On Wednesday, the Central Bank of Nigeria (CBN) implemented a hike in its benchmark lending rate from 18 percent to 18.5 percent, aiming to combat inflationary pressures. During a two-day meeting in Abuja, the Monetary Policy Committee (MPC) of the CBN, chaired by Governor Godwin Emefiele, made this decision. Additionally, the MPC opted to maintain the asymmetric corridor around the Monetary Policy Rate (MPR) at +100 and -700 basis points. The primary motivation behind the MPC's choice to raise the lending rate was the escalating infl
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The Central Bank of Nigeria (CBN) says no plans to phase out the redesigned Naira notes from circulation. CBN’s Acting Director, Corporate Communications Department, Isa AbdulMumin, made this known in a statement in Abuja on Sunday. The statement was a reaction to a viral news on social media that the apex bank was contemplating the withdrawal of the recently redesigned N1,000 N500 and N200 currency banknotes from circulation. The statement was a reaction to a viral news on social media that the apex bank was contemplating the withdrawal of
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BankingHeadlinesthTV
Naira Redesign: Anambra residents decry sudden disappearance of new N200, N500, N1,000 notes
Barely one month after the reintroduction of old N200, N500 and N1,000 notes, some residents of Anambra have decried the unavailability of the new notes in many banks in the state. Some of them told the News Agency of Nigeria (NAN) in Awka on Monday that they hardly complete transactions with new naira notes because they were not available. This is even after the old currencies had been mopped up from circulation by the Central Bank of Nigeria (CBN) and unavailable for use by citizens for about two months before they were officially pumped in
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BankingPress Release
eco.business Fund and Fidelity Bank Form New Partnership to Expand Access to Finance for Agribusinesses in Ghana
The partners aim to promote sustainable practices across multiple food value chains ACCRA, Ghana, August 31, 2022/ -- The eco.business Fund (www.ecobusiness.Fund), an impact investment fund advised by Finance in Motion, has made its first investment in Ghana, extending USD 15 million to Fidelity Bank. The senior loan will be on-lent to a wide range of agribusinesses that cover the entire value chain - from food production to logistics and supply chains across domestic staples and export crops – while promoting production and consumption practi
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BankingPress Release
2022 Africa Climate Week: Experts Discuss Africa’s Needs and Priorities Ahead of Conference of Parties 27 (COP27)
More than 1200 delegates attended the 2022 Africa Climate Week event, which opened in Libreville, Gabon on Monday, 29 August LIBREVILLE, Gabon, August 31, 2022/ -- Amid a call for urgent action to safeguard the continent from climate change, Gabon’s President Ali Bongo Ondimba opened the 2022 Africa Climate Week by highlighting his country’s efforts to boost climate action and calling for continuous collective efforts. “For more than ten years, we have intensified our efforts to protect our remarkable forestry heritage and build a low-c
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