Tag Archives: CRR

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent. This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja. The new …

A new report by Agusto & Co. Limited has shown that in the 2020 fiscal year, the banking industry in Nigeria recorded a decline in electronic banking  (e-banking) income. In the report by the nation’s foremost research house and rating institution, it was stated that the drop was by 27.3 …

Data from Nigeria’s apex bank has shown that amid ease in the economy, commercial banks in Nigeria borrowed N9.97trillion from the Central Bank of Nigeria (CBN) between January and July 2021. The CBN financial data revealed that commercial and merchant banks, through the Standing Lending Facility (SLF), between January and …

The naira fell slightly to the dollar at the parallel market few hours after the Central Bank of Nigeria on Tuesday announced the discontinuity of forex supplies to the Bureau de Change Operators (BDCs) in the country. The CBN Governor, Godwin Emefiele, announced the end of forex sales and new …

Central Bank of Nigeria (CBN) has fined about 28 financial institutions a total sum of N1.4 trillion or $3.9 billion to reduce excess cash in the banking sector, curtail rising inflation and support the Naira. The central bank had raised Cash Reserve Ratio (CRR) by 500 basis points to 27.5 …