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 […]

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[…]

06

May

Oshodi Traders Applaud The CBN’s Implementation Of e-Naira

Traders at Kairo Market in Oshodi, Lagos, lauded the Central Bank of Nigeria (CBN) on Thursday for introducing the digital currency, e-Naira. The retailers were recognized at an awareness program hosted by the major bank in partnership with Bizi Mobile, an e-Naira wallet agent. Mr. Obinna Umeh, secretary of the Oshodi market union, praised the CBN for providing a long-term solution to the many false alarms received by traders, which he said had hampered their operations. “The CBN could not have come at a better time to educate us on e-Naira; there isn’t a day that goes by that we[…]