The Monetary Policy Committee of the Central Bank of Nigeria Tuesday announced a significant increase in its benchmark lending rate by 400 basis points to 22.75 per cent Economists and policy analysts have expressed concern about the recent actions taken by the Central Bank of Nigeria concerning the benchmark interest rate and other monetary policy […]
Tag: Banking and Insurance
Mr Emefiele said that the CBN had always been supportive of INEC in whatever way possible to ensure that it delivered on its mandate of ensuring hitch-free elections. The Central Bank of Nigeria (CBN) says the naira re-design won’t affect the 2023 general election, as it will provide the required cash and other support needed […]
While all our attention is focussed on the forthcoming Nigerian presidential elections, events of global proportions are shaping up elsewhere in the world. Since time will not wait for anyone, and considering that we all have to live with the consequences of those other events whether we pay attention or not, the wise thing to […]
THE Bank of Namibia has declared a flat N$413,7 million dividend to the state for the 2022 financial year. This will be distributed from the N$772 million net profit which the bank earned for the year – while the rest of the funds will be channeled to the general reserve, the development reserve and the […]
The scarcity is driving Nigerians in droves to sign up for digital and electronic banking services Nigeria is riding on the back of a cash crunch, which the central bank said resulted from the move to mop up excess cash from circulation, to hasten its shift to a cashless economy. The apex bank’s push to […]
Kampala, Uganda — Uganda Development Bank, the country’s national development finance institution has reported a 52% surge in loan portfolio to Shs1.2trillion for the year ended December 31, 2022, signalling increased appetite for long-term loans. Similarly, the lender’s assets grew by 19% from Shs 1.21 trillion to Shs 1.44 trillion on account of growth in […]
African Development Bank (AfDB), Islamic Development Bank (IDB) and the International Fund for Agricultural Development have voted $1billion to deliver special agro-industrial processing zones in 24 States of Nigeria. This is in addition to an initial $520 million voted by the development partners for the development of eight special agro-industrial processing zones in the country. […]
The lack of Nigeria’s seriousness in the fight against corruption is epitomised by the EFCC’s revival this January, of the N772 billion fraud cases of 13 former governors, who left office in 2007. There is evidence that a humongous sum of $4.5 billion in Nigeria’s Foreign Reserves could not be accounted for, after an audit […]