Tag: CBN

CBN raises interest rate to 18.5% after MPC Meeting

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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…

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Banking

No plans to phase out redesigned Naira notes – CBN

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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…

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