News Formal

Hardship: CBN plans transfer of N5.5tn to Finance Ministry, DFIs

  • 📰 DailyPostNGR
  • ⏱ Reading Time:
  • 25 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 59%

CBN News

Finance Ministry

The Central Bank of Nigeria, CBN, will transfer N5.5 trillion for development activities to the Ministry of Finance, Development Finance Institutions (DFIs) amid its restructuring plan.

The Central Bank of Nigeria, CBN, will transfer N5.5 trillion for development activities to the Ministry of Finance, Development Finance Institutions amid its restructuring plan. According to a new report, this move aligns with the recommendations from the International Monetary Fund, IMF, on the need for the CBN to streamline its economic policies and focus on core central banking functions. 'The CBN's decision to phase out its development finance activities is welcome.

'An orderly portfolio transfer is key to avoiding interruption of credit flows to agriculture and small and medium enterprises. Undercapitalized financial institutions should not be eligible to absorb CBN's portfolio', the report read. Under the new strategy, the CBN will gradually phase out its direct involvement in development financing, which historically included lending concessional terms to sectors like agriculture and small and medium-sized enterprises .

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tinubu’s government has not borrowed from CBN — Finance MinisterThe Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the Tinubu-led Federal Government has not borrowed money from the Central Bank of Nigeria, CBN.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

El-Rufai probe: Kaduna Assembly seeks vital documents from Finance Ministry, MDAsThe Nation Newspaper El-Rufai probe: Kaduna Assembly seeks vital documents from Finance Ministry, MDAs
Source: TheNationNews - 🏆 6. / 69 Read more »

Kaduna assembly asks finance ministry to provide details of loans obtained by el-RufaiThe Kaduna house of assembly has asked the state ministry of finance to provide details of the loans obtained by Nasir el-Rufai.
Source: thecableng - 🏆 2. / 80 Read more »

El-Rufai probe: Kaduna Assembly writes Finance Ministry, MDAsThe Nation Newspaper El-Rufai probe: Kaduna Assembly writes Finance Ministry, MDAs
Source: TheNationNews - 🏆 6. / 69 Read more »