Union lauds CBN for zero forex on textile import
The National Union of Textile, Garment and Tailoring Workers of Nigeria, NUTGTWN, has lauded the Central Bank of Nigeria, CBN, for banning sales of foreign exchange to importers of textile materials, arguing that the action will not only protect efforts at reviving the local industry but protect the industry against unscrupulous elements.
Central Bank cuts interest rate to boost economy
India’s central bank, on Thursday, unexpectedly lowered interest rates and, as anticipated, shifted its stance to “neutral” from “calibrated tightening” to boost a slowing economy after a sharp fall in the inflation rate.
CBN, Dangote target Nigeria’s self sufficiency in tomato production
Nigeria is set to achieve self sufficiency in tomato production in the next one year following the attainment of daily production of one million tomato nurseries.
National Collateral Registry facilitates N1.2trn loan to 155,000 SMEs
The National Collateral Registry has assisted over 154,000 Micro, Small and Medium Enterprises (MSMEs) to access N1.2 trillion loans from 628 financial institutions.
CBN, Dangote, Kano govt partner to localise tomato production
Kano—The Central Bank of Nigeria, CBN; Dangote Group of Companies and Kano State government are partnering to localise the production of tomatoes in Nigeria and discourage importation of the product.
EXCHANGE RATE STABILITY: CBN’s forex intervention rises by 87% to $40bn in 2018
In the bid to sustain its policy of exchange rate stability amidst sustained demand pressures, the Central Bank of Nigeria (CBN) increased dollar injections into the foreign exchange market by 87 percent to $40 billion in 2018.
