CBN’s Interest Rate Hike Sparks Fears Of Higher Inflation-Weaker Naira
The Labour Movement and the Organised Private Sector have expressed concerns over the recent hike in Nigeria’s interest rate to 27.50% by the Central Bank of Nigeria (CBN). The groups predict higher inflation and a weaker naira, citing the potential negative impacts on production, investment, and employment. The CBN’s decision aims to combat inflation, which […]
National Assembly Pass Bill To Increase CBN Loan Limit to Federal Government
On Wednesday, both the Senate and the House of Representatives passed a bill allowing the Central Bank of Nigeria (CBN) to increase its lending to the Federal Government through the Ways and Means facility. The legislative move raised the allowable credit from the CBN from 5% to 10%. The Senate modified the CBN Act to […]
NNPCL, CBN, Minister: Economic Recovery for Nigeria Just Around the Corner
The main drivers of Nigeria’s economy met with the Finance Committee of the National Assembly yesterday and declared that the ailing economy was getting revitalized based on emerging indicators. Also, the Group Executive Officer of NNPCL, Mele Kyari, has said the Port Harcourt refinery would start production by early next month, August, which will be […]
Banks’ Weekly Borrowing From Cbn Jumps To N5.38trn On Liquidity Demand
Deposit Money Banks’ borrowing from the Central Bank of Nigeria (CBN) in the first five days of July 2024 hit an all-time high of N5.38 trillion. This represents a 245 percent increase from N1.56 trillion borrowed by banks in the first five days of June 2024. Year-on-year, it marks a 202 percent rise from N1.78 […]
Only old N200 notes will remain legal tender – Buhari
President Muhammadu Buhari has approved old 200 naira note to remain legal tender till April 10 2023. Buhari made this declaration in a national broadcast to Nigerians on Thursday. He said: “To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be […]
Old naira notes illegal tenders – CBN
The Central Bank of Nigeria saus old N200, N500 and N1,000 notes are no longer legal tender. This despite a Supreme Court order barring the apex bank from implementing the February 10 expiration date for the old notes. CBN’s branch controller in Bauchi, Haladu Idris Andaza, disclosed this to journalists on Monday, Peoples Gazette reports. […]
CBN extends old notes deadline
The Central Bank of Nigeria (CBN) has announced the extension of the deadline for the exchange of old naira notes by 10 days. The apex bank said Nigerians will also be able to deposit their old notes directly with the CBN until February 17, 2023. Godwin Emefiele, the CBN governor, in a statement on Sunday […]
Court stops DSS from arresting Emefiele
CBN announces new cashless policy, limits withdraw for individuals, companies
CBN announces sale of Polaris Bank to (SCIL)
CLO calls for revolution as CBN no longer safe to keep election materials
CSO asks INEC to relocate election materials from CBN to police headquarters
