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 […]

05

May

The Central Bank Of Nigeria Has Approved ₦2 Billion For Imo Craftsmen

The Central Bank of Nigeria (CBN) stated on Tuesday that its staff at the Jos Branch averted what would have been another big fire calamity in the country. The Central Bank of Nigeria, CBN, has authorized a ₦2 billion loan to the Imo State government for the empowerment of the state’s artisans. Ford Ozumba, the Commissioner for Labour and Productivity, announced this to journalists on Tuesday in Owerri, while unveiling the Imo 2022 Entrepreneurial Product Expo in collaboration with the Central Bank of Nigeria. He stated that the Imo State administration approached the CBN and was deemed competent to receive[…]

05

Apr

Nigerians Should Avoid Dealing With Illegal And Unlicensed Financial Operators – Central Bank Of Nigeria

The Central Bank of Nigeria (CBN) has cautioned Nigerians to avoid engaging with unauthorized and unlicensed financial operators who entice and swindle the people. The Apex Bank stated in a statement on Monday that the rise in the activities of Illegal Financial Operators (IFOs) is concerning and poses a serious risk to public trust and the stability of the Nigerian financial system. “The FSRCC wishes to draw the general public’s attention to the concerning increase in the activities of Illegal Financial Operators (IFOs), which portends grave risk to public trust and the stability of the Nigerian Financial System.” “In its[…]