BREAKING: CBN Increases Interest Rate to 18 Percent, Says Nigeria Banks Healthy   The Monetary policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased Monetary Policy Rate (MPR) which measures interest rate to 18 percent from the previous 17.5 percent adopted in January.   This...

Banks’ Assets Rise by 22% to N65tn in One Year - FSSD The Deputy Governor, Financial Systems Stability Directorate, Aishah Ahmad, has disclosed that total assets in the Nigerian banking sector rose by N11.8bn in one year to N65.48tn as of the end of June...

$10bn Spent Annually On Education, Medical Tourism - Emefiele   The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele yesterday said $10 billion is spent annually on medical and education tourism. Speaking during the Monetary Policy Committee (MPC) meeting in Lagos, he said education and health sectors...

'Interest Rate May Rise Above 30%'   Average interest rates to end-users may rise above 30 per cent in future as banks begin to adjust lending rates to the new Monetary Policy Rate (MPR). The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) last week increased...

In 12 Months, Food Imports Exceed Exports By N2.23trn   The total international trade in agricultural goods in the country stood at N3.24tn in 2021, with the import value exceeding export value by N2.23tn, findings have revealed. Despite interventions by the Federal Government to diversify the economy...

CBN's MPC Blames Rising Inflation on Fuel, Hikes In Electricity Tariff The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has blamed the hike in energy prices for the rising inflation rate experienced within the country in February 2022. In a communique released...