Banking & Finance

The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 15.1 percent to 16.5 percent to tame rising inflation. Last week, Nigeria’s inflation rate reached a five-year high at 21.09 percent amid soaring food prices. The monetary policy …

The Central Bank of Nigeria has said it is satisfied with the positive response of the banking public to the Naira redesigning policy through increased currency deposits across banks and other financial institutions. The CBN said it remains committed to the seamless implementation of the initiative to ensure theachievement of …

The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Wednesday announced that Nigeria will launch new currency notes on Dec. 15, 2022.The new currencies to be launched are N1,000, N500 and N200 notes. He also said that existing notes would seize to be regarded as legal tender by …

The Central Bank of Nigeria (CBN), has disclosed that the national domestic card scheme, to be unveiled on January 16, 2023, will deepen financial inclusion and oil the financial payment ecosystem for efficient service delivery. Director, Corporate Communications of the CBN, Mr Osita Nwanisobi, who made the disclosure in a statement, …

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have formally announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 per cent of the equity in Polaris Bank by Strategic Capital Investment Limited. This is even as the House of …

The Central Bank of Nigeria is beginning to scale down it’s economic intervention programmes in various sectors of the economy as a means of reducing the quantum of money in circulation. The move is part of measures aimed at ensuring that the over N9trn which the bank had given out …

The Central Bank of Nigeria says its Monetary Policy Committee decision to increase Monetary Policy Rate is to control rising inflation. Hassan Mahmoud, CBN’s director, Monetary Policy Department said this on Wednesday at a post-MPC briefing tagged: “Unveiling Facts behind the Figures’’. The MPC, in its 287th meeting on Tuesday, …

The Central Bank of Nigeria (Plc) at the weekend, disclosed that its RT200 policy has begun to attract more export commodities. This was even as the apex bank revealed that the policy will again undergo series of examination and verification exercise to ensure the third quarter (Q3) rebate would be paid …

Thousands of Nigerian Micro, Small, and Medium Businesses (MSMEs) are set to benefit from the free entrepreneurship program being offered by the Development Bank of Nigeria (DBN) Plc. The free entrepreneurship training is part of the Bank’s efforts toward achieving its core mandate of building the capacity of small businesses …

The Central Bank of Nigeria on Wednesday commended the commitment of the management of Access Bank Plc to its sustainable banking principles. The apex bank made the commendation at roundtable which it jointly hosted with the European Organization for Sustainable Development. The event, held in Abuja was targeted at creating …