The Monetary Policy Committee of the Central Bank of Nigeria has maintained the benchmark interest rate at 27 per cent, extending its pause on monetary tightening. The CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at the end of the committee’s 303rd meeting in Abuja. Cardoso said, “The Committee decided by a majority … Read more
The Association of Senior Staff of Banks, Insurance, and Financial Institutions has attributed the worsening cash shortage across the country to the Central Bank of Nigeria’s inability to meet the cash demands of commercial banks. Speaking with The PUNCH, ASSBIFI President, Olusoji Oluwole, highlighted the dire impact of the scarcity, particularly as the festive season … Read more
The House of Representatives has called on the Central Bank of Nigeria (CBN) to begin the gradual withdrawal of old N200, N500, and N1,000 notes from circulation ahead of the December 31, 2024 deadline. During a plenary session on Thursday, lawmakers also urged the CBN to increase the issuance of the new banknotes to … Read more
In a strong display of support for Guaranty Trust Holding Company (GTCO) and to counter unfounded allegations circulating in the media, the Central Bank of Nigeria (CBN) issued a press release today, reaffirming the safety of deposits held in Nigerian banks. The statement, titled “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ … Read more