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CBN Rates Nigeria Banking System Strong, Despite Some Banks’ Liquidity Challenge

The Central Bank of Nigeria (CBN) has rated the Nigerian banking system very strong with bright outlook  despite failure by some to pass the liquidity requirement used in its latest stress test conducted in the sector. In its latest Financial System Stability 2018 report, the apex bank reported in the stress test conducted recently, seven […]

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Why We Introduced New Monetary Policy Measures – Emefiele

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Friday made elaborate clarifications on why the apex bank came up with sundry monetary policy measures in recent weeks, saying that the steps are intended to sustain transparency in  financial system transactions, deepen financial inclusion and give the cashless policy a new […]

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CBN Retains 13.5% MPR, Promises To Intensify Financial Inclusion Drive

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) rose from its two-day meeting in Abuja on Friday with a decision to retain all the key benchmark interest rates. Specifically, the committee retained the Monetary Policy Rate (MPR) at 13.5 percent and other lending rate indices, including the asymmetric corridor around the […]

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CBN Releases New Regulation On E-Payments, Collections For Private, Public Sectors

The Central Bank of Nigeria (CBN) has released a new regulatory template guiding all forms of electronic payments and collections for public and private sectors in the country. The apex bank stated that the monetary policy measure, which was taken furtherance of its powers under enabling Act 2007, was a revision of the Guidelines on […]

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Reps Summon Emefiele, Idris Over Alleged N33Bn Pension Scam

The House of Representatives on Thursday summoned the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to appear before it over alleged discrepancies in N33 billion pension deductions remittance by National Pension Commission (PenCom). The lower chamber of the Legislature also asked the Accountant-General of the Federation (AGF), Ahmed Idris, to appear with […]

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Licensed Microfinance Banks Decline To 898 In February – CBN

The Central Bank of Nigeria (CBN) late Thursday reported that the total number of Micro Finance Banks (MFBs) licensed to provide micro finance services nationwide stood at 898 on February 13, 2019. As at February last year, the number of microfinance banks in the country stood at 1,008, representing a growth of three percent  when […]

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MPC Retains MPR At 14%, Other Rates

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) concluded its two-day meeting in Abuja on Thursday, retaining key monetary interest rates. Specifically, with all the 11 members of the committee voting in concurrence, the MPC retained  the MPR benchmark rate at 14 percent and retained the asymmetric corridor at +200 and […]