Tag: CBN

CBN increases interest rate to 24.75%

CBN increases interest rate to 24.75% The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, from 22.75 percent to 24.75 percent.   CBN governor, Olayemi Cardoso, made the rate adjustment announcement at a news conference on Tuesday during[Read More…]

CBN Slashes Customs Exchange Rate by 1.5%

CBN Slashes Customs Exchange Rate by 1.5%   For the second time in seven days, the Central Bank of Nigeria (CBN) has slashed the exchange rate for computing Customs duties at the nation’s seaports and airports from N1,617.96/$1 to N1,593.41/$1 representing 1.5% reduction. The slash, analysts argued, was as a[Read More…]

CBN to sanction Microfinance banks over late submission of monthly returns

CBN to sanction Microfinance banks over late submission of monthly returns The Central Bank of Nigeria has threatened to sanction development finance institutions, primary mortgage banks, and microfinance banks regarding the timely submission of their statutory monthly returns through the Financial Institutions Returns Automation (FinA) application. The Apex Bank gave[Read More…]