Tag: CRR

How CBN’s raised 15.5% interest rate ‘ll put Nigerians on harder times

Sep 28, 2022

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by

Bartholomew Madukwe

in Business News, News

Following the Central Bank of Nigeria (CBN) hiked Monetary Policy Rate (MPR) to 15.5 percent, the highest ever in 20 years, Nigerians stand to face harder times. The increase came yesterday at the end of its Monetary Policy Committee meeting, which started on Monday in Abuja. CBN Governor, Godwin Emefiele, who announced the new rate,…
28 commercial, merchant banks in Nigeria lose N1.4trn to CBN

Apr 25, 2020

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by

Olaotan Falade

in Business News, News, Nigeria, Top Story

Nigeria’s apex bank, Central Bank of Nigeria (CBN) has debited about 28 commercial and merchant banks operating in the country a total of N1.4 trillion. A report by Reuters on Friday said the affected financial institutions were levied based on issues surrounding cash reserve ratio (CRR). However, it was pointed out that the total amount…