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CBN Reduces Benchmark LENDING RATE TO 11.5%

The Central Bank of Nigeria on Tuesday reduced the Monetary Policy Rate from 12.5 per cent to 11.5 per cent after the two-day Monetary Policy Committee Meeting in Abuja. The committee also voted to retain the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively. The Central Bank Governor, […]

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Old Cheque Books WILL NO LONGER BE ACCEPTED As From December 31 , 2020 – CBN

Deposit Money Banks have started to notify their customers that they will phase out old cheque books and will no longer honour such by December 31, 2020. They have also urged customers to request new cheque books. One of the banks, Access Bank, disclosed this to its customers through an email on Wednesday, entitled ‘Important […]

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CBN PREDICTS NEGATIVE ECONOMIC GROWTH IN 2nd QUARTER.

The Central Bank of Nigeria has predicted negative Gross Domestic Product growth for the country in the second quarter of 2020 owing to the COVID-19 pandemic that had affected the economy. The CBN Governor, Mr Godwin Emefiele, made the prediction while fielding questions from journalists after the Monetary Policy meeting in Abuja on Thursday. Emefiele […]