MONEY MARKET

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 18 per cent from 17.5 per cent. The CBN governor, Mr Godwin Emefiele said this on Tuesday when he read the communique issued at the end of the 290th meeting...

  Nearly two weeks after the Supreme Court judgment mandating that the old N,1000 and N500 notes remain legal tender till December 31, 2023, the Central Bank of Nigeria (CBN) on Monday bowed to pressure and officially ordered commercial banks to comply with the court verdict. The apex bank also...

  The Central Bank of Nigeria (CBN) has given approval for the operation of Open Banking in Nigeria. Open Banking in Nigeria refers to data sharing across the banking and payment systems in the country. According to the guideline establishing Open Banking, the idea behind the initiative “is to promote...

  offers 8% interest on savings Ecobank Nigeria has again called on its customers to approach any of its branches to deposit old naira banknotes into their accounts to avoid last minute rush, also assuring them of gaining a minimum of 8 per cent interest on their saving. This is...

  Ecobank Group said it recorded transactions valued at $59.1 billion across its digital channels in the first 9 months of 2022. The company disclosed this in its audited financial report for the 9-month ended September 2022. According to the company, this represents a 44% increase compared with the $40.4...

The Institute of Chartered Accountants of Nigeria (ICAN) has identified five challenges that it says the Central Bank of Nigeria needs to consider following its naira redesign policy. The CBN on October 26, 2022, announced the redesign of the N1000, N500 and N200 notes, with the approval of President Muhammadu...

  The Central Bank of Nigeria (CBN) has pegged maximum cash withdrawal per week via Automated Teller Machine (ATM) N100,000 subject to a maximum of N20,000 cash withdrawal per day. The new policy introduced by the Central Bank of Nigeria revealed that banks would only load N200 notes and lower...

Global rating agency, Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of seven Nigerian banks and two bank holding companies (BHCs) to ‘B-‘ from ‘B’. The commercial lenders were downgraded because their standalone credit profiles are constrained by the sovereign rating due to their high sovereign exposure relative...

  The Monetary Policy Committee of (MPC) of the Central Bank of Nigeria (CBN) has hiked monetary policy rate to 16.5 per cent from 15.5 per cent while all other parameters remained unchanged. The CBN Governor, Godwin Emefiele, disclosed this at the apex bank’s Monetary Policy Committee monthly meeting in...

  The Central Bank of Nigeria (CBN) has restated its commitment to preserving the integrity of the naira whilst protecting the unbanked, underserved and rural areas of the country. This is as the Lagos Chamber of Commerce and Industry (LCCI) has urged the CBN to consider redesigning the lower denomination...