High Interest Rates Top Business Constraints, Says CBN

High-interest rates, unfavorable economic climate, and insufficient power supply have been identified as the major constraints to businesses in the country. The Statistics Department of the Central Bank of Nigeria said these in its ‘January 2020 business expectations survey report’. Part of the report read, “Respondent firms identified insufficient power supply (66.2 points), high-interest rates... Continue Reading →

Buhari Nominates Dr Kingsley Obiorah As CBN Deputy Governor

President Muhammadu Buhari has sent the name of Dr. Kingsley Isitua Obiora to the Senate for confirmation as Deputy Governor of the Central Bank of Nigeria. In a letter to President of the Senate, Ahmad Ibrahim Lawan, President Buhari said the nomination was in accordance with the provision of Section 8(1) (2) of the Central... Continue Reading →

CBN Disburses N611.5bn To Commercial Farmers

The total amount disbursed to farmers under the Commercial Agriculture Credit Scheme from inception in 2009 rose to N611.5bn as of the end of November 2019. According to Punch NG, The Central Bank of Nigeria disclosed this in its November 2019 economic report Part of the report read, “In November 2019, the sum of N1.07bn... Continue Reading →

BREAKING: CBN Drops ATM Withdrawal Fee To N35, Reviews Bank Charges

The Central Bank of Nigeria on Sunday reduced the withdrawal fee charged for the use of other banks’ Automated Teller Machines from N65 to N35. The N35 ATM fee according to the CBN should be imposed on customers after 3rd withdrawal within one-month Channels TV reports. Bank customers will henceforth pay N10 for each electronic... Continue Reading →

Senate Investigate N20 Trillion That Has Not Been Remitted Into Federation Account By CBN

The Senate has begun probe into the non-remittance of over N20 trillion into the Federation Account by Central Bank of Nigeria, CBN, an amount collected as stamp duties from Banks and Financial Institutions in the country. Consequently, the Upper Chamber yesterday mandated Senator Solomon Olamilekan Adeola led Senate Committee on Finance to carry out a... Continue Reading →

CBN Set To Raise LDR To 70% By 2020

The Central Bank of Nigeria will increase banks’ Loan to Deposit Ratio to 70 percent by 2020. The CBN Director, Banking Supervision Department, Mr. Hassan Bello gave the hint while speaking at the 2019 workshop for Finance Correspondents and Business Editors. The event which was organized by the Nigeria Deposit Insurance Corporation had as it’s... Continue Reading →

CSOs Fault Buhari’s Fresh $29.96bn Loan Request

Forty-two civil society organizations on Thursday raised concerns over Nigeria’s increasing debt profile, asking that efforts be made to stop the trend TODAY NG reports. They expressed worry that President Muhammadu Buhari again submitted to the National Assembly request for the approval  of $29.96bn loan under the 2016-2018 External Borrowing Plan at a time the... Continue Reading →

Sanction Banks Over Casual Workers, Reps Urge CBN

The House of Representatives has urged the Central Bank of Nigeria (CBN) to penalize commercial banks that fail to convert all casual workers to permanent staff without delay. The Green Chamber urged all commercial banks to convert all casual workers to permanent staff Daily Post reports. The resolutions followed the consideration of motion moved by... Continue Reading →

‘We Made No Demand For USSD Charges’- Banks Reveals As They Disown MTN

Nigerian banks have denied asking MTN to impose a new charge on customers for using the telecom firm’s access codes to conduct financial transactions. MTN on Sunday announced a N4 charge for every 20 seconds of using USSD bank codes, claiming it took the decision as requested by the banks Daily Post reports “Yello, as... Continue Reading →

Suspend Cashless Policy – House Of Reps Orders CBN

The House of Representatives has asked the Central Bank of Nigeria to suspend the charges imposed on cash deposits in the implementation of its cashless policy. The suspension, according to the federal parliament, should remain until the apex had made due consultations with all relevant stakeholders. Call for the suspension was contained in a motion... Continue Reading →

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