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  • Interest rates: Five key questions facing the European Central Bank as it plans first increase in 11 years

    • July 20, 2022
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    • Category: Digital Economy, Economy, Latest News
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    The European Central Bank is reportedly set to deliver its first interest rate hike since 2011 this week, yet markets are already fast-forwarding to focus on the path for higher rates beyond Thursday as economic prospects darken. That outlook is getting murkier by the day because inflation is still accelerating and growth slowing sharply. “The

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  • CBN Raises Interest Rate To 14%, Second Time In 2022

    • July 19, 2022
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    • Category: Digital Economy, Economy, Latest News
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    For the second time this year, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has once again raised the benchmark interest rate to 14 per cent from 13 per cent to curtail the rising inflation..In June, Nigeria’s inflation rate reached a five-year high at 18.60 percent. The monetary policy rate (MPR)

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  • eNaira: CBN plans app for persons without bank accounts

    • November 2, 2021
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    • Category: Digital Economy, Economy, Latest News
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    The Chief Executive Officer of Bitt Inc., Brian Popelka, has said a phone application for people without bank accounts will be rolling out soon.He said the present version of the eNaira app could only be used by people with bank accounts. Bitt Inc. is the Central Bank of Nigeria’s technical partner for the digital currency,

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  • CBN Targets Financing 25,000 Graduate Entrepreneurs Annually

    • November 1, 2021
    • Posted by: admin
    • Category: Economy, Latest News
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    The Central Bank of Nigeria (CBN) has rolled out a new scheme targeted at financing 25,000 graduate entrepreneurs annually, which will, in turn, create an additional 75,000 sustainable jobs annually across the country. This, the apex bank said, is coming in form of loans for university and polytechnic graduates who are willing to set up

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  • eNaira: 33 banks join platform as CBN mints 500m, transactions free of charges for 90 days

    • October 25, 2021
    • Posted by: admin
    • Category: Digital Economy, Economy, Latest News
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    The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said 33 Nigerian banks have joined the eNaira platform and it has minted N500 million worth of digital currency, even as the apex bank informed that all transactions conducted on these platforms, will be free for 90 days. Ememfiele said this at a ceremony

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  • FG to launch eNaira Monday, says CBN

    • October 23, 2021
    • Posted by: admin
    • Category: Digital Economy, Economy, Latest News
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    President, Muhammadu Buhari will officially launch the Nigerian Central Bank Digital Currency, known as the eNaira, on Monday, at the State House, Abuja. The Director, Corporate Communications, CBN, Osita Nwanisobi, said this in a statement on Saturday titled ‘President Buhari to unveil eNaira on Monday, 25 October 2021.’ It stated that the launch of the

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  • NDIC liquidates 500 deposit money, microfinance banks

    • October 22, 2021
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    • Category: Latest News
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    The Nigeria Deposit Insurance Corporation says it has liquidated at least 500 deposit money, microfinance, and primary mortgage banks whose licences were revoked by the Central Bank of Nigeria. The corporation also disclosed that it was currently settling the liquidation dividends of depositors of the banks. Galadima Gana, the Director, Insurance and Surveillance Department of

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  • Five banks fined N1.4bn for forex infractions, others

    • September 22, 2021
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    • Category: Digital Economy, Economy, Latest News
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    Five top banks in Nigeria paid a total of N1.4bn as penalties to financial regulatory bodies such as the Central Bank of Nigeria, Security Exchange Council and Financial Reporting Council of Nigeria, in the first half of the year. The banks are the United Bank of Africa, Fidelity Bank, Access Bank, Guarantee Trust Bank and

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  • Naira hits all-time low of 543 against Dollar.

    • September 9, 2021
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    • Category: Digital Economy, Economy
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    The naira on Thursday continued its downward spiral on the parallel market, selling for N543 to the dollar on Thursday. While bureau de change operators in Abuja bought dollar at N540, it was sold for N543. The British Pound was also sold for £1/N740. The development comes 44 days after the Central Bank of Nigeria

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