Banking

CBN cash limit claim to fix inflation counterfactual, says Bismarck Rewane

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December 20, 2022
The cash withdrawal cap and new currency policies, which seek to lower inflation, increase the value of the naira, and minimize vote buying, have been criticized by Bismarck Rewane, managing director and CEO of Financial Directives, as being contrary to economic theory. The economist said in an interview on Arise TV on Friday that the ability of a currency to facilitate the exchange of goods and…
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Banking

Central Bank of Nigeria (CBN) backtracks, takes radical stance against rising inflation

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May 30, 2022
The rate-fixing arm of the Central Bank of Nigeria (CBN) backtracked on its position on the country’s rising inflation, yesterday, increasing the monetary policy rate by 1.5 per cent or 150 basis points (bps), an extreme radical stance against rising prices. A 150bps increase in MPR is a rare decision, perhaps not taken by the Monetary Policy Committee in recent years. With the decision, CBN is…
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Banking

CBN issues guidelines for Open Banking in Nigeria

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May 19, 2022
The Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria in its efforts to enhance data sharing across the banking and payments system to promote innovations and broaden the range of financial products and services available to bank…