News of the finance

The Central bank of Nigeria, in its effort to deepen and improve the efficiency of the Money Market for effective liquidity management, is in the process of appointing Primary Dealers in Money Market Instruments. Primary Dealers will be selected in accordance with the procedures set out in the CBN Guidelines for Primary Dealership in Money Market Instruments.

Further to our circular dated 15th September, 2005 on the Development of Risk Management Systems in Nigerian Banks, the CBN/NDIC Executive Committee on Supervision has prepared the guidelines to assist banks in developing their risk management framework for individual risk elements. As a draft guideline, we invite your inputs to further enrich the document. In this regard, please submit your suggestions to the undersigned not later than 11th September, 2006.

Professor Charles Soludo, in his presentation of progress report on Monetary and Exchange Rate Policy focused on the core mandates of Central Bank of Nigeria which focuses on macroeconomics management...Key prices(interest rate, exchange rate, inflation) , credit and payment system to ensure non-inflationary economic growth and efficient payment systems. Tangentially on institutional reforms, including Banking system reforms. He outline the objective, context and achievements in issuance of Legal Tender (currency management), management of external reserves, price and money stability exchange rate and forex management.

The Central Bank of Nigeria Quarterly Report is defined for dissemination of financial information of the Nigerian economy on current basis. The report analyses developments in the financial, fiscal, real and external sectors of the economy as well as international economic issues of interest.

The attention of Central Bank of Nigeria has been to an erroneous front page publication of Monday June 5, 2006 edition of a national Newspaper to the effect that the presidency lied, claiming that Nigeria has only US$9.09 billion in foreign reserves. This Press Release statement was released on June 6, 2006 by the head, Corporate Affairs.

The Central Bank of Nigeria welcomes applications from Nigerian's in diaspora and non-nationals who are leading economists in academia, banking, international research financial institutions and top research institutions to participate in Central Bank of Nigeria Diaspora Collaborative Research Program (DCRP) and Visiting Research Scholars Program(VRSP). The DCRP/VRSP will be awarded to annually commencing from 2006. Successful candidates will be required to carry out a short-term research assignment ranging from four(4) weeks to twelve(12).

An Agricultural Credit Support Scheme (ACSS), has been established through the initiative of the Federal Government and Central Bank of Nigeria with the support of and participation of the Bankers committee. The shall have a fund of N50.0 billion from the contributions of the key participants. The purpose of ACSS is to develop the agricultural sector of the Nigerian economy by providing credit facilities to farmers at a single digit interest rate. According to the guidelines, the ACSS shall be managed by a 21 member committee central implementation committee (CIC) headed by a chairman.