April 13, 2021
  • April 13, 2021

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CBN slashes interest rate on SMEs intervention fund to 5%

by on September 5, 2020 0
The Central Bank of Nigeria (CBN) has slashed the interest rate on its target N100 billion intervention fund to 5 percent from 9 percent as part of initiatives to enable Micro, Small and Medium Enterprises (MSMEs) to survive the COVID-19 pandemic and beyond. The regulatory bank’s director of Development Finance. Yusuf Philip Yila who... Read More

CBN to boost gas production by N10 bln facilities at 5% interest ~New guidelines

by on September 5, 2020 0
By Samuel Bankole The Central Bank of Nigeria (CBN) has set conditions for its intervention in the country’s gas development projects through both manufacturing, distributions and retailing enterprises. In the guidelines released this week, the regulatory bank said it will lend a maximum of N10 billion at 10-year tenor credit to Manufacturers, Processors, Wholesale... Read More

CBN confirms resumption of dollar sales to FPI, naira firms

by on September 2, 2020 0
The Central Bank of Nigeria (CBN) has confirmed that it intervened in the Investors and Exporters (I&E) window to prompt the appreciation of the local currency, hitting hard speculators on the domestic foreign exchange market. In a statement late Wednesday, the regulatory bank said Prior to its renewed intervention in the I&E window on... Read More

Nigeria’s naira appreciates to N430/$ on parallel market

by on September 1, 2020 0
By Samuel Bankole Nigeria’s naira currency strengthened against the dollar on the parallel market on Tuesday to N430 to the greenback from N445 per dollar the previous day, traders said. The rapid gain in the local currency was linked to the recent announcement by the Central Bank of Nigeria (CBN) to resume dollar sales... Read More

Feature: Expanding the frontiers of financial services

by on September 1, 2020 0
By Elvis Eromosele “This is precisely the sort of thing that we need financial inclusion to mean in Nigeria – to help to reduce poverty.” Alake Suleman is 45 years old, he is popularly referred to as Baba Kareem. He is the definition of a journeyman. He is a certified ‘labour’ on construction sites,... Read More

Emefiele to address bankers at banking conference on Sept 15

by on August 30, 2020 0
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele is expected to speak at this year’s banking and finance conference with the theme: “Facilitating a Sustainable Future: The Role of Banking and Finance” to hold in Lagos and Abuja on September 15-16, simultaneously via teleconferencing. According to a statement by the Chartered Institute of... Read More

CBN issues first Payment Bank licence to 9mobile subsidiary

by on August 29, 2020 0
The Central Bank of Nigeria (CBN) has issued the first Payment Service Bank (PSB) licence to a subsidiary of 9Mobile telecommunications, according to the telecoms firm on Saturday. The new payment bank is to be known as 9PSB and may commencement operations with its *990# payment service banking platform, the telecoms firm said. READ... Read More

Nigeria’s naira gains 1.35% at official market to N181/$

by on August 28, 2020 0
Nigeria’s naira currency appreciated by 1.3 percent against the dollar on the official market on Friday, after the Central Bank of Nigeria (CBN) said it will resume dollar sales to the Bureau de change operators from September 7, 2020. The naira opened for trade at 385.50 per dollar on the official market and later... Read More

CBN stipulates N5 bln capital base for Payment Service Bank

by on August 27, 2020 0
By Samuel Bankole The Central Bank of Nigeria (CBN) on Thursday rolled out an amended guideline for the establishment of Payment Service Banks (PSBs) to provide banking service in the rural areas of the country. In the guidelines, the CBN stipulates a minimum of N5 billion capital base for the promoters of the PSBs,... Read More