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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[…]
01
JulThe United Bank of Africa (UBA) has announced a goal to rapidly expand its consumer lending portfolio from 10% to over 25%. Increasing consumer loans, according to the bank, would be a critical accelerator for inclusive economic growth. Mr. Anant Rao, Group Head Consumer Lending, stated this yesterday during a virtual media briefing on the topic of “Stimulating Nigeria’s Economic Growth and Impacting People’s Lives.” He also announced the bank’s re-launch of its ‘Click Credit’ service, which now includes a new feature that allows users to get loans in three minutes. “Our guiding principle, which I just want to stress[…]