$2 billion backlog worries operators as BDCs resume
• Multiple forex rates persist • Sanctioned firms sold dollars to importers of 42 banned items, says ABCON Local manufacturers and other members of the private sector in need of foreign exchange yesterday, reminded the Central Bank of Nigeria (CBN) of about $2 billion backlogs needed for operations and business continuity, as the apex bank…
‘CBN’s directive on Forms M will dampen economic growth’
The recent directive by the Central Bank of Nigeria (CBN) to all authorised dealers on Forms “M” has the potential to frustrate the on-going efforts of the Federal Government to return the economy to growth, Organised Private Sector...
Nigeria’s private sector struggles with economic impact of COVID-19, inflation, devaluation
The COVID-19 crisis has brought with it disastrous economic effects. As the virus continues to spread, business and world economies have been experiencing a huge decline in revenue.
Total loans to businesses hit N18.9 trillion in one year
Total gross credit for various transactions in Nigeria rose by N3.33 trillion from N15.56 trillion at end-May 2019 to N18.90 trillion at end-June 2020.
Loan recovery flops as Anchor Borrowers’ scheme gulps N240b
Recouping about N240 billion ‘revolving’ credit facilities granted to small-scale farmers and processors in the Federal Government’s Anchor Borrowers’ Programme...
Group kicks against Edo goverment’s plan to borrow N20b
A group, Joint Forces for the Defence of Democracy (JOFDES), has appealed to President Muhammadu Buhari and the Central Bank of Nigeria (CBN) Governor, Mr. Godwin, Emefiele, to reject the alleged plan by the Edo State government .....
Markets stagger over CBN’s secrecy on naira devaluation
• Pressure hits external reserves amid sustained forex decline • Experts predict more hardship as import cost rises • Seek multiple foreign exchange sources in agric, solid minerals The Central Bank of Nigeria’s (CBN) handling of the naira devaluation is still shrouded in secrecy, six days after the local currency took about a 5.5 per…
CBN bows to pressure, devalues naira again
The country’s fiscal state faces tougher times as the Central Bank of Nigeria (CBN) bowed to pressure, last week, and further devalued the local currency.
Farmers seek exclusion of ‘impostors’ in CBN’s zero-interest scheme
Nigerian farmers and agricultural scientists have warned that ‘political farmers’ should not be permitted to hijack the Central Bank of Nigeria’s (CBN’s) ‘Agric for Food and Jobs Plan (AFJP)’ and the zero-interest loans meant for smallholder farmers in the frantic efforts