cbn
Again, CBN Jacks Up Interest Rate To 27.25 Percent
The Central Bank of Nigeria (CBN) has announced an increase in the Monetary Policy Rate (MPR) by 50 basis points, raising it from 26.75% to 27.25%. This decision was made during the 297th meeting of the Monetary Policy Committee (MPC) held in Abuja. In addition to the MPR adjustment, the committee decided to retain the […]
The post Again, CBN Jacks Up Interest Rate To 27.25 Percent appeared first on Naija News.
The Central Bank of Nigeria (CBN) has announced an increase in the Monetary Policy Rate (MPR) by 50 basis points, raising it from 26.75% to 27.25%.
This decision was made during the 297th meeting of the Monetary Policy Committee (MPC) held in Abuja.
In addition to the MPR adjustment, the committee decided to retain the asymmetric corridor at +500 and -100 basis points. The cash reserve ratio has also been raised from 45% to 50%, reflecting a commitment to further tighten monetary policy.
CBN Governor, Olayemi Cardoso, addressing the press after the meeting, emphasized that the committee’s decision was unanimous, highlighting the urgency of curbing inflation and stabilizing the economy amidst ongoing challenges.
He added, “The MPC decided to retain the asymmetric corridor around the MPR at plus 500 to minus 100 basis points. It also raised the Cash Reserve Ratio of deposit Money banks by 500 basis points to 50 per cent from 45 per cent and merchant banks by 200 basis points to 16 per cent from 14 per cent and retain the liquidity ratio at 30 per cent.”
Financial experts had anticipated that the CBN would either hold or lower interest rates following two consecutive months of declining headline inflation.
The post Again, CBN Jacks Up Interest Rate To 27.25 Percent appeared first on Naija News.
cbn
Grey List: ‘Naira Returns Stronger Against US Dollar’
Naira has recorded its strongest performance in 10 months, rising to ₦1,444.42 against the United States Dollar ($) at the official market. Naija News reports that the development comes following Nigeria’s removal from the Financial Action Task Force (FATF) grey list, a decision analysts say has triggered renewed investor confidence and stronger market inflows. Data […]
The post Grey List: ‘Naira Returns Stronger Against US Dollar’ appeared first on Naija News.
Naira has recorded its strongest performance in 10 months, rising to ₦1,444.42 against the United States Dollar ($) at the official market. Naija News reports that the development comes following Nigeria’s removal from the Financial Action Task Force (FATF) grey list, a decision analysts say has triggered renewed investor confidence and stronger market inflows. Data […]
The post Grey List: ‘Naira Returns Stronger Against US Dollar’ appeared first on Naija News.
Business
Naira To Dollar Today: Naira Holds Firm At Official Window, Hits ₦1,515 On Black Market
The Naira remained stable at the official Nigerian Foreign Exchange Market (NFEM) on Friday, October 24, even as the local currency continued to trade weaker at the parallel (black) market, widening the gap between the two exchange rates. Naija News reports that at the Investors’ and Exporters’ (I&E) window, the dollar was quoted around ₦1,460 […]
The post Naira To Dollar Today: Naira Holds Firm At Official Window, Hits ₦1,515 On Black Market appeared first on Naija News.
The Naira remained stable at the official Nigerian Foreign Exchange Market (NFEM) on Friday, October 24, even as the local currency continued to trade weaker at the parallel (black) market, widening the gap between the two exchange rates. Naija News reports that at the Investors’ and Exporters’ (I&E) window, the dollar was quoted around ₦1,460 […]
The post Naira To Dollar Today: Naira Holds Firm At Official Window, Hits ₦1,515 On Black Market appeared first on Naija News.
ATM
CBN Orders Banks To Refund Failed ATM Transactions Within 48 Hours
The Central Bank of Nigeria (CBN) has directed Deposit Money Banks and other financial institutions to refund customers within 48 hours for failed Automated Teller Machine (ATM) transactions, in a sweeping reform aimed at restoring public confidence in the banking system. The directive is contained in a draft guideline released on Saturday, titled “Exposure of […]
The post CBN Orders Banks To Refund Failed ATM Transactions Within 48 Hours appeared first on Naija News.
The Central Bank of Nigeria (CBN) has directed Deposit Money Banks and other financial institutions to refund customers within 48 hours for failed Automated Teller Machine (ATM) transactions, in a sweeping reform aimed at restoring public confidence in the banking system. The directive is contained in a draft guideline released on Saturday, titled “Exposure of […]
The post CBN Orders Banks To Refund Failed ATM Transactions Within 48 Hours appeared first on Naija News.
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