According Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), it's Monetary Policy Committee (MPC) has increased the benchmark interest rate by 150 basis points to 26.25% from 24.75%. 

Despite economic hardship, naira devaluation and the Central Bank of Nigeria’s (CBN) interest rate increase has tripled the earnings of some of Nigeria’s biggest banks in the first quarter of 2024. 

Seven Banks Rake In N570.43bn Interest On Loans H1, 2022   A total of seven banks generated N570.43 billion from loans granted to customers in the first half (H1) of 2022 amidst the hike in the Monetary Policy Rate (MPR). Investigation revealed that the seven banks had...

Ten Banks Earned N1.57trn Interest Income In 2021   Ten Deposit Money Banks in Nigeria earned a total of N1.57tn in net interest income last year, up from N1.49tn as of December 31, 2020. They are Union Bank Plc, Stanbic IBTC, Fidelity Bank Plc, Sterling Bank, Wema...

Shareholders Want CBN To Pay Interest On Mandated Deposit   The Independent Shareholders Association of Nigeria (ISAN) has recommended that the Central Bank of Nigeria (CBN) pay interest on banks’ mandated deposits as a way out of the Cash Reserve Requirement (CRR) stalemate imposed on banks...

Senate Queries PEF’s N100m Interest On 2015 N34bn Fixed Deposit       The Senate has condemned the management of the scrapped Petroleum Equalization Fund for not remitting all the N182m interest that accrued from the N34bn in fixed deposit of some banks. The agency only remitted N82m without...