The House of Representatives on Thursday approved an additional N1 trillion in Ways and Means advances for the implementation of the 2022 Supplementary Appropriation Act as passed by the Nation Assembly. The Ways and Means provision allows the government to take loans from the Central Bank of Nigeria (CBN). This followed the consideration of the report of the House Committees …

The Central Bank of Nigeria (CBN) has said that there are no plans to phase out the redesigned Naira notes from circulation, according to a statement on Sunday by its Acting Director of Corporate Communications, Isa AbdulMumin. The statement was a reaction to a viral news on social media that the apex bank was contemplating the withdrawal of the recently redesigned …

Amid the growing debt burden, the Central Bank of Nigeria’s Net Domestic Credit rose to N70.6 trillion in March from N70.2 in February. The figure represented 0.56 per cent on a monthly comparison. Data from the Central Bank of Nigeria’s Money and Credit statistics released on Friday showed that the credit to the government and private sector resulted in a …

The Central Bank of Nigeria (CBN) has approved the appointment of Akinola George-Taylor as the new Managing Director and Chief Executive Officer of Heritage Bank. The regulatory authority’s approval came six months after the bank appointed George-Taylor as acting managing director following the retirement of Ifie Sekibo. In a statement made on Sunday, the Group Head of Corporate Communications at …

Nigerians seeking employment in the Central Bank of Nigeria (CBN) have been warned against falling prey to online scammers advertising job applications. The Punch reports that the apex bank disassociated itself from a fake recruitment portal purportedly hiring employees for the bankers’ bank. In a statement issued on Thursday, April 13, by the acting director of Corporate Communications, Isa AbdulMumin, the …

The International Monetary Fund (IMF) has urged the Central Bank Nigeria (CBN) to continue to tighten monetary policy rates to rein in inflation. The IMF Director of Research Department, Pierre-Oliver Gourinchas said this while releasing the World Economic Outlook report at the ongoing IMF/World Bank Spring meetings in Washington DC. The fund in its World Economic Outlook (WEO) ‘A Rocky …

Governors of the 36 states of the federation are to meet on Tuesday with the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related offences Commission (ICPC) on how to manage their states’ security votes. Attempts to get governors to react to the implication of the meeting for their states last night proved abortive, as …

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 …