Central Bank of Nigeria (CBN), Mr. Godwin Emefiele unveils the first African Central Bank-led National Domestic Card Scheme – AfriGo; says the new card scheme will be accessible to all Nigerians and also address our local peculiarities.
#NationalDomesticCardScheme#AfriGo “The domestic card scheme is expected to strengthen the national payments system and deepen the usage of electronic platforms in Nigeria” - #Emefiele
#NationalDomesticCardScheme#AfriGo CBN Governor, #Emefiele says the Bank’s Cash-less Policy has created value, engendered competition and attracted investment into the Nigerian banking and payments ecosystem.
#Emefiele says the new card scheme is aimed at providing more options for domestic consumers whilst also promoting the delivery of services in a more innovative, cost-effective and competitive manner
The CBN Governor assures Nigerians that the card scheme will open more opportunities for the Nigerian economy to integrate the informal segment of the economy, reduce shadow banking and bring more Nigerians into formal financial services
CBN Governor Godwin #Emefiele hails the Nigerian Banking Community for rising to the challenge of strengthening the national payments system through the implementation of a Domestic Card Scheme.
#NationalDomesticCardScheme#AfriGo “This effort is not a quest to prevent international service providers from continuing to provide services in Nigeria” – Emefiele
#Emefiele says the new policy aimed at providing more options for domestic consumers whilst also promoting the delivery of services in a more innovative, cost-effective and competitive manner.
“CBN is committed to a robust, efficient and safe national payments system and welcomes innovation from both domestic firms and foreign investors,” - #Emefiele.
“We can no longer neglect the vast majority of the Nigerians whose daily payments needs are micropayments. We need to capture them in national statistics to further understand their transaction dynamics and properly target interventions in that sector of the economy” - #Emefiele
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#CBNMPC votes to raise MPR by 100 basis points from 16.5% to 17.5%
Retains Cash Reserve Ratio (CRR) at 32.5%, Liquidity Ratio (LR) at 30.0% and Asymmetry Corridor at +100/-700 basis points around the MPR
CBN Governor, Emefiele, maintains stance on the January 31, 2023 deadline for the deposit of old N200, N500, and N1,000 banknotes; says CBN staff and bank agents all over Nigeria on sensitization and currency swap with a specific focus on rural areas and the underserved
CBN Governor Godwin #Emefiele says about N1.5 trillion of the currency in circulation has been raked back into banks’ vaults since the launch of new series of banknotes
Emefiele expresses optimism that the short-term outlook of the Nigerian economy remains good.
#CBN Governor urges Nigerians to find imaginative solutions to build a country where balanced growth and shared prosperity is guaranteed for all.
#Emefiele says monetary policy will remain focused on the objectives of price, monetary, and exchange rate stability.
“We will maintain the current tight Monetary Policy stance in the near-term, especially in view of rising inflation expectations and exchange market pressures,” – Emefiele.
He projects that GDP growth rate will remain positive in the remaining quarter of 2022 and during 2023.
#Emefiele says 1tn Naira made available to manufacturing and agric sectors - 856bn has been disbursed to 77 companies; 36 Agro-based, 30 in services and 11 in mining tailored towards employment generating and output stimulating sectors of the economy at 5% interest rate. #CBNMPC
#MPC pushes for additional 100bn Naira for Targeted Credit Facility to stimulate growth.
#CBN Governor, #Emefiele says First Bank of Nigeria is one of Nigeria’s systemically important banks given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers. #FBN
#CBN directs immediate removal of all Directors of @FirstBankngr Ltd and @FBN Holdings Plc
#CBN reassures First Bank of Nigeria depositors, creditors and other stakeholders of the bank of its commitment to ensure the stability of the financial system.
Consistent with the global trend, Nigeria aspires to ensure that remittance flows and diaspora investments become a significant source of external financing. #Emefiele
#CBN strives to constantly improve our remittance infrastructure, ease the process of international money transfer and simplify the experience for senders and recipients. #Emefiele
In an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the Diaspora, the #CBN has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the CBN. The Scheme will take effect on the 8th of March 2021.
#Emefiele hosts the signing of local production contract between P&G and Colori Cosmetics Nigeria, for the localization of manufacturing of Oral B products by P&G in Nigeria, as part of commitment by the #CBN to strengthen the manufacturing sector.
Manufacturing industries have been a key focus of the efforts by the monetary and fiscal authorities towards driving recovery of the Nigerian economy. #Emefiele
Nigeria offers significant advantages for multinational manufacturing firms that choose to invest in domesticating their production lines in Nigeria. #Emefiele