CBN Maintains 5% Ways and Means Advances Limit

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CBN Maintains 5% Ways and Means Advances Limit - The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining a 5% limit on Ways and Means Advances to the Federal Government. Despite recent controversy and a bill passed by the National Assembly, the CBN has upheld this limit. Ways and Means Advances are loan facilities used by the CBN to finance the government during temporary budget shortfalls. The CBN has emphasized the importance of repaying these advances within the year to prevent a long-term fiscal burden. While the decision has faced criticism, the CBN has implemented measures to address concerns about the impact of these advances on inflation and the economy. As the country moves forward, the CBN's decision will have significant implications for government finances and overall economic stability.

Flooding Threatens Nigeria's Food Security - Devastating floods have ravaged several food-belt states in Nigeria, posing a significant threat to the country's already strained food security. The flooding has affected millions of farmers and residents, particularly in the northeast region, which is a major producer of sorghum, tomatoes, rice, millet, and sesame. The impact of the floods is particularly severe in Borno State, which is already grappling with insurgency and other challenges. The flooding has destroyed farmlands and infrastructure, leading to a decline in agricultural production and exacerbating food shortages. The crisis is compounded by the ongoing challenges of insecurity, violence, and limited access to food resources. As Nigeria continues to grapple with these challenges, it is imperative to implement effective strategies to mitigate the impact of flooding and ensure food security for its population.

Capital Market Town Hall Meeting Set for October 7th - ThinkBusiness Africa and the African Business Convention are hosting a special town hall meeting on 7^th of October, 2024 to discuss the future of Nigeria's capital market. The event will feature a keynote address by Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC). Discussions at the conference will explore the challenges and opportunities facing the Nigerian capital market and discuss potential solutions.

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