central bank of nigeria

Nigeria’s apex bank, the  Central Bank of Nigeria (CBN) has ordered banks in the country to pay savings deposit accounts an interest rate of at least 4.2%, an increase from the 1.4% previously received. This was made known in a circular dated August 15, 2022, titled “Review Of Interest Rate On Savings Deposits” and signed […]

The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate (monetary policy rate) to 14% from 13%, being the second hawkish move by the apex bank in 2022 following the rising rate of inflation. This was disclosed by the Governor of the CBN, Godwin Emefiele, while reading […]

The Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria in its efforts to enhance data sharing across the banking and payments system to promote innovations and broaden the range of financial products and services available to bank customers. This was disclosed in a recently released circular titled ‘Operational guidelines for open banking […]

The Central Bank of Nigeria (CBN) has developed guidance on anti-money laundering/combating the financing of terrorism (AML/CFT) for other financial institutions (OFIs). In a circular signed by Chibuzo Efobi, director, financial policy and regulation department, this is to assist the sub-sector in the identification, assessment, as well as mitigation of money laundering and terrorist financing […]

The Federal Government of Nigeria has recorded a N2.23tn fiscal deficit in the fourth quarter of 2021. This was revealed by figures obtained from the Central Bank of Nigeria’s (CBN) economic report for the fourth quarter of 2021. The report stated, “Federation receipts in the fourth quarter of 2021 declined, following shortfalls in oil revenue. At N2.84tn, provisional […]

The Central Bank of Nigeria(CBN) through its Financial Services Regulation Coordinating Committee (FSRCC) has advised Nigerians to stop dealing with unlicensed or illegal financial operators in the country. The CBN through FSRCC gave the advice in a statement posted on its website on Monday. It is said that the illegal financial operators lure and defraud […]

The Central Bank of Nigeria has expressed concern over the increasing amount of mutilated banknotes deposited with the apex bank by Deposit Money Banks. To this end, the CBN has warned banks to stop including composed currency notes in their deposits or risk paying a penalty of 400 per cent of the value of the […]


Broadstreet

Current track

Title

Artist

Background