The CBN Increases Interest Rates To 18.5% In Order To Tame Inflation

The monetary policy rate (MPR), which measures interest rates, has been increased by the policy-setting committee of the Central Bank of Nigeria (CBN) from 18 percent to 18.5 percent. Nigeria’s inflation rate increased to 22.22 percent last week as a result of the spike in food costs. Every other interest rate employed in an economy is based on the monetary policy rate (MPR), which serves as its foundation. The revelation was disclosed to the media on Wednesday following the committee meeting at the CBN headquarters in Abuja by Godwin Emefiele, governor of the federal bank. The apex bank would increase […]



Experts Explain Gains Of Cashless Policy At FirstCentral’s Webinar

In the recent webinar organised by FirstCentral Credit Bureau – Experts from financial sector, mostly Fintechs, MFBs, Commercial Bank and Central Bank of Nigeria scrutinised the pros and cons of the cashless policy. FirstCentral Credit Bureau Limited, Nigeria’s only independent and first licensed Credit Bureau , well-known for its commitment to designing and deploying solutions that turn data into strategic tools for information and risk management, recently organised a webinar titled: ‘Harnessing the Benefits of Cashless Policy on Credit Allocation in a Developing Nation’ which had Experts from financial and fintech institutions throw their weight behind the cashless policies of[…]



To Combat Inflation, CBN Raises Lending Rates To 16.5%

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[…]