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SepThe 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 […]
30
AugThe Japanese government and the African Development Bank (AfDB) have formed a $5 billion financial partnership to assist countries in the region experiencing debt crises. According to a statement on the AfDB website, the bank made the vow on Sunday at the eighth Tokyo international conference on African development (TICAD8) in Tunisia. The AfDB stated that the assistance would be provided during the fifth phase of the enhanced private sector assistance for Africa project (EPSA 5) from 2023 to 2025. It stated that the fund will consist of $4 billion from the existing window and an extra $1 billion from[…]
01
NovAccording to research, Deposit Money Banks are recovering debts due by chronic debtors from their accounts in other banks in order to slow the increase of non-performing loans in the industry. According to data from the Central Bank of Nigeria and the National Bureau of Statistics, NPLs in banks decreased slightly from N1.2tn at the end of the second quarter of 2020 to N1.1tn at the end of July 2021. Despite an increase in gross loans in the industry during the time, this is the case. The CBN stated that the actions it implemented, such as the Global Standing Instruction,[…]