Central Bank Nigeria Sets Aside N2.5bn for Corp Members with Entrepreneurial Skills

The Central Bank of Nigeria said it had set aside a total sum of N2.5bn for members of the National Youth Service Corps with good business ideas.

The N2.5bn which was set aside out of the N220bn Micro, Small and Medium Enterprises Development fund would be disbursed to the youth corp members under the Youth Entrepreneurship Development Programme.

The CBN is targeting to create a total of one million jobs through the YEDP which is the initiative of the apex bank launched on March 15 this year by the CBN Governor,Mr Godwin Emefiele.

The purpose of the program is to address the challenges of youth unemployment in the country.

President Buhari Angry with CBN For ‘Ruthless Devaluation of The Naira'

President Muhammadu Buhari is unhappy with the Central Bank of Nigeria, CBN, over what he called ”the ruthless devaluation of the Naira.

”While speaking at the Ramadan breaking of fast with members of the business community ,on Monday, the president condemned “the ruthless devaluation of naira,’’ saying that he was yet to be convinced about the economic benefits of the exercise.He said 

“How much benefits have we derived from naira devaluation in the past?

“I don’t like the returns I get from the CBN because that coupled with the demand that let us devalue the naira. In August 1985, the naira was N1.3k to a dollar, now you need N300 or N350 to a dollar.

No Foreign Exchange For Students, Medical Trips Abroad – President Buhari

Nigerian President, Buhari says the Federal government will no longer make provisions of foreign exchange allocation for Nigerians schooling abroad or those seeking medical treatment overseas. 

This position is contrary to that of the CBN which had stated in a communique last month that it had not banned the allocation of foreign exchange for education and medical bills.

“The Central Bank of Nigeria (CBN) wishes to clarify to the general public that it has NOT stopped the allocation and sale of foreign exchange for purposes of paying school fees and settlement of medical bills overseas,” Ibrahim Mu’azu, the apex bank’s Director of Corporate Communications, said. 

However in a recent interview with Al­Jazeera, Buhari overruled the CBN, insisting that it will henceforth, not be making such provisions as Nigeria's present economic state can't afford it.

CBN Reacts to PREMIUM TIMES Report on Governor Sanusi

The Central Bank of Nigeria has sent a rebuttal to PREMIUM TIMES faulting the paper’s report which accused its governor, Sanusi Lamido Sanusi, of abuse of office.

The full statement by the bank’s director of corporate communication, Ugochukwu A. Okoroafor is published below. Okoroafar was contacted for comments before our first story was published. He did not revert despite a promise to do so.

Read the full text of the CBN reaction below.

 3^rd June, 2013

The Ag. Managing Editor,

Premium Times 

Our attention has been drawn to the libelous story posted on your website on 2^nd June, 2013, on the Governor of the Central Bank of Nigeria (CBN), and which has now been circulated by other online websites and blogging groups.

The post was full of fabrication and inaccuracies. Ordinarily this would have been best ignored. We are however constrained to write to you on account of the severe implications of the allegations for the integrity of the CBN, as an institution. Continues after cut: