CBN Retains Lending Rate At 11.5%     The Monetary Policy Committee of the Central Bank of Nigeria has retained the Monetary Policy Rate at 11.5 per cent. The CBN Governor, Godwin Emefiele, disclosed this after the committee’s two-day meeting in Abuja on Tuesday. It also retained the Cash...

Diaspora Cash Remittances Drop By 27% To $17.2bn       In apparent reflection of the severe impact of the COVID-19 pandemic on the incomes of Nigerians living abroad, diaspora remittances inflow into the country fell 27 per cent, year-on-year, (YoY) to $17.2 billion in 2020 from $23.55...

CBN Planning N90bn N’Delta Integrated Agric, Says Akpabio       The Minister of Niger Delta Affairs, Senator Godswill Akpabio, has disclosed that the Central Bank of Nigeria plans to expend N90bn in the nine states of the Niger Delta region in its integrated Agricultural Programme to train...

N6.98 USSD Flat Rate Will Stabilise Payment System - CBN       The Central Bank of Nigeria (CBN) has said the harmonisation of all Unstructured Supplementary Service Data (USSD) fees to a single rate of N6.98 will stabilise Nigeria’s payment system. In a report released yesterday, the apex...

Naira Crashes To N485/$1 At Parallel Market       The naira crashed to N485 to a dollar on Tuesday from the previous N475/$1 range at the parallel market. This is in spite of the Central Bank of Nigeria (CBN) warning that forex speculators and hoarders will be punished. It...

Bank Customers To Pay N6.98k For USSD Transactions — CBN, NCC       The Central Bank of Nigeria, CBN, and Nigerian Communications Commission (NCC) today said that bank customers are to begin paying N6.98 kobo per Unstructured Supplementary Service Data (USSD) transactions commencing today. The price replaced...