25

May

The CBN Raises The Interest Rate From 11.5 Percent To 13 Percent

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) raised the policy rate by up to 150 basis points to 13 percent following a meeting on Tuesday chaired by the bank’s governor, Godwin Emefiele, and maintained all other parameters, including the asymmetric corridor of +100/-700 basis points around the MPR, the CRR at 27.5 percent, and the Liquidity Ratio at 30 percent. The decision aligns the CBN with other central banks across the world in their initiatives to restrict money demand growth and the upward trend of domestic prices. Governor Emefiele stated that the decision was made […]

23

May

In 2022, The AfDB Will Lend $500 Million To Women In Order To Raise $5 Billion For African Women’s Companies

Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has stated that the financial organization will lend $500 million to women by 2022. This comes as the bank’s Affirmative Action for Women in Africa (AFAWA) initiative raises $5 billion with the help of French President Emmanuel Macron and the G-7. This information is contained in a statement released by Adesina on his official Twitter account on Sunday, May 22, 2022, in which he also stated that the bank gave out $483 million to financial institutions to lend to women businesses in 2021. Adesina’s statement comes as the bank begins[…]

11

May

Nigeria’s Foreign Reserves Fall To $1.2 Billion

According to figures from the Central Bank of Nigeria, Nigeria’s foreign reserves have lost $1.2 billion since December 31, 2021. The reserves fell to $39.3 billion on May 6, down from $40.42 billion on December 31, 2021. In the last four months and six days, the reserves have lost 2.98 percent of their worth. Nigeria is currently dealing with the shocks of crude oil theft and subsidy payments, which the government claims are undermining the benefits of high crude oil prices supported by the Russia-Ukraine war. Brent crude oil prices are at $104.2, while West Texas Intermediate is selling for[…]