Exercising its mandate, the Central Bank of Nigeria (CBN) last week revoked the operating licenses of 132 microfinance banks (MFBs) alongside three finance companies and four primary mortgage banks. According to the Governor of the apex bank, Godwin Emefiele, the firms had failed to fulfil or ...
Read:Recapitalisation: Microfinance banks’ assets rise to N1.01tn The MPR is the benchmark lending rate through which the CBN lends to banks. Nigeria’s inflation had risen to 16.82 per cent in April, thereby complicating the apex bank’s effort to manage the rising prices. Although Nigeria...
The Nigeria Deposit Insurance Corporation, NDIC, has commenced the closure of 42 microfinance banks after a directive from the Central Bank of Nigeria, CBN. The NDIC had earlier on Friday announced on its website that the CBN has revoked the operating licences of 42 microfinance banks. It con...
In a recently released set of guidelines, the Central Bank of Nigeria (CBN) has stated that Payment Service Banks (PSBs) cannot accept foreign currency deposits or accept any closed scheme electronic value (e.g. airtime) as a form of deposit or payment. The aforementioned and...
CENTRAL BANK OF NIGERIA COMMUNIQUÉ NO. 136 OF THE MONETARY POLICY COMMITTEE MEETING HELD ON MONDAY 24th AND TUESDAY 25th MAY 2021 The Monetary Policy Committee (MPC) met on the 24th and 25th of May 2021 as the global economy gradually emerges from the six-quarter long COVID-19 pande...