CBN hikes interest rate amid inflationary pressures
The Central Bank of Nigeria (CBN) has once again tightened Monetary Policy Rate (MPR), increasing the interest rate by 50 basis points to 26.75 percent. The move is aimed at…
CBN denies revocation rumours for Fidelity, Polaris, Wema, Unity Banks
The Central Bank of Nigeria (CBN) has refuted allegations that it is contemplating the revocation of operating licences for Fidelity, Polaris, Wema, and Unity Banks. This clarification came amidst concerns…
Heritage Bank customers to be repaid within a week – NDIC assures
The Nigerian Deposit Insurance Corporation has reassured Heritage Bank depositors that there’s no cause for alarm, as it is actively repaying them. Bello Hassan, NDIC’s Managing Director, shared this during a press…
CBN denies plans to revoke Unity, Polaris, Keystone banks’ licence
The Central Bank of Nigeria (CBN) has announced that it has no plans to revoke the licences of Unity, Polaris, and Keystone banks. This statement came in response to online…
Why we revoked licence of Heritage Bank- CBN
The Central Bank of Nigeria (CBN) said it has revoked the licence of Heritage Bank Plc with immediate effect following the failure of the Management of the company to improve…
Inflation rises to 33.20% in March, says NBS
The National Bureau of Statistics (NBS) Monday, April 15, said the inflation rate increased from 31.70% in February 2024 to 33.20% in March 2024. According to the Bureau in its…
Naira continues recovery, gains 7.2% against dollar
The exchange rate of Nigeria’s currency, the Naira has continued to appreciate to the dollar in response to the fiscal and monetary policies of President Bola Tinubu’s administration. According to…
Naira appreciates at official market, trades at N1,278.58/$
Naira has continued to gain tremendously at the official market, trading at N1,278.58 to a dollar on Tuesday. Data from the official trading platform of the FMDQ revealed that the…
CBN asks Nigerian banks to raise capital base
The Central Bank of Nigeria (CBN) has announced new minimum capital requirements for all banks operating in the country, the spokesperson for the apex bank, Hakama Sidi-Ali said in a…
CBN jacks up interest rate to 24.75%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday jacked up interest rate to 24.75 per cent. The apex bank hikes the rate from 22.75…