CBN raises interest rate to 27.25%
The Central Bank of Nigeria’s Monetary Policy Committee has increased the interest rate by 50 basis points to 27.25%. This move is…
CBN
Manufacturers had negative confidence in Nigeria’s August economic Outlook – CBN
Manufacturers in Nigeria demonstrated a lack of confidence in the country’s economic outlook in August 2024, according to the latest Business Expectations…
CBN temporarily withdraws policy guidelines amid media misrepresentation
The Central Bank of Nigeria has announced the temporary withdrawal of its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the…
CBN targets N50bn from cybercrime levy
The Central Bank of Nigeria is expected to generate around N50 billion by the end of 2024 from the newly implemented 0.005…
CBN appoints Gidado as Polaris Bank board chair
The Central Bank of Nigeria has announced the new board of directors for Polaris Bank. In a statement released on Monday, the…
Report reveals banks borrowed N3trn from CBN in one week
Nigerian banks and discount houses borrowed N3 trillion from the Central Bank of Nigeria through the Standing Lending Facility in a single…
CBN orders payment service providers to implement PoS transaction tracking
The Central Bank of Nigeria has mandated that all Point of Sale transactions from merchant and agent locations be routed through an…
Economic expansion recorded first time in 13 months – CBN PMI
The Central Bank of Nigeria’s latest Purchasing Manager’s Index report reveals that economic activities expanded in August for the first time in…
CBN, SEC, NDIC team up to streamline bank recapitalization
The Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigeria Deposit Insurance Corporation have united to streamline the bank…
Banks’ deposits with CBN soar to N3.42tn – Report
Deposits held by banks with the Central Bank of Nigeria surged to a weekly record of N3.42 trillion at the end of…
Debt servicing consumes 64% of Nigeria’s 2024 foreign payments – Report
Nigeria has spent $2.78 billion on foreign debt servicing in the first seven months of 2024, according to data from the Central…
Nigeria’s foreign trade payments plummet by 57%
Nigeria’s payments through Letters of Credit have significantly declined, dropping by 57.04% to $391.91 million in the first seven months of 2024,…