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Nigeria
CBN Shocks Markets: Raises MPR to Record 24.75%, Businesses and Consumers to Face Higher Loan Costs
After its 294th meeting, the Central Bank of Nigeria (CBN) has made a bold move by increasing the Monetary Policy Rate (MPR) by 200 basis points to an unprecedented 24.75%.
Led by CBN Governor Yemi Cardoso, this decision underscores the bank's unwavering commitment to combating inflationary...
Africa
MainOne Announces Eight-Week Repair Timeline for Subsea Cable After West Africa Internet Outage
MainOne, a key player in digital infrastructure services, has disclosed that the repair process for the recently damaged subsea cables, causing widespread internet disruptions in Nigeria and other West African countries, will extend up to eight weeks. The outage, which occurred on March 14...
The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N640 per litre to N630 per litre.
This decision aims to alleviate the financial burden on consumers amidst concerns over escalating...
Amidst Nigeria's evolving economic landscape, the Central Bank of Nigeria (CBN) has taken significant steps to bolster liquidity in the foreign exchange market, signaling a potential shift in the nation's currency dynamics.
In a recent circular addressed to Bureau De Change operators (BDCs)...
Former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, criticized the notion of aiming for a Naira to Dollar exchange rate of N400, stating that such expectations are unrealistic.
Moghalu emphasized the importance of the exchange rate reflecting its true market value, rather...
The Central Bank of Nigeria (CBN) has revealed that as of September 2023, thirty-one state governments collectively owe a staggering sum of N339.9 billion.
This debt stems from funds acquired to cover workers' salaries between 2015 and 2023, facilitated through the Salary Bailout Facility...
Nigeria
New Regulation Requires Bank Customers to Present 3-Year Tax Clearance for Dollar Purchases Starting April 1
Nigerian banks have implemented a new requirement for customers seeking forex transactions through Form A, demanding the submission of the last three years' tax clearance certificates (TCC). Standard Chartered Bank notified its customers via email, confirming this mandate effective from April 1...
As March unfolds with global celebrations of women's contributions across various domains, it's imperative to highlight the remarkable achievements of female leaders in Nigeria's banking sector. Presently, ten women hold the prestigious positions of Managing Directors and Chief Executive...
The Central Bank of Nigeria's recent interventions have spurred a remarkable recovery for the Naira, with the currency appreciating to N1,382.35/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
This surge marks a significant gain from its previous rate of N1,536.83/$, showcasing...
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Jeff Bezos, the pioneering founder of Amazon, has eclipsed Bernard Arnault to claim the coveted title of the world's wealthiest individual.
According to the latest data from the Bloomberg Billionaires Index, Bezos now commands an unprecedented net worth of $201 billion, marking...
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