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.

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.