Centra bank of nigeria news

Here are some recent news and updates from the Central Bank of Nigeria (CBN):

Recent News

  1. CBN Introduces New Guidelines for Digital Payment Service Providers: The CBN has introduced new guidelines for digital payment service providers (DPSPs) to ensure the safety and security of electronic transactions in Nigeria. The guidelines aim to promote the growth of the digital payment ecosystem and reduce the risk of fraud. (Source: CBN Website)
  2. CBN Injects $210m into Foreign Exchange Market: The CBN has injected $210 million into the foreign exchange market to boost liquidity and stabilize the naira. The injection is part of the bank's efforts to maintain a stable exchange rate and ensure the availability of foreign exchange for legitimate transactions. (Source: Vanguard News)
  3. CBN Launches New Agricultural Credit Scheme: The CBN has launched a new agricultural credit scheme aimed at promoting agricultural development and improving food security in Nigeria. The scheme, which is expected to benefit over 1 million farmers, will provide credit facilities to farmers at a single-digit interest rate. (Source: ThisDay Live)
  4. CBN Introduces New Guidelines for Microfinance Banks: The CBN has introduced new guidelines for microfinance banks (MFBs) to ensure their stability and sustainability. The guidelines aim to promote the growth of the microfinance sector and improve access to financial services for low-income individuals and small businesses. (Source: BusinessDay Nigeria)
  5. CBN Reduces Monetary Policy Rate to 12.5%: The CBN has reduced the monetary policy rate (MPR) from 13.5% to 12.5% to stimulate economic growth and reduce inflation. The reduction is expected to make borrowing cheaper and boost economic activity. (Source: Punch Newspaper)

Recent Decisions

  1. CBN Increases Cash Withdrawal Limit: The CBN has increased the daily cash withdrawal limit from N500,000 to N5 million for individuals and from N3 million to N10 million for corporate organizations. The increase is aimed at promoting financial inclusion and reducing the use of cash for transactions. (Source: CBN Website)
  2. CBN Introduces New Charges for Naira-Only Transactions: The CBN has introduced new charges for naira-only transactions to discourage the use of foreign currencies for transactions in Nigeria. The charges, which range from 1% to 5% of the transaction value, are expected to promote the use of the naira and reduce the demand for foreign currencies. (Source: BusinessDay Nigeria)
  3. CBN Suspends Deposit Money Banks' Charges on USSD Transactions: The CBN has suspended the charges imposed by deposit money banks (DMBs) on unstructured supplementary service data (USSD) transactions. The suspension is aimed at promoting financial inclusion and reducing the cost of transactions for mobile phone users. (Source: Vanguard News)

Recent Speeches and Statements

  1. CBN Governor's Speech at the 2023 Annual Bankers' Committee Meeting: The Governor of the CBN, Godwin Emefiele, delivered a speech at the 2023 annual bankers' committee meeting, where he highlighted the bank's efforts to promote economic growth and stability in Nigeria. (Source: CBN Website)
  2. CBN's Statement on the State of the Economy: The CBN has issued a statement on the state of the economy, highlighting the challenges facing the country and the bank's efforts to address them. (Source: CBN Website)

I hope this information is helpful.