Currency In Circulation Declines By N72.5bn In June - CBN   Following the Central Bank of Nigeria (CBN) to manage exchange rate, currency in circulation dropped by N72.5billion or 2.2 per cent from N3.33trillion as at the end of May to N3.26trillion at the end of...

Rate Hike, Monetary Policy Not Enough to Reduce Inflation - LCCI The Lagos Chamber of Commerce and Industries (LCCI) says hiking interest rates or using monetary policy instruments alone will not reduce the high inflation rate. It said there must be a corresponding boost to the...

CBN Raises Interest Rate to 14% as Inflation Hits 18.6% The Monetary Policy Committee of the Central Bank of Nigeria has increase the benchmark interest rate (monetary policy rate) from 13% to 14%. This was disclosed by the Governor of the CBN, Godwin Emefiele, while reading...

Banks Review Forex Sale Policy As Dollar Scarcity Persists   Commercial banks have reviewed their policy on forex sales to Nigerian students abroad and travellers. Quarterly dollar disbursements to customers were slashed, with a limit to students schooling abroad pegged at $1,500 as against $4,000. Economic Confidential gathered...

CBN’s MPC Begins Two-day Economic Meeting Today   The Central Bank of Nigeria’s Monetary Policy Committee will begin its two-day bi-monthly meeting on Monday (today). This came as analysts at Cordros Securities predicted that the MPC would retain the lending rates in the market after its July...

CBN Loans Banks N595.34bn in Two Months   The Central Bank of Nigeria monthly economic report has revealed that banks borrowed N595.34bn from the CBN between January and February. The report showed that while N333.59bn was borrowed through the Standing Lending Facility in January, the amount reduced...