What is the new cbn policy

The Central Bank of Nigeria (CBN) has introduced several policies in recent times to stabilize the economy and promote financial inclusion. Some of the new policies include:

  1. Cashless Policy: The CBN introduced a cashless policy in 2020 to reduce the use of cash and promote electronic payments. The policy aims to reduce the amount of cash in circulation, increase financial inclusion, and reduce the risk of money laundering and terrorism financing.
  2. Tertiary Institutions' Intervention Fund: The CBN introduced a N200 billion intervention fund for tertiary institutions in 2020 to support the education sector and promote economic growth.
  3. Agricultural Credit Guarantee Scheme: The CBN introduced an Agricultural Credit Guarantee Scheme in 2020 to provide credit support to farmers and promote agricultural development.
  4. Micro, Small and Medium Enterprises (MSMEs) Development Fund: The CBN introduced a N220 billion MSMEs Development Fund in 2020 to support small businesses and promote economic growth.
  5. Naira 4 Dollar Scheme: The CBN introduced a Naira 4 Dollar Scheme in 2020 to encourage the use of the naira for international transactions and reduce the demand for foreign exchange.
  6. Foreign Exchange Restriction: The CBN introduced foreign exchange restrictions in 2020 to manage the demand for foreign exchange and stabilize the exchange rate.
  7. Digital Currency: The CBN is planning to introduce a digital currency, known as the eNaira, to promote financial inclusion and reduce the use of cash.
  8. Open Banking Policy: The CBN is planning to introduce an open banking policy to promote financial inclusion and increase competition in the banking sector.
  9. Financial Inclusion Policy: The CBN is planning to introduce a financial inclusion policy to increase access to financial services for underserved segments of the population.
  10. Sustainable Banking Principles: The CBN is planning to introduce sustainable banking principles to promote environmentally and socially responsible banking practices.

These are some of the new policies introduced by the CBN in recent times. The policies are aimed at promoting economic growth, financial inclusion, and stability in the Nigerian economy.