CBN plans transfer of N5.5tn to Finance Ministry

The Central Bank of Nigeria, CBN, will transfer N5.5 trillion for development activities to the Ministry of Finance, Development Finance Institutions (DFIs) amid its restructuring plan.
According to a new report, this move aligns with the recommendations from the International Monetary Fund, IMF, on the need for the CBN to streamline its economic policies and focus on core central banking functions.
Under the new strategy, the CBN will gradually phase out its direct involvement in development financing, which historically included lending concessional terms to sectors like agriculture and small and medium-sized enterprises (SMEs).