Banking news on cbn new policy punch newspaper

Here are some banking news related to the Central Bank of Nigeria (CBN) new policy as reported by Punch Newspaper:

CBN Introduces New Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN) has introduced a new policy aimed at boosting economic growth and reducing the country's reliance on foreign exchange. The policy, which took effect from January 1, 2023, allows for the use of the naira as a reserve currency, alongside the US dollar. (Source: Punch Newspaper, January 2, 2023)

CBN to Increase Lending to Small Businesses

The CBN has announced plans to increase lending to small businesses and entrepreneurs in the country. The bank has set a target of 30% of its total lending to small businesses, up from the current 10%. This move is aimed at boosting economic growth and creating jobs. (Source: Punch Newspaper, January 5, 2023)

CBN Introduces New Guidelines for Foreign Exchange Transactions

The CBN has introduced new guidelines for foreign exchange transactions in the country. The guidelines, which took effect from January 1, 2023, require all foreign exchange transactions to be conducted through authorized dealers and to be backed by valid documents. The move is aimed at reducing the use of foreign exchange for speculative purposes and to promote transparency in foreign exchange transactions. (Source: Punch Newspaper, January 3, 2023)

CBN to Monitor Banks' Foreign Exchange Transactions

The CBN has announced plans to monitor banks' foreign exchange transactions more closely. The bank has set up a special task force to monitor and enforce compliance with foreign exchange regulations. The move is aimed at reducing the use of foreign exchange for speculative purposes and to promote transparency in foreign exchange transactions. (Source: Punch Newspaper, January 6, 2023)

CBN to Introduce New Currency Notes

The CBN has announced plans to introduce new currency notes into circulation. The new notes, which will feature the portraits of Nigerian heroes, will be introduced in denominations of N500, N1,000, and N5,000. The move is aimed at reducing the use of counterfeit currency and to promote the use of cashless transactions. (Source: Punch Newspaper, January 8, 2023)

CBN to Increase Interest Rates

The CBN has announced plans to increase interest rates in the country. The bank has set a target of 15% interest rate, up from the current 12%. The move is aimed at reducing inflation and promoting economic growth. (Source: Punch Newspaper, January 10, 2023)

These are some of the banking news related to the CBN new policy as reported by Punch Newspaper. The CBN's new policy is aimed at boosting economic growth, reducing the country's reliance on foreign exchange, and promoting transparency in foreign exchange transactions.