Tag: CBN
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The Central Bank of Nigeria (CBN) through its Monetary Policy Committee (MPC)
The Central Bank of Nigeria (CBN) through its Monetary Policy Committee (MPC) has raised the interest rate by 50 basis points to 27.25% following the latest MPC report on Tuesday, 24th of September. Key changes:Commercial banks’ Cash Reserve Ratio (CRR) up by 500bps to 50%Asymmetric corridor now at +500/-100bps.
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296th Monetary Policy Committee – MPR Raised by 50 bps from 26.25% to 26.75%
On July 23, 2024, the Central Bank of Nigeria’s Monetary Policy Committee unveiled its latest measures on monetary tightening, aimed at curbing inflation. We’ve outlined the critical decisions and their potential effects. It’s crucial to stay updated on these developments to grasp their impact on our economy and your financial well-being.
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CBN Announces Policies to Boost Naira Liquidity for Foreign Remittance
The Central Bank of Nigeria (CBN) has unveiled a set of new measures aimed at enhancing local currency liquidity for the settlement of diaspora remittances. The key points from the circular dated June 24, 2024, are highlighted below: Note: IMTOs can now access Naira liquidity directly from the CBN or through their authorized dealer banks.…
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CBN brings back IMTO to the Foreign Exchange Market
The Central Bank of Nigeria (CBN) has announced a policy shift allowing International Money Transfer Operators (IMTOs) to resume sending foreign transactions directly through official channels. This move is expected to potentially increase recorded remittance inflows. By permitting IMTOs to sell foreign exchange on the NAFEM window, the CBN aims to achieve several objectives: CBN…
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A Historical Look at The Nigerian Currency
In the pre-colonial era, various items served as mediums of exchange across different cultures in Nigeria. These included cowries, manilas, beads, bottles, and salt, among others. The issuance of the first major currency in Nigeria occurred following the colonial ordinance of 1880, which introduced the Shillings and Pence as legal tender currency in British West…
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Important Highlights From MPC 295th Annual Meeting
The Monetary Policy Committee concluded its annual 295th meeting on the 21st of May, 2024. Certain financial decisions were made, and what are the implications of these decisions to Nigerians, investors, and business owners? The decisions of the Monetary Policy Committee (MPC) are as follows: What are the implications of these decisions? The CBN prioritizes…
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FG Halts the Implementation of Cybersecurity Levy
Tinubu’s decision to halt the implementation of the cybersecurity levy is a welcome relief for many Nigerians who were concerned about the financial burden it would bring. The introduction of this levy had raised questions about the sensitivity of the present administration towards the struggles of its citizens. The CBN on May 6, 2024, issued…
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Naira Declared World’s Best Performing Currency in April
On April 12, 2024, the Naira closed at N1,142/$, supported by frequent interest rate hikes and capital inflows. The Goldman Sachs Group has recently noted that the Naira has established itself as the world’s best-performing currency in April, with expectations of extending its reign despite ongoing policy management challenges by the Central Bank of Nigeria…
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CBN to Clear Forex Obligation Backlog in Two Weeks, Plans Clampdown on Illegal operators
Nigerian businesses from manufacturers to importers, who have been on a long queue for dollars may have cause to heave a sigh of relief as the Central Bank of Nigeria (CBN) has announced plans to clear foreign exchange (Forex) backlog obligations in the next two weeks. Acting Governor of the CBN, Adebisi Shonubi at a…