28

Sep

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

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 […]

08

Aug

The Central Bank of Nigeria Advises Manufacturers To seek Loans From Organizations That Fund Development

The Central Bank of Nigeria has recommended the Manufacturers Association of Nigeria (MAN) to seek finance from development financing institutions such as the Development Bank of Nigeria and the Bank of Industry. Mr. Eboagwu Ezulu, Deputy Director, Financial System Stability Directorate of the Central Bank of Nigeria (CBN), disclosed this at the first National Stakeholders Conference held in Lagos by the Association of Corporate Affairs Managers of Banks (ACAMB) in collaboration with the Chartered Institute of Bankers of Nigeria (CIBN). The Manufacturers Association of Nigeria (MAN) also urged commercial banks and the Organized Private Sector (OPS) to work together to[…]

26

Jul

Access Bank Will get $280 Million In Funding From DFC, Helping Small Businesses In Nigeria

The United States International Development Finance Corporation (DFC) signed a $280 million loan agreement with Access Bank on Monday to help Small and Medium Enterprises (SMEs) in Nigeria. Scott Nathan, CEO of DFC, and Roosevelt Ogbonna, managing director of Access Bank Plc in Nigeria, signed a commitment document for $280 million in funding. The loan would assist in closing the funding gap for SMEs and advancing financial inclusion in Nigeria, including the bank’s commitment to helping women-owned and led firms. “DFC’s investment in Access Bank demonstrates the United States’ support for private-sector-led development in Nigeria and across West Africa,” Nathan[…]