Manufacturers Blame High Interest Rates for N746bn Export Slump   The Manufacturers Association of Nigeria (MAN)  has decried the high interest rates by banks as manufacturing exports crashed from the last peak of N1.04tn in the third quarter of 2024 to N294.43bn in Q1 2025, representing...

Again, CBN Jerks up Interest Rate to 24.75% The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate, MPR, it’s benchmark interest rate to 24.75% representing 200 basis points increase from 22.75% in February. The CBN Governor, Mr. Olayemi Cardoso, disclosed this at the...

Monetary Policy: Banks Commence Adjustment of Interest Rates   Commercial banks across Nigeria have begun revising their interest rates following the recent changes in Monetary Policy Rate (MPR). This is coming after the Central Bank of Nigeria (CBN) raised it’s benchmark lending rate to 18 per cent...

IMF To Nigeria: Devalue Currency Further, Raise Interest Rates   The International Monetary Fund has advised emerging economies including Nigeria to allow their currencies to depreciate in response to tighter funding conditions and an imminent policy tightening by the Federal Reserve Bank of the United States. The...

Banks Raise Interest Rates By 140% To Attract More Deposits         Banks have raised deposit rates by 140 per cent in a bid to attract more funds from customers and address the sluggish growth in deposit recorded in the first half of the year (H1’21). The development...

Rising Inflation May Push CBN To Hike Interest Rates         The Central Bank of Nigeria (CBN) may be forced to adjust its hold-down position and increase benchmark interest rate as inflation surged by its largest rise in eight years to 15.75 per cent. Most analysts said they...