HomeCategory

CBN

CBN increases MPR from 24.75% to 26.25% to conquer inflation

The MPR is the rate at which commercial banks borrow from the economy and often determines the cost of funds. In an ongoing effort to lower inflation, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided on Tuesday to increase both the benchmark interest rate and the MPR by 150 basis points, from 24.75 percent to 26.25 percent The MPR is the rate at which commercial banks borrow from the economy...

BREAKING: CBN makes u-turn, withdraws circular on cybersecurity levy

The CBN directed all commercial banks to forgo the initial circular, in line with the presidential directive. The Central Bank of Nigeria (CBN) has withdrawn the circular it issued to all commercial banks on May 6, 2024, directing them to impose a mandatory deduction of 0.05 per cent from each electronic transaction as a cybersecurity levy. The apex bank announced this in a revised circular dated May 17, 2024. The circular which was later accessed...

“I collected dollars in cash for Emefiele”, dispatch testifies in court

Osazuwa narrated how he had helped Emefiele pick up $1m, $850,000, $750,000, $400,000 on different occasions. In the ongoing trial concerning alleged abuse of office, Monday Osazuwa, an employee of the Central Bank of Nigeria (CBN), has testified against Godwin Emefiele, a former governor of the Central Bank of Nigeria (CBN). At the high court in Ikeja, Lagos, Emefiele and his co-defendant, Henry Omoile, are presently on trial for a 26-count accusation. Nonetheless, the duo...

Senate set to summon Emefiele over N30trn ‘Ways And Means’  

The Deputy Governor of CBN Corporate Services, Bala Bello expressed remorse for the lack of oversight provided by the CBN’s previous administration and assured lawmakers that the new administration was making every effort to collect unpaid loans. The Senate has announced that should the current leadership of the Central Bank of Nigeria (CBN)  fail to offer necessary explanations, it will invite Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), to explain...

Urum Kalu Eke rejects Tinubu’s CBN Board appointment

According to Eke, it was as a result of his current job role as a Consultant to the World Bank which was conflicting with the appointment. A nominee for the Central Bank of Nigeria (CBN) Board, Urum Kalu Eke, has rejected the appointment of President Bola Ahmed Tinubu. The nominee’s rejection of the appointment was revealed following the presentation of a report by the Committee on Banking, Insurance and Other Financial Institutions presented by its...

FIRS boss condemns Tax Credit policy on Road Construction 

The Nigerian National Petroleum Company Limited (NNPCL) cleared the air on a $3.3billion loan secured for CBN The Chairman of the Federal Inland Revenue Service (FIRS), Zacheus Adedeji has condemned a three-year-old N2.59 trillion Tax Credit Scheme, which was implemented for nationwide road construction by the administration of former President Muhammadu Buhari.  This is in response to the Nigerian National Petroleum Company Limited (NNPCL), one of the key Tax Credit Scheme executors, clearing the air...

Tinubu seeks confirmation of Tadese as NPC Commissioner, Directors of CBN

President Tinubu also sought expeditious consideration and approval of the request of Tadase. President Bola Tinubu has requested the Senate’s confirmation of Hon Amidu Tadese Raheem from Osun State as Commissioner of the National Population Commission (NPC). This request was made in a letter sent to the Senate Following the provisions of sections 154 (1) of the Constitution of the Federal Republic of Nigeria, 1999 as amended. In the letter read by the President of...

Inflation: “Efforts to stabilise Forex are yielding results” – Cardoso

CBN Governor, Cardoso has assured that efforts by the Apex bank will seek to minimise the distortion that high exchange has on inflation. The Central Bank of Nigeria (CBN) has disclosed that its efforts to stabilise foreign exchange rates to ease the economic situation in the country are beginning to yield results. The CBN governor, Olayemi Cardoso, who disclosed this during an interactive session with the Joint Senate Committee on Finance, Banking, Insurance and Financial...

Senate grills CBN Governor over inflation in the Country

The Joint Economic Team of the Senate consisting of the Committees on National Planning and Economic Affairs, Banking Insurance and Other Financial Institutions, Appropriations, and Agriculture had an interactive session with the officials of the Central Bank of Nigeria (CBN) led by Governor Yemi Cardoso. The Senate has questioned the Central Bank of Nigeria (CBN) concerning the increased economic challenges currently facing the country as they voiced concern about the plan to import food to...

CBN Relocation: Ndume clears air, urges apex bank to focus on monetary stability, inflation

Ndume said he doesn’t speak for the North, nor Northern senators, but in the interest of Nigerians and President Tinubu who he has enormous respect for. Senator Mohammed Ali Ndume (APC, Borno South), has stated that he has no resentment for opposing the move by the Central Bank of Nigeria (CBN) to relocate some of its units from the Abuja headquarters to Lagos State as his intervention was based on reality and the irrelevance of...

Please email us - contents@orderpaper.ng - if you need this content for legitimate research purposes. Please check our privacy policy

  • JOIN OUR COMMUNITY

  • JOIN OUR COMMUNITY
    Close