The Central Bank of Nigeria (CBN) has categorically denied any intentions to redenominate Nigeria’s currency, the naira. This clarification came from Isa AbdulMumim, CBN’s Director of the Corporate Communications Department, in a statement issued on Tuesday in Abuja. There has been a circulation of social media messages suggesting that the CBN is considering the redenomination Read More…
MPR is now 15.5% The Monetary Policy Rate (MPR) has been raised from 14 per cent to 15.5 per cent on Tuesday in a bid by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to stem increasing inflation. The committee had increased the MPR by a total of 250 basis points Read More…
Independence Day, 1st October 2021, is the day that the Central Bank of Nigeria (CBN) has set aside as the day the new digital currency will be rolled out. According to the Director of Information Technology, Central Bank of Nigeria (CBN), Rukiya Mohammed, the apex bank has concluded plans to launch the Central Bank Digital Read More…
In what can be termed a peculiar legal case, an Abuja-based businessman, Sesugh Akume, has filed a suit at the Federal High Court, Abuja, asking the court to determine whether the Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele and the apex bank itself, have not been grossly incompetent by failing to provide price Read More…
The Central Bank of Nigeria (CBN), has directed all banks operating in the country to always observe strict compliance with SWIFT Universal Confirmation Requirements. The directive was outlined in a circular issued by Mr Sam Okojere, CBN’s Director, Banking Services Department. Okojere directed all SWIFT customers to provide information on the outcome of all their Read More…
The Central Bank of Nigeria (CBN) on Monday announced reduction of the Monetary Policy Rate (MPR) from 12.5 per cent to 11.5 per cent. Mr Godwin Emefiele, the CBN Governor made the announcement while presenting the communiqué the 275th Monetary Policy Committee (MPC) meeting on Tuesday. Emefiele said that the decision to reduce the MPR was Read More…