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...

15.5% Rate: CBN Directs Banks to Increase Interest on Savings Deposits The Central Bank of Nigeria has ordered deposit money banks (DMBs) across Nigeria to increase interest on customers' savings. The apex bank directed banks to pay 4.65 per cent interest on savings deposit accounts, an...

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...

Banks’ Borrowing From CBN Drop By 42% In H1, 2022   Banks borrowings from the Central Bank of Nigeria (CBN) declined by 42 per cent in the first half of 2022 compared to the previous year following the increase in Monetary Policy Rate (MPR), improved business...

CBN Retains Monetary Policy Rate At 11.5 Percent   The Monetary Policy Committee (MPC) has decided by a vote of six members against four to retain all monetary instruments around the Monetary Policy Rate at 11.5 per cent. The apex bank held the asymmetric corridor of +100/-700...

Expert Expects Retained Rates As CBN Holds MPC       Ahead of the two-day Monetary Policy Committee meeting starting on Monday (today), a financial expert has said the Central Bank of Nigeria is expected to retain the Monetary Policy Rate. The CBN had at its meeting in May...