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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