19 billion was deployed to 767 projects, N491.2 billion was guaranteed to 2.6 million farmers and N113.3 billion were disbursed to 17,587 beneficiaries during the period.
The nine schemes were Commercial Agriculture Credit Scheme (CACS); Anchor Borrowers’ Programme (ABP), Agricultural Credit Guarantee Scheme Fund (ACGSF), Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS), Real Sector Support Facility (RSSF), Power and Airline Intervention Fund (PAIF), Textile Sector Intervention Fund (TSIF), Non-oil Export Stimulation Facility (NESF) and the Health Sector Intervention Facili
Foreign reserves adequate for seven months imports CBN
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By Emeka Anaeto,
Business Editor
THE Central Bank of Nigeria, CBN, has indicated that the country’s foreign exchange reserves at current level of about USD35 billion would cover seven months import needs of the economy.
This is contained in the apex bank’s 2020 economy review and 2021 outlook it has just released.
In the review and outlook the Bank explained that with the decline in the nation’s foreign exchange earnings and successive exchange rate adjustments, it was forced to implement a demand management framework which is designed to bolster the production of items that can be produced in Nigeria, and aid conservation of external reserves.
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Nike Popoola
Banks credits to the productive sectors rose by N3.97tn in 18 months after the commencement of the Loan to Deposit Ratio initiative of the Central Bank of Nigeria.
This was disclosed in the personal statements of some of the members of the Monetary Policy Committee which was released by the CBN on Thursday.
The CBN disclosed that the total gross credit by the banking industry which stood at N19.54tn as of 13th November 2020, rose from N15.56tn at the commencement of the LDR policy in May 2019.
Part of the statements read, “The committee noted that growth in broad money supply (M3) increased marginally to 3.53 per cent in October 2020 from 3.20 per cent in September 2020, reflecting an increase in net foreign assets.
2021: Which Way Nigeria?, By Dakuku Peterside 6 min read
Legendary Highlife and Afrobeat musician, Sonny Okosun, in February 1983, sang a prophetic song with the above title. In the music, the Ozzidi master asked:
Which way Nigeria?
I want to know which way Nigeria is heading to.
Almost thirty-eight years after, the questions asked by Sonny Okosun in that song are still relevant. His questions then were in response to rising inflation, inefficiency at the individual and national levels, insecurity, indiscipline, corruption, and national geopolitical tension. He argued that government alone should not be blamed for Nigeria’s woes as all Nigerians have to share in the blame.