Meaning of MPR and how it is used in controlling money supply The MPR (Monetary Policy Rate) is the benchmark interest rate used by Financial Institutions to determine lending rates. When CBN increases the MPR, it becomes more expensive for individual and corporates to borrow from financial institutions and this will in turn slow down productive activities. This makes it …

The Central Bank of Nigeria (CBN) said it has released more old notes to Deposit Money Banks (DMBs) as it steps up efforts to flood the economy with more cash after a prolonged cash crunch that has made life difficult for millions of Nigerians and residents. Last Thursday, the CBN had begun the release of billions of Naira to DMBs. …

Commercial banks have been directed to open for operation on Saturdays and Sundays as part of a coordinated effort to ease circulation of Naira of all denominations. The directive, which was announced on Friday by the Acting Director of Corporate Communications at the Central Bank of Nigeria (CBN), Dr. Isa AbdulMumin, came as the apex bank confirmed the evacuation of …

The House of Representatives has urged the Central Bank of Nigeria (CBN) to direct banks to immediately revamp their electronic transaction platforms. According to the House, the move has become necessary in the aftermath of the recent CBN policies, which have put pressure on online and electronic banking. The CBN had set lower limits for cash withdrawal and redesigned the …

The Central Bank of Nigeria (CBN) has scheduled the next Monetary Policy Committee (MPC) meeting between Monday and Tuesday next week. In a Tuesday notice shared on Twitter, the apex bank said the 290th meeting would be held at the CBN Headquarters in Abuja. The MPC is the highest policy making committee of the apex bank with the mandate including …

Ten days after the Supreme Court ruled that old Naira notes should co-exist with new ones till the end of the year, the Central Bank of Nigeria (CBN) has now complied with the order. On Monday evening, the CBN issued a statement that the old N200, N500, N1,000 banknotes remain legal tender till 31 December 2023 in compliance with the …

The fate of the old Naira notes – N200, N500 and N1,000 – hangs in the balance as the Presidency said on Monday that President Muhammadu Buhari did not direct either the Attorney General of the Federation or the Governor of the Central Bank of Nigeria (CBN) to disobey any court orders. And this is as the CBN itself said …

An investigative medium, PREMIUM TIMES has called for the arrest and prosecution of the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele over the lingering Naira crisis. In an editorial titled: CBN, the rule of law and Nigerian democracy, the newspaper faulted the apex bank for failing to adhere to the ruling of the Supreme Court on …

Total assets of the banking industry grew by N14.36 trillion or 24.24 percent from N59.24 trillion at the end of December 2021 to N73.59 trillion in the corresponding period of 2022. The Central Bank of Nigeria (CBN) disclosed this in the personal statement made by the Deputy Governor, Financial System Stability Directorate, Aishah Ahmad, at the last Monetary Policy Committee …

The Central Bank of Nigeria (CBN) has announced the development of new and enhanced features for the eNaira to address challenges faced by unbanked Nigerians. The initiative allows customers to utilise the Unstructured Supplementary Service Data (USSD) code *997*50# to perform all banking transactions. Additionally, customers can fund their eNaira wallets with vouchers purchased with cash, like recharge cards or …