Latest News

• 

  The CBN Raises The Interest Rate To 17.5%25/01/2023

  The benchmark interest rate was previously raised by the Central Bank of Nigeria (CBN) by 100 basis points to 17.5 percent. Godwin Emefiele, the governor of the CBN, made this announcement on Tuesday following a meeting of the Monetary Policy Committee of the top bank (MPC). Concern has been voiced about the CBN’s fifth interest rate increase by manufacturers and other important groups. The CBN said that the small drop in inflation in December 2022 showed that previous increases were starting to have an effect. The CBN emphasized the need to continue tightening its fiscal policy, nevertheless.
• 

  As NASS Passes The Education Bank Bill, Nigerian Students Will Be Able To Get Loans For School25/11/2022

  The Students Loan Bill, intended to provide students with the funding to begin, continue, and complete their postsecondary education, has been approved by the National Assembly’s two chambers. The Speaker of the House of Representatives, Femi Gbajabiamila, was the primary sponsor of the legislation known as the “Students Loan (Access to Higher Education) Bill, 2019.” His Special Adviser on Media and Publicity, Lanre Lasisi, revealed this in a statement. If President Muhammadu Buhari signs the legislation, it will lead to the creation of a Nigerian Education Bank, which Nigerians can use to get interest-free loans for higher education or other […]
• 

  To Combat Inflation, CBN Raises Lending Rates To 16.5%23/11/2022

  In an aggressive bid to combat growing inflation and pressure on the naira, the currency of the nation, the Central Bank of Nigeria, CBN, increased its lending rate to 16.5 percent. At the conclusion of the Monetary Policy Committee meeting on Tuesday in Abuja, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, disclosed this information. The interest rate was raised by the apex bank to 14 percent months ago. Emefiele claims that the action had the desired effects on the economy of the nation. According to Mr. Emefiele, the committee also decided to keep the asymmetric corridor […]
• 

  Replay: Rethinking The Concept Of Lending17/10/2022

  Watch the recording of our webinar, where experts and some of the most important loan providers in Nigeria explain what it means to lend. See different stats and how loans can help you.
• 

  Bank Debtors And Businesses May Face Difficult Times As The CBN Raises Lending Rate To 15.5%28/09/2022

  The Monetary Policy Rate was raised by the Central Bank of Nigeria to 15% on Tuesday. The Minimum Rediscounted Rate (MRR), which the CBN held at 15% until August 17, 2003, is now at its greatest level. Up until the CBN announced a new monetary policy framework in 2006, which replaced the MRR with the Monetary Policy Rate, the MRR was the rate adopted by the CBN (MPR). At the 287th Monetary Policy Meeting, CBN Governor Godwin Emefiele stated that “the decision was a move to save the naira and reduce inflation.” The rate increase was approved by all of […]
• 

  Japan And the African Development Bank Have Pledged $5 Billion To Assist Indebted African Countries30/08/2022

  The Japanese government and the African Development Bank (AfDB) have formed a $5 billion financial partnership to assist countries in the region experiencing debt crises. According to a statement on the AfDB website, the bank made the vow on Sunday at the eighth Tokyo international conference on African development (TICAD8) in Tunisia. The AfDB stated that the assistance would be provided during the fifth phase of the enhanced private sector assistance for Africa project (EPSA 5) from 2023 to 2025. It stated that the fund will consist of $4 billion from the existing window and an extra $1 billion from […]