CBN MPC Retains Benchmark Interest Rate At 11.5%

The monetary policy committee of the Central Bank of Nigeria (CBN) has voted to retain the monetary policy rate (MPR), which measures interest rate, at 11.5 percent. The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on the MPR. This was […]

Economists To CBN: Review Forex Ban On 40 Items To Save Naira

The Centre for the Promotion of Private Enterprise, an economic think tank has called on the Central Bank of Nigeria to review its ban on some of the over 40 items which the regulator has stopped importers from accessing foreign exchange to bring into the country. According to economists at the centre, there was a need for […]

Oil Company’s $100m Scam On CBN Exposed

An oil company attempted to scam the Central Bank of Nigeria, CBN, and the plot to carry out the well-thought-out scheme failed. The company, Triumph Oil and Gas Madagascar Nigeria Limited, has been dragged to court for trying to syphon the sum of one hundred million dollars ($100,000,000). Meanwhile, Mr Ibrahim Mahmud, the Group Managing Director, […]

CBN To Roll Out E-Naira App For Persons Without Bank Accounts

The Central Bank of Nigeria (CBN) will soon unfold an eNaira application for persons without bank accounts to boost financial inclusion. This was disclosed by Brian Popelka, chief executive officer (CEO) of Bitt Inc. during a recent interview with CoinDesk. Bitt Inc, a Barbados-based fintech company, is the CBN’s technical partner for the eNaira project. According to Popelka, […]

CBN Confirms N410.25 Per Dollar As The New Official Exchange Rate

The Central Bank Of Nigeria has officially made the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar. It confirmed this new official rate on its website on Monday night, after it had removed N379/$ earlier in May. Few weeks earlier, the 365MediaHub team had exclusively reported […]

House Divided over CBN Ban of Cryptocurrency

 House Divided over CBN Ban of Cryptocurrency. The recent ban on cryptocurrency transactions via Nigerian bank accounts has divided opinions among Nigerian senators. Recall that the Central Bank had directed deposit money banks and other financial institutions to deactivate all customers’ accounts used for transacting all forms of virtual currencies. However, debating the development on Thursday at […]

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