The economy grew by 3.46 per cent in Q32024, with output reaching ₦20.115 trillion, up from 3.19 per cent (₦18.285 trillion) in Q2 2024, driven mainly by the non-oil sector. This was revealed in the Central Bank of Nigeria’s newly released Economic Report for the third quarter of 2024. The report said inflation moderated during…
On Wednesday, the Organised Private Sector (OPS) strongly opposed the Central Bank of Nigeria’s decision to impose limits on withdrawals from Point-of-Sale (POS) agents, arguing that the apex bank’s move is out of touch with reality. The CBN introduced a daily withdrawal limit of N100,000 per individual customer at POS agents as part of new…
The Central Bank of Nigeria (CBN) has imposed a daily transaction limit of N1.2 million for Point of Sales (POS) agents. This was revealed in its ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released on Tuesday. According to the circular, the development is in the apex bank’s effort to advance a cashless economy. The…
The Central Bank of Nigeria (CBN) has restricted Point of Sales (PoS) agents to a daily transaction limit of N1.2 million. This was revealed in its ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released on Tuesday. According to the circular, the development is in the apex bank’s effort to advance a cashless economy. “The…
The Central Bank of Nigeria has announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of mint naira notes to currency hawkers across the country. The move was after the apex bank addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes still…
The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 27.50 per cent from 27.25 per cent as part of efforts to combat surging inflation. This followed the meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). The monetary policy rate measures the benchmark interest rate….
Nigerians should not be alarmed, as the Central Bank of Nigeria (CBN) has implemented measures to guarantee the security of all funds in financial institutions nationwide. A statement by the apex bank’s AG. Director, Corporate Communications, Hakama Ali, on Tuesday reassured the public of its unwavering commitment to ensuring the stability and reliability of the…
The Central Bank of Nigeria (CBN) has announced the sale of $20,000 to each eligible Bureau De Change (BDC) operator in the country at the rate of N1,590/$. The central bank stated that the foreign exchange will offer “extra liquidity to this segment of the foreign exchange market” in a circular dated September 25, 2024,…
The Central Bank of Nigeria has further raised its Monetary Policy Rate(MPR) by 50 basis points to 27.25 percent from 26.75 percent “to moderate inflation” at 32.15%. “There is no economic model that portends to take people out of poverty when inflation is accelerating at the level we have seen. There is none. And for…
